The Economic Coordination Committee (ECC) of the cabinet has approved a reduced Kamyab Pakistan Programme (KPP) on Thursday.
According to the news fetched from the meeting of the ECC, which was presided over by Finance Minister Shaukat Tarin, approval to the KPP was given on the basis of an updated summary.
The programme had been rationalized after discussing with the stakeholders to spend microcredit for elevating demoted segments of society.
KPP is composed of five initiatives which are as follows:
- Kamyab Karobar
- Kamyab Kissan
- Naya Pakistan low cost housing scheme
- Kamyab Huarmand Pakistan
- Sehatmand Pakistan
Read more: Banks to be selected through bidding for Kamyab Pakistan Program
Furthermore, micro-loans shall be disbursed amongst eligible persons, under the Kamyab Karobar, Kissan and Naya Pakistan low-cost housing, who are registered with Ehsaas Data through the National Socio-Economic Registry (NSER) having family income of up to Rs 50,000 per month.
The Kamyab Pakistan Programme approved by ECC will be next submitted before the federal cabinet.
On the other hand, the Kamyab Hunarmand and Sehatmand Pakistan plans will be assimilated with the prevailing programmes. The aim of KPP is to integrate with the government’s continuing skill development programme for providing educational and vocational training.
The framework of KPP involves an assortment of Wholesale Lenders (Banks) through competitive bidding according to the Public Procurement Regulatory Authority (PPRA) rules. The wholesale lenders will select Micro Finance Providers (MFPs).
While the government will offer two agreements comprising a 10 percent first loss guarantee to MFPs and a 50 percent guarantee to Wholesale Lenders (WLs) on pari-passu/risk-sharing basis.
Additionally, the first phase of the programme will be propelled in Khyber Pakhtunkhwa, Balochistan, Gilgit-Baltistan, Azad Jammu and Kashmir and some meagre districts of Sindh and Punjab. Afterwards, the KPP will be protracted to the whole country ultimately.
Talking about the application side, the Kamyab Pakistan Information System (KPIS) is being established which is fully incorporated with telecommunication companies, Ehsaas/NSER, National Telecom Communication (NTC), and Nadra for verification purposes regarding beneficiary’s eligibility.