According to sources, Additional Chief Secretary Shakeel Qadir Khan announced at a meeting held at the Planning and Development Department here yesterday that the government of Khyber Pakhtunkhwa will give interest-free loans worth Rs 3.8 billion to the province’s youth, with a particular focus on the Merged Areas’ youth.
The interest-free loan program was formally approved in a meeting chaired by the additional chief secretary, with the secretary of culture, tourism, and sports and the managing director of Bank of Khyber in attendance, for a province-wide launch to help around 3,500 businesses that will directly benefit over 10,500 families.
Although the interest-free loan program will be implemented across Khyber Pakhtunkhwa, it will be particularly beneficial to the youth of the Merged Areas.
Within the scheme, two components will be rolled out for the youth of Merged Areas: a ‘innovation fund for entrepreneurs, youth, and women’ worth Rs 2 billion and a “start-up programme for the economic uplift of youth” worth Rs 1.8 billion.
The Culture, Tourism and Sports Department and the Bank of Khyber will work together to develop a multibillion dollar youth-oriented initiative that will include interest-free loans.