The federal government has increased the maximum loan limit under the Prime Minister's Youth Business and Agriculture Loan Scheme from Rs7.5 million to Rs25 million.
According to a statement issued by the Prime Minister's Office, the decision was taken during a meeting chaired by Prime Minister Shehbaz Sharif to review the performance of the scheme.
The Prime Minister also directed that the minimum age requirement for applicants be reduced from 21 to 18 years.
Under the scheme, eligible young people will be able to access loans for business and agricultural activities through easy instalment plans. The government has allocated Rs292 billion for loans during the current year.
The Prime Minister further directed that 30 percent of the loans be reserved for women to encourage their participation in business and support their economic empowerment.
The government says the initiative aims to help young people establish businesses, expand existing enterprises and invest in the agricultural sector.
