Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the joint meeting of the Steering Committee and Advisory Board of Kamyab Pakistan Program (KPP) at the Finance Division.
During the meeting, the program design was reviewed and the contours of KPP were finalized in consultation with all relevant stakeholders. After extensive discussion, it was decided that a robust bidding process will be undertaken for the selection of Wholesale Lenders (Banks), who in turn will exclusively engage with Executing Agencies – EAs – (Microfinance Providers).
There will be a quarterly performance review of Wholesale Lenders regarding the disbursement of funds. The Government will extend the guarantee to wholesale banks up to 50 percent on a risk-sharing basis. This will ensure transparency and due diligence in evaluating the performance of Wholesale Lenders with reference to the disbursement of funds.
Another landmark feature is the formation of the KPP Portal called Kamyab Pakistan Information System (KPIS). There will be a toll-free number that will be integrating KPIS through Telcos via NTC. The portal will be integrated with Ehsaas Data and NADRA for verification of beneficiaries’ eligibility to facilitate the Executing Agencies (Microfinance Providers) for finalizing the financing modalities most efficiently and seamlessly.
In his remarks, the Finance Minister stated that Kamyab Pakistan Program is a flagship initiative of the Government which is designed to transform the lives of the marginalized segments of the society and ensure their financial empowerment.
This is the first program of its kind in Pakistan‘s history wherein the Banks are being connected to the lowest income segment through microfinance institutions. Therefore, utmost care is being taken before the launch of KPP. The underlying rationale is to ensure all stakeholders are on board for the ultimate success of the program. The program will be launched in phases to cover all the areas of Pakistan effectively.
During the first phase, Khyber Pakhtunkhwa, Balochistan, and the poorest of the poor districts of Punjab, Sindh, Gilgit Baltistan (GB), and Azad Jammu and Kashmir (AJK) will be covered. The revised proposal will be submitted before the Economic Coordination Committee (ECC) for due deliberation and requisite approval for onward submission before the Cabinet.
SAPM Usman Dar stated that Kamyab Pakistan Program will be of great significance in creating income generation opportunities for our talented youth and will go a long way in breaking the vicious cycle of poverty in the country.
Among others, SAPM on Youth Affairs, Usman Dar, Deputy Governor SBP, Sima Kamil, Chairman SECP, Aamir Khan, Chairman Akhuwat, Dr. Amjab Saqib, CEO NRSP, Dr. Rashid Bajwa, Chairman RSPN, Shoaib Sultan, Convenor KPP, Zafar Masud, Chairman PBA, Muhammad Aurangzeb, President Meezan Bank, Irfan Siddiqui, President Bank Al-Falah, Atif Bajwa, and other senior officers participated in the meeting.