ISLAMABAD: Recently the Islamabad Chamber of Commerce and Industry (ICCI) have urged State Bank of Pakistan to take measures for providing finance to SME sector of Pakistan’s industry. This financing from SBP will help in strengthening the domestic industrial sector.
The banking sector should take measures to support SMEs and domestic industrial sector in order to stimulate growth of trade and industry. SMEs have always been playing vital role in the economic growth and development of the country.
The President of Islamabad Chamber of Commerce Mr. Mahfooz Elahi said that the Government’s borrowing from Central and Commercial banks has almost touched the 2.999 trillion mark; in the fiscal year 2010-11. Whereas, on the other hand our commercial banks are practicing tight loan policy for the private sector they are either refusing to fund the domestic enterprises or their conditions are very tough to be met. This has produced a negative impact on the economic activities, which are already in deterioration mode due to law and order situation and also due unavailability of the resources like Gas and Electricity.
He also said that SME sector should be given priority for the development of economy and the banks and other commercial institutions should provide lending to SME and domestic sector on easy conditions.