PESHAWAR (APP) - The Khyber Pakhtunkhwa Government is likely to launch Pakhtunkhwa Hunarmand Rozgar Scheme in the ongoing month - August - in a special ceremony. The Chief Minister Ameer Haider Khan Hoti would inaugurate the scheme, sources told this agency on Monday. They said the scheme was announced in the annual budget for financial year 2011-12 with allocation of an amount of Rs 1.3 billion to provide employment opportunities to skilled youth and reduce poverty and promote income generating economic activities in the province. Under the scheme, a loan ranging between Rs 50,000 to Rs 0.3 million will be granted to diploma and certificate holders from vocational or skill development centres at very soft terms of five per cent mark up. The loan facility will be available for business activity in the fields of marble, gem stones, minerals, handicrafts automobile repairing, plumbing, electrician, furniture, light engineering, garments, embroidery, hair dressing, beauty saloons, leather products, information technology and all such subjects leading to economic stabilization. 30% of the funds will be reserved for females. The programme will be executed through the Bank of Khyber and will be coordinated by the Directorate of Technical Education and Smeda. The criteria of eligibility is that the applicant should be permanent resident of Khyber Pakhtunkhwa and holding valid computerized National Identity Card. The age limit is 18 to 40 years for male and extendable up to 50 years for female applicants fulfilling prescribed security/guarantee and conditions. Required documents for pre approval stage are duly filled-in prescribed application form, valid CNIC copies of applicant and guarantors, business start up plan, two photograph of the applicant and certificates of the training or proof of the skill. The loan will be secured by two personal guarantees of the members of chambers of commerce and trade, cluster or local trade association of the area, employees of the skill development institutes, reputable professionals like doctors, engineers, principal, vice principal, owner of a private education institute, govt and semi-govt regular employees. At least one guarantor should be a government/semi govt employee of grade not less than BPS 12. The maximum tenure of the loan will be 3.5 years including grace period of six months and the principal loan will be recoverable in 36 equal instalments for which post dated cheques will be obtained. The Bank of Khyber, the executing financial organization will establish a separate a unit / department for handling of the scheme. The unit will comprise of well-experienced staff and will be supervised by an experienced executive head C&MFD while Smeda will provide assistance in ascertaining the entrepreneurial skills of the applicant and machinery verification where requested. Similarly, the Directorate of Technical Education will assist the BoK in ascertaining technical skills of the applicant. The diploma/certificates of the applicants will be verified by the concerned technical institutions e.g Technical Traiing Centre, VTCs, Government College of Technologies, Footwear Training Institute etc. However, the certificates provided by the private institutions/ trade associations etc will be verified by Smeda. The BoK will develop, print and make available the loan application forms to all the participating branches. In case of shortage of forms the copies of the forms will be acceptable to the bank. Moreover, the form will also be available on BoK website.