Prime Minister Shehbaz Sharif on Thursday directed the removal of the 80% export-revenue requirement for small and medium enterprises (SMEs) to qualify for long-term financing.
The purpose of the move is to improve access to credit and boost exports.
Chairing a meeting on export-oriented SMEs, the PM also instructed banks to implement concessional financing schemes and called for improved accreditation standards, modern testing laboratories and simplified regulatory procedures.
Officials informed the meeting that Pakistan has around 17,000 exporting SMEs, while the State Bank of Pakistan (SBP) had received over 10,000 loan applications since launching an online portal on November 1.
The meeting was also told that Rs300 billion had been allocated under the Export Finance Scheme for SMEs and new exporters and Rs350 billion had been earmarked for the Long-Term Financing Facility this year. Participants also reviewed measures to increase Pakistani exports to African markets.
