PR No. 303 MOU SIGNING CEREMONY BETWEEN NATIONAL BANK OF PAKISTAN (NBP) WITH PAKISTAN POVERTY ALLEVIATION FUND (PPAF) FOR PRIME MINISTER YOUTH BUSINESS LOAN SCHEME Islamabad
Chairperson Prime Minister’s Youth Program, Ms. Leila Khan witnessed along with Chairperson BISP, Ms Marvi Memon an MoU signing Ceremony between National Bank of Pakistan (NBP) and Pakistan Poverty Alleviation Fund (PPAF) for offering graduates of PM’s Interest Free Loan Scheme an opportunity to get business loans from Rs. 100,000 up to Rs. 2 Million under Prime Minister Youth Business Loan Scheme for enhancing their business operations.
National Bank of Pakistan (NBP) continues its lead role in bringing about a positive change in the lives of common people through Prime Minister Youth Business Loan Scheme. With the objective of improving the financial circumstances of the masses and create more job opportunities for the youth of the country, NBP is striving hard to focus on reaching out to the true beneficiaries of the PMYBL scheme.
In this quest, another milestone has been achieved by NBP on May 30, 2017 where National Bank of Pakistan signed a Memorandum of Understanding (MOU) with Pakistan Poverty Alleviation Fund (PPAF) during a graceful ceremony held at Prime Minister office, in Islamabad.
Both the organizations focus on self-employment of the under privileged youth within the age brackets of 21-45 years. PPAF has extended micro loans of up to PKR 50,000/- to entrepreneurs at 0% mark up via Prime Minister Interest Free Loans Scheme across 44 districts of Pakistan. NBP would assist such entrepreneurs who have already been financed by PPAF further via Prime Minister Youth Business Loan Scheme by offering them finance facilities ranging from PKR 100,000 to PKR 2.0 Million to upscale their business. PPAF will share the information of these entrepreneurs with National Bank of Pakistan, and also provide assistance to these entrepreneurs by disseminating information about the Prime Minister Youth Business Loan Scheme. The existing PPAF teams will be provided orientation training by NBP to assist the entrepreneurs for information dissemination and completion of the basic loan documentation.
Ms. Leila Khan, Chairperson Prime Minister Youth Program stated that “It is of utmost importance that we provide appropriate opportunities to the youth for vocational training and financial emancipation to build this nation. The trained and empowered youth are our true assets of Pakistan. We at Prime Minister Youth Program are determined to provide hand holding at every stage to create an empowered nation”.
The Group Chief and SEVP National Bank of Pakistan, Mr. Mudassir Khan stated that small businesses are vital for sustainable economic development of Pakistan and a very important part of NBP portfolio and target market. Right now the sector is struggling in an operating environment characterized by slow growth, high costs and limited financial access. The Government, SBP and the National Bank of Pakistan are working to overcome the challenges through PMYBL program. We see great prospects for small businesses over the long term and their contribution in growth of the country.
NBP being the largest public sector bank has always led the way in sharing the commitment of the Government towards uplifting the small businesses and providing them opportunities of financial independence.
National Bank of Pakistan (NBP) was represented at the ceremony by Mr. Mudassir H. Khan SEVP, & Group Chief, Commercial, Retail Banking Group (CRBG), National Bank of Pakistan, and Ms. Nageen Rizvi – VP & Unit Head Marketing & Promotions PMYBL, Commercial, Retail Banking Group. While Pakistan Poverty Alleviation Fund (PPAF) was represented by Mr. Amir Naeem, Acting CEO PPAF, Ms. Simi Kamal, Senior Group Head, Grants Operations, and Mr. Farid Sabir GM PMIFLS.