Modalities for Rozgar Scheme okayed

LAHORE:The Punjab government on Wednesday approved the modalities of the loans for Punjab Rozgar Scheme through which the soft loans up to Rs10 million would be disbursed among the unemployed graduates, skilled youths and the corona affected businesses.

The modalities were approved in the meeting of Board of Directors of Punjab Small Industries Corporation (PSIC). Provincial Minister for Industries and Trade Mian Aslam Iqbal presided over the meeting.

Secretary Industries and Trade Zafar Iqbal, PSIC Managing Director Mudassar Riaz Malik and other BOD members attended the meeting. The meeting also approved the honorarium of Rs15,000 for each private member to attend a meeting. The BOD meeting also decided launching of Punjab Rozgar Scheme in ongoing month of September 2020. It is important to mention that Chief Minister Usman Buzdar had already approved launching of the scheme a couple of days ago.

Mian Aslam Iqbal chairing the meeting informed that under the scheme up to Rs10 million soft loans would be disbursed among the universities graduates, technical and vocational institutions skilled graduates, artisans and businesses affected due to COVID-19 pandemic.

The loans would also be disbursed among the youth who wanted to start a new business as well. The scheme will be helpful in bringing down the povertyand unemployment in the province. Punjab Board of Investment and Trade (PBIT) established a portal for transparent disbursement of the loans among the applicants within two days of processing period and only Rs2,000 processing fee would be charged. The loan return period is fixed between the two years to five years of time while six months grace period would be granted on case to case basis. The minister informed that Punjab Rozgar Scheme would be helpful for revival of the economic activities in the province.