MOU signed to launch Akuwat-NAVTTC interest free loans programme

ISLAMABAD: A Memorandum of Understanding (MoU) has been signed here on Monday to launch Akhuwat NAVTTC Interest Free Loans Programme and M/s Akhuwat has allocated Rs. 10 millions for the scheme, says a press release received here on Monday.

Interest Free Loan up to Rs.50, 000 will be provided to NAVTTC trainees. The primary aim of interest free loan programme is to enable the NAVTTC trainee to start or expand their business and to get rid of poverty.

After signing the ceremony, Dr Muhammad Amjad Saqib said that the project will be supervised by a Steering Committee (SC) comprising two members one each from M/s Akhuwat Lahore and NAVTTC. The Steering Committee will initially hold bi- monthly meetings, for an initial period of 6 months to supervise and monitor the progress. Later on the meetings will be held on quarterly basis. This pro-poor, non-political and non-sectarian dimension of programme will be ensured under all circumstances, he said.

Executive Director NAVTTC Tariq Shafi Chak welcomed interest free loan scheme for NAVTTC trainees being launched in collaboration with M/s Akhuwat Lahore. He said that interest free microfinance of M/s Akhuwat would certainly help in poverty alleviation. NAVTTC and M/s Akhuwat are launching interest free loans programme which would empower socially and economically marginalized families.

This is a good effort to bring economic prosperity into poor families living in the most backward areas of the country, he said. He said that Technical and Vocational Training has been designed in a way to equip the youth of the country to undertake employment in domestic and international market. However there will remain a sizeable population which will prefer for self employment. This last category would almost invariably require financial assistance to start their humble enterprise.

This partnership between NAVTTC and M/s Akhuwat Lahore will be a first positive step to address this last category of unemployed but vocationally trained youth, he added.

Leave a Reply