ISLAMABAD (Kashmir English): The Azad Kashmir government has announced that interest-free loans, worth one billion rupees, will be provided to empower the youth of AJK.
In this regard, Bank of Azad Jammu and Kashmir (BAJK) and Azad Kashmir Small Industries Corporation (SIC) have signed a Memorandum of Understanding (MOU).
Under the Prime Minister Youth Loan Program, the interest-free loans ranging from Rs 0.5 million to Rs 2 million will be given to the youth to promote entrepreneurship and economic self-sufficiency among the youth.
The statement from the AJK govt’s press department further said that 48% quota has been allocated for women, and loans are also being provided to transgender people for employment.
It further added that loans up to Rs500,000 will be available only with five guarantors.
The scheme aims to create new employment opportunities, reduce poverty, and promote economic activities in the private sector.
Under this scheme, both institutions, the Bank of AJK and the Small Industries Corporation, will assist the youth in establishing and promoting small businesses in all ten districts of Azad Kashmir
Speaking on the occasion, the government ministers said that this initiative is a significant step towards making the dreams of the youth a reality. “The government wants to empower the youth so that they can create employment opportunities at their own level.”
The bank president said that the entire team of the bank is committed to making this scheme a success. We will provide not only financial but also technical support to the young entrepreneurs. This scheme is seeing a new ray of light in the future for thousands of youth of Azad Kashmir.
AKSIC Secretary Industries said that “This step is a significant step towards making the dreams of the youth a reality.”
The president of BAJK, Shahid Shahzad Mir, said that the entire team of the bank is committed to making this scheme a success. “We will provide not only financial but also technical support to the young entrepreneurs.”
This scheme is seeing a new ray of light in the future for thousands of youth of Azad Kashmir, he said.
