KP govt launches two youth programs
PESHAWAR: The Khyber Pakhtunkhwa government has launched two initiatives, Naujwan Pogram and the Chief Minister’s Youth Internship Programs.
A ceremony in this regard was held at the Chief Minister’s House Peshawar, in which Chief Minister Ali Amin Khan Gandapur formally launched both the initiatives.
The chief minister also launched the online portal of Ehsas Naujwan online portal through which youth from across the province can apply online for interest-free loans to start their own business under the Ehsas Nawjawan Program.
On this occasion, a memorandum of understanding (MoU) was also signed between the Department of Youth Affairs, Bank of Khyber, and Akhuwat Microfinance to implement the program.
The Ehsaas Naujwan Program a three-year project, would be implemented at a cost of Rs3 billion. Under the first component of this program, interest-free loans worth Rs1 billion will be provided in partnership with the Bank of Khyber. Clusters of three to five young men aged 18 to 35 will receive interest free loans ranging from Rs1 million to Rs5 million. The repayment period will span eight years with the first 20-month as grace period during which, no repayments will be required.
The second component of the program would be implemented in partnership with Akhuwat Microfinance Bank at a cost of Rs2 billion. It will provide interest-free loans ranging from Rs100,000 to Rs500,000 for small-scale businesses to individuals aged 18 to 40. A quota of 15pc has been reserved for young women, 2.5pc for special persons, 5pc for madrassa students, and 2.5pc for minorities. Notably, the Ehsas Naujwan Program will continue in the future as a revolving fund, allowing the amount repaid by beneficiaries to be made available to assist more youth for starting new business or expanding existing ones.
Additionally, the Chief Minister Youth Internship Program launched on the occasion will offer internships to 400 students annually, each lasting three months and providing a monthly stipend of Rs25,000. Over three years, a total of 1,200 students will benefit from this program.
Young individuals aged up to 29 with 16 years of education or an equivalent degree recognized by the Higher Education Commission will be eligible. Upon completion, internees will be provided with employment opportunities in various public and private sectors.