PESHAWAR - The Khyber Pakhtunkwha government has decided to launch interest-free loan scheme for skilled youth and for this purpose seed money of Rs120 million has been allocated.
"The KP government has established a youth challenge fund through which youth from age 18 to 30, having six month diploma course, experience in various skills, will be eligible to get interest-free loan up to Rs2 million," said KP Spokesman Shah Farman, while briefing the media persons about the decision of the provincial cabinet meeting chaired by the chief minister here on Friday.
Shah Farman said the loans would be distributed among skilled youth through transparent and fair manner and there will be no political interference in this scheme. He further informed loans would be disbursed on first come first serve basis while the applicants will be liable to return the loan within next three years.
About the transparency disbursement of loans among youth, he said that a fair mechanism would be developed while the Small and Medium Enterprises Development Authority and the Bank of Khyber would implement the scheme.
He said political interference would be strongly discouraged to disburse loans among deserving skilled youth.
Shah Farman said the cabinet has also approved the proposed increase in salaries and allowances of chief minister, assembly speaker and deputy speaker, MPAs, parliamentary secretaries and special advisors and assistants of chief minister.