Punjab govt is soon going to launch a scheme of interest free soft loans for the educated unemployed youth with a one billion rupees revolving fund.
The revolving fund amount will be disbursed to all the districts of the province on poverty basis while the provincial board of statistics data will be used for the purpose. Under the scheme, up to Rs 50,000 interest-free loans will be given to youths to start their own business and it would be repayable in one to five years easy installments.
The steering committee on the scheme is headed by MNA Pervaiz Malik and Khawaja Saad Rafique is its member. The committee has sent its recommendations to the chief minister for final approval. The scheme will be launched shortly after the chief minister's approval. Sources said Sharief had assigned the task to the steering committee to launch the scheme in the ongoing financial year, 2011-12, at most in the second quarter of the financial year.
NGOs will be involved to keep the scheme transparent with minimum involvement of govt.Loans will be given and recovered by the selected NGOs on behalf of the govt and will be paid operational expenditures for processing charging and verification fee of the applicants.