The State Bank of Pakistan, Commercial Banks and SCI-Pak have agreed to develop a joint efficient and energy resource efficient network and address financial needs of Small and Medium Enterprises (SMEs).
The meeting was arranged by State Bank of Pakistan and European Union funded SCI – Pak Project jointly. It was chaired by Mr. Mohammad Mansoor Ali, Director Infrastructure Housing SME finance department of SBP. The purpose was to identify and develop strategies for the improvement of communications and interaction between SBP, Financial Institutions and SMEs. The FI’s are proposed to facilitate accessing finance for better production and resource development.
The participants of the meeting have also decided to launch an awareness campaigns for SMEs to educate people about the different financial instruments developed by SBP for the modernization of SME sector.
Mr. Mansoor Ali commented that despite the vulnerability of SME sector towards economic downturns, yet considering their importance to the country’s economic growth, we have to ensure providing access of Finance to the SME’s. He also said that SBP has developed a number of schemes and strategies for the development of sector like Credit Guarantee Scheme, concessionary refinance scheme for modernization of SMEs, revision of regulatory frameworks. SBP has also conducted a number of SME surveys along with the financial awareness programs.
He emphasized that for achievement of these initiatives, stronger commitment should be made both on part of Financial Institutions and business concerns.
The representative of SCI-Pakistan Project Mr. Omar Malik said the efficient use of energy and resources will help in reducing their
consumption, while at the same time it would improve the production and performance of SME through cost reductions.