PESHAWAR: In a significant move to support the youth of Khyber-Pakhtunkhwa (KP), the Technical Education and Vocational Training Authority (TEVTA) and the Bank of Khyber (BoK) have joined hands to provide interest-free business loans under the provincial government’s Ehsaas Hunar Program. A memorandum of understanding (MoU) to this effect was signed on Thursday, marking a major step toward fostering entrepreneurship and economic growth in the province.
The Ehsaas Hunar Program, a flagship initiative of the K-P Chief Minister, aims to empower skilled youth by offering them financial support to establish their own businesses. Under the program, eligible individuals aged between 18 and 40, who hold a skill certificate or diploma, will be eligible for interest-free loans of up to Rs500,000. The loans will be repayable in 36 manageable installments, ensuring accessibility for young entrepreneurs.
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Speaking at the MoU signing ceremony, Special Assistant to the Chief Minister on Technical Education, Tufail Anjum, highlighted the program’s significance. He described it as a transformative project designed to unlock the potential of the province’s youth and drive economic development. The program is expected to benefit approximately 35,000 skilled individuals across K-P, providing them with the resources needed to start or expand their businesses.
The Bank of Khyber will serve as the implementing partner for the initiative, with a total allocation of over Rs3 billion for the project. For the fiscal year 2024-25 alone, Rs200 million has been earmarked to kickstart the program. This financial commitment underscores the government’s dedication to creating opportunities for the province’s young workforce.
The ceremony was attended by key officials, including Secretary Industry Amir Afaq, the Managing Directors of BoK and TEVTA, and other stakeholders. The collaboration between TEVTA and BoK reflects a concerted effort to bridge the gap between skill development and economic empowerment, ensuring that the youth of K-P can contribute meaningfully to the region’s prosperity.
