The Small and Medium Enterprises Development Authority (SMEDA) and Pakistan Banks’ Association (PBA) inked a Memorandum of Understanding (MoU) to enhance access to finance for the growth and sustainability of the SMEs on Friday in the presence of the Federal Minister Industries and Production Rana Tanveer Hussain at SMEDA Head Office.
The event was attended by Mr. Saif Anjum, Federal Secretary MoIP, Mr. Socrat Aman Rana, CEO SMEDA, and Mr. Zafar Masud, Chairman PBA, along with business heads from HBL, BOP and JS Bank. Financial Services team from B&SDS Division SMEDA and other senior officials from both organisations were also present on the occasion.
The partnership aims to empower SMEs by enhancing their bankability through joint initiatives, including capacity building, information sharing, and research on SME clusters and sectors. The collaboration also focuses on raising awareness about government-subsidized financing schemes, improving financial literacy, and advocating for policies that support SME growth. Additionally, efforts will also include enhancing financial inclusion by improving women entrepreneurs’ access to finance through financial literacy programs.
Commenting on the partnership, Federal Minister Rana Tanveer Hussain said that SMEs, as a backbone of Pakistan’s economy, are fostering economic resilience, employment, and innovation in the country. He observed that SMEs face hurdles in access to financing due to a lack of financial literacy and advisory support.
He stated, “The partnership of SMEDA with financial institutions aims to address these challenges through shared resources, knowledge, and expertise.
This strategic alliance between PBA and SMEDA demonstrates our dedication to empowering SMEs by fostering financing opportunities, enhancing capacity building, and establishing a strong ecosystem to bridge financial gaps and integrate SMEs into the formal financial system.”
