KP to Give Interest-Free Loans to Youth for Starting a Business

The Technical Education and Vocational Training Authority (TEVTA) and the Bank of Khyber (BoK) have signed a memorandum of understanding (MoU) to provide interest-free business loans to skilled youth in Khyber Pakhtunkhwa under the provincial government’s Ehsaas Hunar Program. Speaking at the signing ceremony, Special Assistant to the Chief Minister on Technical Education, Tufail Anjum, called the program a flagship initiative empowering young people by helping them start their businesses. The project, which will be implemented through BoK, has been allocated over Rs. 3 billion, with Rs. 200 million set aside for the fiscal year 2024-25. Under the scheme, approximately 35,000 skilled individuals will receive business loans. Eligible applicants can secure interest-free loans of up to Rs. 500,000, repayable in 36 installments. The initiative is open to skilled Khyber Pakhtunkhwa residents between 18 and 40 years old with a skill certificate or diploma. Senior officials, including Secretary Industry Amir Afaq, the Managing Directors of BoK and TEVTA, and other dignitaries, attended the signing event. Officials stated that the government has launched the program, marking a major step in supporting youth entrepreneurship and economic growth.