PM Imran Khan, speaking at a Kamyab Jawan Programme event in Islamabad, said banks were the engine of growth for the economy. “When you give soft loans to the people, it gives a boost to the economy.”
The government is all set to offer soft loans to fishermen under the Youth Entrepreneurship Scheme (YES) of the Kamyab Jawan Programme for boosting the fisheries sector.
The Ministry of Maritime Affairs has signed a Memorandum of Understanding with multiple banks including the National Bank of Pakistan and Bank of Punjab.
Through the loans to the fisherman, they will be able to upgrade their existing equipment and purchase modern equipment — adding value to their profession.
This will enable the fishermen to get concessionary loans under the YES, an official source privy to the development told APP a day earlier.
The YES was launched in October 2019 under the banner of the Kamyab Jawan Programme to provide the youth soft loans for the initiation of their businesses.
Recently, the government has enhanced the scope of YES which was meant to offer a huge amount of concessionary loans ranging between Rs100,000 and Rs25 million to the youth.
Earlier, it was limited to Rs5 million only. According to the State Bank of Pakistan, under the YES, financing was segregated into three tiers.
Under tier-1, the loan limit is from Rs100,000 up to Rs1 million, whereas tier-2 s loan limit is from above Rs1 million and up to Rs10 million, and under tier-3, the loan limit is from above Rs10 million and up to Rs25 million.
For tier-1 loans, the mark-up rate is 3%, while the mark-up rate for tier-2 loans is 4%, and for tier-3, the mark-up rate is 5%.
Meanwhile, the premier, further addressing the event said the banks’ administration should train their staff to provide small loans to their customers.
The prime minister said he had received complaints that banks were slow in processing the Kamyab Jawan loans. “I urge the banks to focus on and expedite the process.”
The premier, speaking on the climate front, said cities were expanding, and the agricultural lands were shrinking — and at the pace that the population is growing, the government would not be able to tackle the pollution problem.
Separately, in a statement, PTI leader Usman Dar had said the program was aimed at taking forward the fisheries sector, adding loans would be provided to the fishermen on easy installments.
Dar lamenting the fisheries sector was neglected by the previous governments, said the incumbent government’s program is an important step towards making the fishermen an important stakeholder of blue economy.
(This story has been published from Such TV feed, without modifications to the text)