Rozgar scheme focuses on jobs for youngsters

LAHORE:Project Director of Punjab Rozgar Scheme Shahzeb Hassan Kirmani has said Punjab Rozgar Scheme is a flagship initiative of the Punjab government designed to provide subsidised credit facilities to the micro, small and medium (MSMEs).

Speaking at Lahore Chamber of Commerce and Industry at a session on “Punjab Rozgar Scheme in collaboration with Punjab Small Industries Corporation, he said total cost of the project is Rs30 billion. He said that the government would provide Markup Support and Risk Coverage to minimise the cost of commercial loans for the MSMEs, and to overcome the pandemic effect of Covid-19 on existing business.

He said Punjab Rozgar Scheme had been designed with special focus on generating employment opportunities for the youth by creating economic activities. University Graduates with Entrepreneurial Skills and Diploma / Certificate holders of Technical / Vocational Training Institutes, as well as existing businesses hit by Covid-19 will be considered.

President LCCI Kashif Anwar said that the Punjab Rozgar Scheme would support the new start-ups and also mitigate the harmful impacts caused by Covid-19 on existing businesses. It was good to know that The Bank of Punjab has collaborated with Punjab Small Industries Corporation for this useful initiative of the government.

He said that since these loans which range from Rs100,000 to Rs1 million under Clean Loan Category and from Rs1 million to Rs10 million under Secured Loan Category are being given at low mark-up rate of 4-5 percent, so, there is a tremendous opportunity for Micro, Small and Medium Enterprises to enhance their access to credit. He said that Lahore Chamber appreciated that equity ratio for women, transgender and disabled persons is 90:10 as compared to 80:20 for men.

LCCI Senior Vice President Chaudhry Zafar Iqbal and Vice President Adnan Khalid Butt hoped that the process of applying for this scheme will be simple and the documentary requirements should not be lengthy and cumbersome.

It is very important that certain details should be shared with the private sector so that we may make our members aware of credit facilities offered through these schemes,

he said.