Islamabad: Prime Minister Shehbaz Sharif has increased the ceiling of personal loans available under the Youth Business and Agriculture Loan Schemes from 7.5 million to 25 million rupees. The decision aims to broaden financial access for young entrepreneurs and agricultural workers in Pakistan.

According to Radio Pakistan, the Prime Minister presided over a meeting to assess the progress of these youth-focused financial schemes. During the meeting, directives were issued to initiate an awareness campaign to ensure that a larger number of young people can take advantage of these opportunities. Emphasizing the government’s commitment to empowering youth, the Prime Minister called the younger generation a valuable national asset.

In a move to support gender inclusivity, 30 percent of the loans under these schemes have been designated for women. Additionally, the minimum age requirement for loan eligibility has been reduced from 21 to 18 years, allowing younger participants to engage in business and agricultural ventures.

The Small and Medium Enterprises Development Authority has been tasked with offering comprehensive support to the youth, which includes business consultancy and technical assistance. An allocation of 292 billion rupees has been set aside for these loans in the present financial year, reflecting the government’s commitment to youth empowerment.

The meeting also reviewed strategies to enhance youth empowerment, create business prospects, and boost participation in the agricultural sector. Since January 2023, loans amounting to 313.9 billion rupees have already been disbursed to the youth, highlighting the significant impact of these initiatives.