Amir Saeed

The E-Rozgaar loan scheme is helping foster innovation, generate employment opportunities, and empower young people in Gilgit-Baltistan to build successful careers in technology.

Talking to WealthPK, Dr Idrees Ahmed, Chief Coordinator of Innovation & Reforms at GB’s Performance Management and Reforms Unit (PMRU), highlighted that the loan scheme is rapidly transforming the technological landscape of the region by fuelling tech entrepreneurship and empowering a new generation of innovators.

“Spearheaded by the region’s IT department in collaboration with Karakoram Cooperative Bank Limited, this flagship initiative provides soft loans specifically tailored for startups and small businesses in the IT sector,” he said.

“By addressing the critical challenge of access to capital, the scheme enables aspiring entrepreneurs to turn their ideas into viable businesses, fostering a vibrant ecosystem of innovation and economic growth,” he noted.

Ahmed added that the soft loans offered under the E-Rozgaar scheme are designed with favourable terms, including low service charges and flexible repayment options, making them accessible to a broad demographic of entrepreneurs aged 18 to 45.

“The scheme features two tiers of loans, ranging from Rs0.1 million to Rs3 million, ensuring that both nascent startups and expanding businesses can benefit. To further ease the burden on borrowers, the IT department covers a significant portion of the markup, reducing the financial risk for new ventures,” Ahmed explained.

“This financial support is complemented by a holistic approach to develop the IT sector. The government has integrated IT education from primary schools to universities, modernising educational institutions with smart campuses, digital infrastructure, and high-tech learning spaces,” Ahmed highlighted.

“Over 120 smart schools have already been established, with hundreds of computer labs and technology hubs providing students and young professionals with the skills necessary to thrive in the digital economy. These efforts are directly linked to the region’s growing freelance economy, which is generating significant revenue and creating high-skilled jobs,” he said.

Ahmed pointed out that the impact of the E-Rozgaar scheme extends beyond individual entrepreneurs. “By nurturing startups and small businesses, the programme stimulates job creation, boosts productivity, and positions Gilgit-Baltistan as an emerging hub for IT innovation. Special attention is also given to empowering women entrepreneurs, promoting gender diversity and inclusion within the tech industry.”

Ahmed emphasised that these initiatives are part of a broader vision to accelerate socioeconomic development through technology. “Strategic partnerships with national bodies and tech organisations have further enhanced the region’s capacity for digital transformation, ensuring that the benefits of the digital age reach every corner of GB.”

Credit: INP-WealthPk