ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday expressed his annoyance at the slow pace of processing of cases, sanctioned by the National Bank of Pakistan under the PM Youth Business Loan (PMYBL) scheme.
He instructed the President NBP to immediately issue sanction letters to all those applicants who have completed all necessary formalities and were willing for a ballot within eight weeks.
The Prime Minister was chairing a meeting on PM Youth Programme (PMYP) here at the PM House and was briefed about the processing of cases submitted by NBP under the PM Youth Business Loan scheme, a press release issued from the PM's Office here said.
The Prime Minister said that since the applications received were within the NFC Award quota, there was no need of any balloting for the time being.
He instructed the President NBP to ensure the release of all funds to the applicants who have already been declared successful in early balloting.
In order to make the loan under this scheme more affordable, the Prime minister also announced reduction in mark-up rate under the scheme from 8% to 6% with effect from July 1, 2015.
This reduction would also be applicable on those loans which have already been availed under this scheme.
The meeting was also attended by Minister for Finance, Muhammad Ishaq Dar; Ms. Maryam Nawaz Sharif; Chairperson Prime Minister Youth Program, Ms Leila Khan and Governor State Bank of Pakistan Ashraf Wathra.
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