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National Bank of Pakistan Signs an MoU with UNDP to Facilitate Young Entrepreneurs Find Access to Affordable Finance under Prime Minister Youth Business Loan Scheme

 Islamabad: 30 August, 2017: Up to 200 young Pakistanis aged 21–45 who have participated in vocational and business training provided by the United Nations Development Programme (UNDP) will receive access to affordable credit to develop small businesses through a partnership with the National Bank of Pakistan (NBP) as part of the Prime Ministers Youth Business Lon Scheme. A memorandum of understanding to this effect was signed between Neil Buhne, UNDP Resident Representative; and Saeed Ahmed, NBP CEO and President today, to increase awareness and access to finance for youth under the Prime Minister Youth Business Loan Scheme.

 

“Harnessing the drive and energy of young Pakistanis is critical to building a vibrant economy and a peaceful, prosperous society,” said UNDP Resident Representative. “By ensuring that qualified young men and women from traditionally marginalized communities have access to finance and economic opportunity, we can promote inclusive and sustainable economic growth that benefits everyone in society.”

 

Under this two-year partnership, past and present participants in UNDP training programmes will be invited to information sessions conducted by NBP and provided support to apply to the Prime Minister Youth Business Loan Scheme. If successful in their applications, they will be eligible for subsidized loans of up to Rs. 2,000,000, in order to help them establish or grow their businesses. So far NBP has disbursed 17,758 loans worth Rs. 17.8 Billions to young entrepreneurs across the country. Information sessions will be held in Peshawar, DI Khan and Bannu in Khyber Pakhtunkhwa, Quetta in Balochistan, and Karachi in Sindh.

 

 

UNDP provides demand-driven skills, business development training and job placement services to vulnerable youth in deprived and conflict prone areas. These have included over 8,000 youth trained to work in the Karachi garment industry, over 500 of whom have established small businesses; more than 1,000 trained in southern Khyber Pakhtunkhwa, and 3,500 provided business management training in FATA. UNDP is also working with the Governments of Balochistan, KP and Sindh to develop small and medium enterprises and youth entrepreneurship through training and mentorship programmes.

 

Ms. Leila Khan, Chairperson Prime Minister Youth Program appreciated this management of NBP and UNDP for this joint venture aimed at the socio-economic development of youth.  She said, “It is high time we provide appropriate opportunities to our youth for vocational training and financial inclusion, in order to build a socially vibrant and economically stable society. The trained and empowered youth is a true asset of Pakistan. We at Prime Minister Youth Programare determined to provide hand holding at every stage to create an empowered nation”.

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