Prime Minister Imran Khan, on Thursday, launched the country’s mega interest-free loan program worth Rs. 407 billion under the Kamyab Pakistan Programme, saying the step would contribute to making Pakistan’s low-income groups self-reliant.
The premier was addressing the launching ceremony of the Kamyab Pakistan Programme at the Faisal Mosque in Islamabad, where a large number of people belonging to low-income groups had gathered for the lunch.
According to the prime minister, this initiative of interest-free loans would benefit around 4.5 million families in setting up small businesses, starting farming, constructing homes, and availing technical education.
The PM mentioned that the government had so far distributed Rs 2.5 billion among the low-income groups in a number of different welfare schemes.
He further added that the banks had also given loans of Rs 55 billion after the government encouraged them to facilitate the common man.
PM Imran Khan emphasized the need to transform Pakistan into a welfare state, along the lines of the state of Madinah, saying that the country was envisioned as a socio-welfare state.
The prime minister said the Kamyab Pakistan Programme, which is an initiative aimed at making Pakistan a welfare state, would be further expanded.
Categorization of the Interest-free Loans:
The various loans available under the Kamyab Pakistan Program as per the prime minister are given below:
- Rs.500,000 for businesses
- Rs.350,000 for farmers
- Rs.2 million for the construction of houses
He said technical training would also be provided to one member of each deserving family under the program.
Interest-Free loans by Akhuwat Foundation:
Chairman Akhuwat Foundation Dr. Amjad Saqib, while speaking to the ceremony, said that his organization had been providing interest-free loans to deserving people for the last 22 years.
He said that the Akhuwat Foundation would also provide interest-free loans worth Rs one billion in collaboration with the government. Those loans would be distributed to 7,000 households that would contribute to poverty alleviation in the country.
During the said period, the government will provide a subsidy of Rs.56 billion for the purpose.