Youth Business Loan: Over Rs 26 billion disbursed under PMYBL scheme

Youth Business Loan: Over Rs 26 billion disbursed under PMYBL scheme

ISLAMABAD: Over Rs 26.76 billion loans have been disbursed under Prime Minister’s Youth Business Loan (PMYBL) scheme during the fiscal year ending June 30, 2019.

Total number of applications received by the Executing Agencies (EAs) under PMYBL Scheme as of June 30, 2019 stood at 101,938. Of the total applications received so far under the scheme, 88 percent were from male applicants.

Moreover, since launch of the scheme, number of sanctioned applications stood at 33,145 as on June 30, 2019, while cumulative disbursements of Rs 26,760 million had been made to 26,679 beneficiaries till June 30, 2019.

PMYBL scheme is an initiative by government of Pakistan for small businesses particularly unemployed educated youth for establishing or extending business enterprises to overcome unemployment and poverty in Pakistan.

The PMYBL scheme was introduced in 2013. Under the Scheme, small businesses are provided loans upto Rs 2 million at a service charge of 6 percent annually.

Article source: https://www.thenews.com.pk/latest/546627-youth-business-loan-over-rs-26-billion-disbursed-under-pmybl-scheme