Staff Reporter
Islamabad
Pakistan Microfinance Investment company limited (PMIC) is a wholesale finance entity and an important pillar of National Financial Inclusion Strategy of Pakistan. It focuses on promoting poverty alleviation initiatives through partner institutions and improving employment and livelihood opportunities for marginalized segments in the country especially women and youth Furthering its mission, PMIC has successfully closed its first financial advisory and arrangement mandate for Khushali Micro Finance Bank Limited (KMBL) as sole financial advisor and arranged rated, unsecured, subordinated, Privately Placed, Tier II Term Finance Certificates of PKR 1,400 Mn, participated by leading Commercial Banks including UBL, MCB and BAFL. This financing facility aims to support growth in lending operations of KMBL. It also furthers PMIC’s mission to work with sector stakeholders to reach the unmet demand for microfinance in the country. The investor agreement was signed by Mr. Yasir Ashfaq Chief Executive Officer PMIC and Mr. Ghalib Nishtar President & Chief Executive Officer KMBL. Speaking on the occasion, CEO PMIC Mr. Yasir Ashfaq said, “This transaction is a continuation of PMIC’s efforts to launch new and innovative financial products in line with the needs of sector stakeholders with the overarching aim to meet the unmet demand for financial services. It is also pertinent to thank the Securities and Exchange Commission of Pakistan (SECP) for their continued support and commitment towards financial Inclusion and growth of the sector.
