Bank proposed to finance skilful youth to become successful

Lahore: There is no dearth of talent in the country but lack of opportunities are keeping a lot of intelligent people from middle and poor income groups from progress, a business leader said Wednesday.

Large banks ignore masses while microfinance banks are facing shortage of funds to support ambitions of talented people which keeps them poor, said Mian Shahid.

He said that government should establish a bank that lend loans to brilliant but poor youth on the basis of share in profit discounting need for collateral.

He said that eighty percent money in big banks belong to one percent rich depositors which are preferred over every consideration.

He said that the one percent top depositors get 77 percent of the loans from commercial banks leaving little room for middle and low income groups which necessitates formation of a new bank with a different perspective.

Mian Shahid said that resolution of the economic ills lies in the home-grown policies as the recipe of western countries has never worked in Pakistan.

He said that the first step towards economic development is provision of health, education, clean drinking water, sanitation and other social facilities.

Social sector has not caught proper attention of the policymakers which has pushed incidence of poverty to 37 percent in Pakistan, he said.