ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Saturday said The government has decided to give Rs1.6 trillion to Kamyab Pakistan programme in the next three years to uplift under-privileged population of the country.
He said that an extensive consultative process was followed in working out modalities of the programme ensuring that all relevant stakeholders are on board.
Kamyab Pakistan is a flagship programme which shall extend micro-loans to entrepreneurs, small business and farmers at 0 per cent markup without collateral. The key focus is to provide loans to 4.5 million households at the lowest strata, registered with the National Socio Economic Registry (NSER) of Ehsaas Programme, said a press release in this regard.
“The Kamyab Pakistan Programme reflects the firm commitment of the government in pursuing pro-people agenda and developing Pakistan into a welfare state in line with the principles of Riasat-e-Madina,” Tarin said.
The cumulative disbursement under the programme would be Rs1.6 trillion over the period of next 3 to 5 years and shall benefit 3,000,000 families which makes this programme one of the largest of its kind in the world.
The micro-loans will be disbursed under a wholesale arrangement between the banks, DFIs, Pakistan Mortgage Refinance Company (PMRC), micro-finance banks and housing finance companies (HFCs).
Under Kamyab Kissan Programme, agricultural loans shall be given to farmers with landholdings upto 12.5 acres.
Micro loans would be extended up to Rs150,000 per crop for procurement of agricultural inputs to boost agricultural productivity. In addition, loans up to Rs200,000 would be given for machinery and equipment.
Similarly, loans shall be extended for small businesses and start-ups at 0pc markup in both rural and urban areas under ‘Kamyab Karobar’. Loan size is up to Rs500,000 and repayment will be in easy installments.
The third component of the scheme is introduction of a new tier titled Naya Pakistan Low Cost Housing Scheme wherein loans of up to Rs2.7 million for NAPHDA and Rs2 million for non-NAPHDA projects will be given at highly subsidised rates for up to 20 years.
KPP will also integrate with Government’s ongoing skill development program for educational and vocational training under “Kamyab Hunarmand” scheme and provincial initiative of Sehat Insaf Card.
The Kamyab Pakistan Program (KPP) has been designed to foster “Bottom-up” approach as envisaged by the Prime Minister. The KPP aims at empowering all those who are under-privileged and belong to marginalized sections of the society. ECC has approved the Kamyab Pakistan Program in its meeting held on 16 July 2021.
The Finance Minister commended all concerned who made great efforts in designing the whole program and taking it forward towards its formal launch which is scheduled soon.