United Bank Limited (UBL) and Sindh Enterprise Development Fund (SEDF) recently signed an Agreement for Institutional Collaboration to provide Subsidized Credit to Small & Medium Enterprises (SME) in Sindh.
The agreement signing ceremony, held at the UBL Head Office in Karachi, was chaired by Syed Qassim Naveed Qamar, Special Assistant to CM Sindh for Investment Department and Public-Private Partnership Projects.
Mr. Khizar Pervaiz, CEO-SEDF and Mr. Shazad G. Dada, President & CEO UBL signed the Agreement in the presence of officials and dignitaries from the public and private sector which also included Syed Mansoor Abbas Rizvi, Secretary to Government of Sindh-Investment Department among others.
UBL will provide much needed project financing to SMEs and the Agricultural sector and SEDF will provide mark-up subsidy on loans provided by the bank. This collaboration will create a win-win situation for the stakeholders and create an enabling environment to promote investments in the province.
Syed Qassim Naveed Qamar, SACM said that “This is a step towards financial inclusion of a neglected yet vital segment of the economy with a focus towards modernization of the rural economy of Sindh, with a hope that it will pave the way for balanced growth and financial inclusion of women entrepreneurs.”
At the event, Mr. Shazad G. Dada, President & CEO UBL said “As Pakistan’s most progressive and innovative bank, UBL’s vision is to support Small and Medium Enterprises (SME) and agriculture sector of Pakistan, and in particular to empower the young entrepreneurs of our country so as to unlock their full economic potential.
Agriculture and SMEs are the backbone of Pakistan’s economy and UBL is proud to play a pivotal role in supporting these sectors by partnering with like-minded institutions such as SEDF”.