Calls to help SMEs prepare feasibility studies and meet the necessary requirements to obtain financing
Prime Minister Shehbaz Sharif chairs a meeting to review the performance of the Small and Medium Enterprises Development Authority (SMEDA). PHOTO: PMO
Prime Minister Shehbaz Sharif on Tuesday directed officials to improve access to finance for small and medium enterprises (SMEs), including by facilitating loans to farmers to set up agricultural and fruit processing facilities and encouraging commercial banks to introduce sector-specific credit products, according to a statement issued by the Prime Minister’s Office (PMO) on 10th.
Chairing a meeting to review the performance of the Small and Medium Enterprises Development Authority (SMEDA), Prime Minister Shehbaz said SMEs should have easier access to loans, particularly to increase their production capacity and support export growth.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Climate Minister Musadik Malik, Special Assistant Haroon Akhtar, senior government officials, chief secretaries of the four provinces and industry experts attended the meeting, with some participants joining via video link, according to the PMO.
The prime minister directed officials to facilitate awareness and financing programs for farmers wishing to set up agro-product and fruit processing facilities, while urging commercial banks to develop specific credit products for SMEs.
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Prime Minister Shehbaz also called for assistance to SMEs in preparing feasibility studies and completing other requirements necessary to obtain financing, saying that urgent measures are needed to remove obstacles hampering the growth of the sector.
He directed SMEDA to support young entrepreneurs, including women, in establishing small and medium-sized businesses.
During the meeting, the officials briefed the Prime Minister on the measures taken to support SMEs. They said that 700 Pakistani SMEs had been organized to participate in 16 international events this year to improve access to global markets and increase exports. Officials also said SMEs in 35 cities had received training on financial regulations and business management.
The Prime Minister tasked SMEDA to work with the State Bank of Pakistan and commercial banks to prepare a comprehensive strategy to improve access to credit for SMEs.
