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The federal government will provide loans to youth for the establishment of utility stores franchises, informed Minister for Planning Development & Special Initiatives, Asad Umar.

Chairing a meeting on PM Kamyab Jawan Programme for establishing utility stores franchises across Pakistan, Asad Umar was told that around 250,000 applicants have applied for loans under PM Kamyab Jawan Program for opening up retail stores.

As per details, loans under PMKJP can be extended to the already established franchises and also for setting up new franchises under the umbrella of Utility Stores Corporation. The federal minister said that under the Phase-II of PM Kamyab Jawan Program in collaboration with the Ministry of Industries, loans will be given for the establishment of Utility Stores franchises ensuring that loans are secured.

The stores would effectively play the role of market stabilizers, said the federal minister.

The Planning Minister highlighted that existence of Enterprise Resource Planning (ERP) is a prerequisite for the successful monitoring and execution of Utility Stores' franchises.

Meanwhile, the Ministry of Industries would assess the proposed plan of lending to about 1000 operational franchises under Utility Stores Corporation and will also work for a model for establishing new stores. Furthermore, lending for opening franchises would be scaled up after the successful launch of the pilot project.

The meeting was attended by Hammad Azhar, Minister for Industries, Usman Dar, SAPM on Youth Affairs, MD Utility Stores, and senior government officials.