Ehsaas Naujawan Program: Interest-Free Loans Facilitate Youth Entrepreneurship in Khyber Pakhtunkhwa

musarrat ullah jan -

 

The Ehsaas Naujawan Program (ENP) has made a substantial stride towards the promotion of youth entrepreneurship and economic independence in Pakistan by providing interest-free loans under two significant components. ENP aims to target the youth of Khyber Pakhtunkhwa so that they can set up or grow their businesses.

The first element of ENP, administered by the Bank of Khyber, offers interest-free loans of PKR 1.0 to 5.0 million. The purpose of this scheme is to benefit medium-scale business propositions by grouping three to five individuals into an Association of Partnership (AOP). The loans under this element bear an easy repayment schedule of 96 months, along with a 20-month grace period.

So far, 9,460 applications have been received online. Following a rigorous three-tier verification process, 25 potential clusters have been discovered, and PKR 61.9 million has been disbursed. The Bank of Khyber has released PKR 200 million to the project from the released funds.

The second element, carried out by Akhuwat Microfinance Bank, aims at small business ventures through provision of loans between PKR 0.1 to 0.5 million. The element is specifically aimed at marginalized youth and targets financial inclusion with a quota for women, special-ability youth, madaris youth, and minorities. PKR 200 million has been contributed to Akhuwat by the funds released.

Peshawar: 2,514 applications; 14 approved; PKR 36.3 million spent

Mardan: 379 applications; 0 approved

Hazara: 558 applications; 0 approved

Malakand: 4,241 applications; 8 approved; PKR 18.3 million spent

Bannu: 825 applications; 1 approved; PKR 1.5 million spent

DI Khan: 555 applications; 1 approved; PKR 2.8 million spent

Kohat: 388 applications; 1 approved; PKR 3 million spent

Total: 9,460 applications; 25 approved; PKR 61.9 million spent

The program has been welcomed by young entrepreneurs who view this as a chance to gain financial freedom. Others wait for the verification process to complete. The program remains focused on inclusive economic growth through equitable access to resources and opportunities throughout Khyber Pakhtunkhwa.

#EhsaasNaujawan #YouthEmpowerment #Entrepreneurship #KPKDevelopment #InterestFreeLoans #Akhuwat #BankOfKhyber #PakistanYouth

 

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