Muzaffarabad:
AJK Bank and The Small Industries Corporation signed a Memorandum of Understanding (MOU) under the Prime Minister’s youth loan arrangement to provide interest -free loans from RS0.5 million to RS2 million to youth in Azad Kashmir.
The MOU -Signing Ceremony participated by Minister of Small Industries Taqdees Gillani, Finance Minister & AJK bank chairman Abdul Majid Khan and Secretary Finance Islam Zab.
Secretary Industries Chaudhry Abdul Rehman, AJK Bank’s President Shahid Shehzad Mir, MD Small Industries Muhammad Zeeshan Arif and director Small Industries Abdul Khaliq Abbasi was also present.
During this initiative, a billion rupees will be given to young people in AJK in the form of interest -free loans aimed at strengthening them financially. This scheme is seen as a big step to making youth financial self -help. Loans up to RS500,000 are given with only five guarantees. The goal of the scheme is to detach the entrepreneurial potential of youth, create employment opportunities, reduce poverty, increase activity in the private sector
48 percent quota has been specifically allocated to women, and for the first time, transient individuals will also receive financial support to start businesses. Both participating institutions implement this program across all 10 AJK districts.
Finance Minister Majid Khan said this was a significant step towards transforming the youth’s dreams into reality. Shahid Shehzad Mir added that the bank would provide both financial and technical support to young entrepreneurs. “This initiative offers a beam of hope for thousands of young people,” he added.
