PR No. 90 Islamabad
Ms. Leila Khan, ChairpersonPrime Minister’s Youth Programme held a meeting with representatives of Ministry of Finance, State Bank of Pakistan, and National Bank of Pakistan, in order to take stock of implementation of Prime Minister’s Youth Business Loan Scheme by National Bank of Pakistan.
Chairperson was briefed that National Bank of Pakistan has disbursed 17,051 business loans worth Rs. 17.073 Billion among potential entrepreneurs in the country. These 17,051 loans include 5700 disbursed into customers’ business financing accounts under lien marking. These are old cases dating back to 2014 and 2015, which were pending because of previous processing mechanism. However, lien has been removed on 52% of thee 5700 cases after the completion of formalities by the borrowers, and the target for removing lien on rest of 48% cases is 31 March 2017 after the completion of formalities by the borrowers, for which the relevant bank branches are handholding the intended borrowers. NBP has taken this initiative to regain customers’ confidence, and to shun the impression that it is not serious in disbursing the loans under Prime Minister’s Youth Business Loan Scheme.
Speaking at the occasion, Ms. Leila Khan said,” Government is struggling hard to promote SME sector in the country as 60-70% jobs are offered by this sector in the world.” Moreover, she expressed satisfaction at the current NPL ratio of 10-12% under Prime Minister’s Youth Business Loan Scheme, which is far less than the 27% average NPL of the SME sector,
Ms. Leila Khan added, “We should hope for a bright future as the people benefitting from the scheme are not only becoming productive part of the economy by being tax payers but they would also create job opportunities for many more people around them.”