ISLAMABAD: Senior Leader of Pakistan Tehreek-e-Insaf Muhammad Usman Dar Saturday said that at least Rs 8 billion had been disbursed among the qualified entrepreneurs under the Youth Entrepreneurship Scheme (YES) of Prime Minister’s Kamyab Jawan Programme.

He confirmed the development in a tweet thread which highlighted the overall progress made under the YES of Kamyab Jawan Programme.

“So far, 10,000 youth have directly been benefitted from distribution of Rs 8 billion, while a total of about 70,000 are provided employment [with such disbursement],” he tweeted.

Usman Dar added that the government, in line with the directions of Prime Minister Imran Khan, had expedited the cash disbursement process under Kamyab Jawan Programme throughout the country, indiscriminately.

The YES was launched in October 2019 under the banner of Kamyab Jawan Programme to provide the youth soft loans for initiation of their own businesses.

Recently, the government has enhanced the scope of YES which was meant to offer huge amount of concessionary loans ranging between Rs 100,000 and Rs 25 million to the youth. Earlier, it was limited to Rs 5 million only.

According to the State Bank of Pakistan, under the YES, financing was segregated into three tiers. Under tier-1, loan limit is from Rs 100,000 upto Rs 1 million, whereas tier-2’s loan limit is from above Rs 1 million and upto Rs 10 million and under tier-3, loan limit is from above Rs 10 million and upto Rs 25 million.

For tier-1 loans, mark up rate is 3 percent, while mark up rate for tier-2 loans is 4 percent, and for tier-3, mark up rate is 5 percent.