Muzaffarabad:
The AJK bank and the Small Industries Corporation have signed a memorandum of understanding (MOU) as part of the Prime Minister’s loan program for the Prime Minister to provide uninteresting loans of 0.5 million rupees with 2 million rupees to young people from Azad Cashmere.
The signing ceremony of the memorandum of understanding brought together the Minister of Small Industries Taqdees Gillani, the Minister of Finance and the President of the Bank AJK Abdul Majid Khan and the secretary finance Islam Zab.
The industries of secretary Chaudhry Abdul Rehman, president of the AJK Bank Shahid Shehzad Mir, MD Small Industries Muhammad Zeeshan Arif and the director of small industries Abdul Khaliq Abbasi were also present.
As part of this initiative, a billion rupees will be granted to young people from the AJK in the form of uninteresting loans aimed at empowering them economically. This scheme is considered a major step to make young people economically autonomous. Loans to RS500,000 will be granted with only five guarantors. The objective of the program is to release the entrepreneurial potential of young people, to create employment possibilities, to reduce poverty, to stimulate the activity of the private sector
The 48% quota has been awarded specifically to women and for the first time, individuals will also be financial support to start businesses. The two participating establishments will implement this program in the 10 AJK districts.
The Minister of Finance, Majid Khan, said that it was an important step towards the transformation of dreams of young people in reality. Shahid Shehzad Mir added that the bank would provide financial and technical support to young entrepreneurs. “This initiative offers a glimmer of hope for thousands of young people,” he added.
