Khyber Pakhtunkhwa govt to launch youth business loan scheme

PESHAWAR: Adviser to Chief Minister Khyber Pakhtunkhwa (KP) on Tourism, Culture, Archaeology, and Museums Zahid Chanzeb said that youth residing in tourist regions will have access to loans through the ‘Chief Minister’s Youth Empowerment’ programme.

Zahid Chanzeb said that the primary objective of these loans is to facilitate the construction of additional rooms for tourists alongside their existing residences.

Beneficiaries of loan schemes will be eligible to get up to Rs 3 million to construct additional rooms for tourists alongside their existing residences. He said that this program will provide opportunities for women to initiate their own businesses.

Earlier in December 2024, KP governement launched the ‘Ehsaas Apna Ghar Scheme’, which provides interest-free loans of up to Rs 1.5 million to families with low incomes for housing purposes.

A memorandum of understanding (MoU) was established between the Housing Department and the Bank of Khyber to facilitate the execution of this initiative.

The ceremony was chaired by Chief Minister Ali Amin Gandapur and attended by cabinet members Dr. Amjad Ali Khan and Muzammil Aslam, along with officials from the relevant departments and the Bank of Khyber.

The objective of the program is to offer financial support for the construction of new homes or the renovation and expansion of existing properties.

With an allocation of Rs 4 billion, the scheme features a straightforward repayment plan over seven years, with beneficiaries required to pay a maximum monthly installment of Rs 18,000, ensuring the loans remain affordable.

To be eligible, applicants must possess land. The scheme will function under a revolving fund system and will be operational for the next seven years.