Govt asked to introduce interest free youth business loans
By Our Staff Correspondent
ISLAMABAD: Ahmed Hassan Moughal, President, Rafat Farid, Senior Vice President and Iftikhar Anwar Sethi, Vice President, Islamabad Chamber of Commerce & Industry (ICCI) have called upon the government to focus on introducing interest-free youth business loans to enable youngsters to start their own businesses and play more effective role in poverty alleviation and economic development of the country.
They lauded the Prime Minister’s move to approve the “Wazir-i-Azam Kamyab Naujawan Program” (WAKNP) and termed it a positive development as it was aimed at providing job opportunities, education, soft loans and professional skills to the youth of the country. They said such initiatives would be helpful in utilizing the talent of youth for improving the economic development of the country.
Ahmed Hassan Moughal said that majority population of Pakistan was comprised of youth while almost 2 million youngsters were entering job market every year. He said it was not possible for the government to provide jobs to all youngsters and the best way to cope with unemployment was to attract youth towards entrepreneurship.
He said many youngsters were interested in starting their own business, but due to lack of funds, they were unable to achieve this goal while due to tough collateral conditions, it was not possible for them to obtain credit from banks. He said in such scenario, government should come forward and provide interest-free loans to youth for business startups. He said by starting own business, youth will not only get financially strong, they would create jobs for others as well.