Kathmandu: Prime Minister KP Sharma Oli has announced that at least 500 entrepreneurs will receive startup loans this year as part of an initiative to encourage youth entrepreneurship. This announcement was made during a session of the House of Representatives where he addressed questions from lawmakers about government efforts to support young entrepreneurs.
According to National News Agency Nepal, the selection process for the loan recipients is in its final stages. The program aims to offer loans at subsidized interest rates to attract investors and foster creativity and innovation in startup-based entrepreneurship development. The government recently hosted a national labor and employment conference focused on building a sustainable framework for domestic employment by boosting production and productivity.
Prime Minister Oli emphasized that the global trend of citizens from developed and wealthy countries seeking opportunities for business, employment, and education abroad should not be interpreted solely as a negative phenomenon. He highlighted that young people now have more livelihood options and can choose to work in any country they desire, reflecting a broader range of opportunities.
Furthermore, the Prime Minister assured that the government is actively working to create employment and entrepreneurial opportunities for the youth within the country. He outlined several measures including policy and legal reforms, the implementation of business-friendly laws, and efforts to foster an investment-friendly environment by improving industrial conditions. These initiatives aim to attract foreign investment, promote internal investment, increase production and productivity, and reduce the trade deficit through enhanced exports.