In its bid to promote self-employment and entrepreneurship development in the country, the government is planning to provide investment opportunities to youths by providing collateral-free loans.

The government is coming with a collateral-free loan scheme for young Nepalis who wish to start their own business or invest in other enterprises in the country, Minister of Labour, Employment and Social Security Gokarna Bista said while inaugurating the  “Yunus Social Business Challenge-2018” organised by the King’s College in Kathmandu on Sunday.

“The government aims to promote entrepreneurship among the youths and will invest around Rs 500,000- Rs 1 million each on thousands of youths without seeking collateral from them.”

Narottam Aryal, the executive director and principal of King’s College, said that the college has been launching an entrepreneurship development campaign for the past three years, especially in the areas relating to energy, agriculture, tourism and women’s participation.  

Yunus Social Business competition is an incubation programme, named after Nobel Peace Prize Laureate Muhammad Yunus, for aspiring student entrepreneurs from all colleges and institutions across the country.

Of the 55 youth groups that applied for the competition, 10 have made it to the last round.

The incubation programme will run for 15 weeks, wherein workshops and mentorship programmes will be held on dedicated topics.

The competition winners will be awarded with cash prizes under various categories.