LAHORE: The Punjab government has launched the Rs9.5 billion Punjab Rozgar Scheme to provide jobs to the youth.

Funds for the scheme were approved by the Provincial Development Working Pany of the Punjab Planning and Development Board on Friday.

The government has allocated the funds to Punjab Small Industry Cooperation (PSIC) to formulate employment oppohunities for the youth.

The programme aims at reducing unemployment and driving economic growth by facilitating new micro and small entrepreneurs and stan-ups, and existing businesses in the province with financial suppon to cope with the impact of the Covid-19.

In response to existing financial instability triggered by the coronavirus outbreak, the government`s emphasis was to enable young entrepreneurs to establish and promote their businesses in the wake of soaring unemployment and financial challenges, a news release said.

The PSIC has been directed to sign an agreement with the Bank of Punjab for smooth execution of the scheme. The targeted population group for the scheme included university and Technical Education and Vocational Training Authority graduates with technical and vocational training, anisans and existing businesses.

Planning and Development Board Chairman Hamed Yaqoob Sheikh said the scheme was an initiative that would promote new micro and small prospective entrepreneurs and existing businesses through financial suppon.