Pakistan’s Prime Minister, Mian Nawaz Sharif, launched the Youth Business Loan Scheme earlier this week. The 100 billion rupees Scheme will give out 100,000 loans to young entrepreneurs to launch small businesses. The loans will range from 100,000 rupees to a maximum of two million rupees. The borrower will pay an 8 per cent annual interest rate, whereas the lending institutions will charge approximately 15 per cent in annual interest. The government will subsidize the loans by covering the borrowing cost for the difference between the rates charged by lenders and 8 per cent paid by the borrower. The Scheme will be run by the Prime Minister’s daughter, Maryam Nawaz Sharif.
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