Meeting focused on improving access to finance, with a new definition and expanded scope proposed for SMEs
15th meeting of the National Coordination Committee on the development of SMEs. PHOTO: SCREENSHOT
ISLAMABAD:
Pakistan’s banking sector has provided financing of Rs 882.4 billion to 302,922 borrowers under the Small and Medium Enterprises (SME) Financing Initiative.
According to a press release, this development was discussed at the 15th meeting of the National Coordination Committee on 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, Ministry of Industries and Production; the CEO of the Small and Medium Enterprises Development Authority (SMEDA); representatives from provincial ministries and key figures from the banking sector.
According to the new guidelines, micro enterprises will have a turnover limit of up to Rs 30 million, small enterprises between Rs 30 million and 400 million and medium enterprises between Rs 400 million and 2 billion.
Haroon stressed that reviewing the definition and scope of SMEs is essential for the growth of the economy. He said: “The federal and provincial governments are fully aligned on 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 in providing 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, emphasizing that the government is committed to supporting businesses at all levels.
The meeting also discussed the importance of tax breaks and easy access to loans in the country’s industrial policy. Additionally, skill development initiatives, such as skill development bond and artificial intelligence (AI) training programs, have been highlighted as important steps for empowering SMEs in Pakistan.
The meeting concluded with a call to SMEDA and provincial authorities to continue to monitor progress and ensure effective implementation of the policy measures discussed.
