PM Shehbaz directs formulation of strategy to boost SMEs' access to financing

Islamabad (Web Desk): Prime Minister Shehbaz Sharif has called for the preparation of a comprehensive plan, in collaboration with the State Bank of Pakistan (SBP) and commercial banks, to make financing more accessible for small and medium-sized enterprises (SMEs).

While presiding over a review meeting of the Small and Medium Enterprises Development Authority (SMEDA) in Islamabad, the prime minister underscored the need to simplify loan facilities for SMEs, saying stronger financial support for the sector would help increase Pakistan's exports.

PM Shehbaz also directed the relevant authorities to strengthen the capabilities of SMEs by promoting awareness and improving access to credit, particularly for farmers involved in processing agricultural produce and fruit.

The prime minister further directed commercial banks to introduce specialized financial products designed specifically to meet the borrowing needs of small and medium-sized businesses.

PM Shehbaz also directed that SMEs be provided assistance in preparing feasibility studies and receive guidance throughout other key phases of setting up and expanding their businesses.

Highlighting the importance of the sector, he stressed that immediate action must be taken to eliminate the challenges slowing the growth of SMEs across the country.

PM Shehbaz also instructed SMEDA to extend greater support to aspiring entrepreneurs, especially young people and women, to help them establish and successfully operate small and medium-sized enterprises.