Meeting focused on improving access to financing, with new definition and expanded scope proposed for SMEs
XV Meeting of the National Coordination Committee for the Development of SMEs. PHOTO: SCREEN CAPTURE
ISLAMABAD:
Pakistan’s banking sector has provided Rs 882.4 billion in financing to 302,922 borrowers under the small and medium enterprises (SMEs) financing initiative.
According to a press release, the development was discussed at the 15th meeting of the National Coordination Committee for SME development, held on Tuesday. The meeting was chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister. The meeting was attended by Saif Anjum, Secretary of the Ministry of Industry and Production; the executive director of the Small and Medium Enterprises Development Authority (SMEDA); representatives of provincial ministries and key figures from the banking sector.
As per the new guidelines, micro businesses will have a turnover limit of up to Rs 30 million, small businesses will range between Rs 30 million and Rs 400 million and medium businesses will range between Rs 400 million and Rs 2 billion.
Haroon emphasized that reviewing the definition and scope of SMEs is essential for the growth of the economy. He stated that “the federal and provincial governments are fully aligned with this new definition and will adopt it in a coordinated manner.”
“The government is taking all possible measures to support the development of SMEs,” he added.
Haroon assured that all banks are ready to cooperate to provide loans to SMEs across the country, from Gilgit-Baltistan (GB) and Azad Jammu and Kashmir (AJK) to Balochistan. “This is a key priority for us,” he said, highlighting that the government is committed to supporting businesses at all levels.
The meeting also discussed the importance of tax relief and easy access to loans in the country’s industrial policy. Additionally, skill development initiatives such as skill development vouchers and artificial intelligence (AI) training programs were highlighted as important steps to empower SMEs in Pakistan.
The meeting concluded with a call to SMEDA and provincial authorities to continue monitoring progress and ensuring effective implementation of the policy measures discussed.
