PNN: Pakistan’s banking sector has provided Rs882.4 billion in financing to 302,922 borrowers under the Small and Medium Enterprises (SME) financing initiative.
According to a press release, the development was discussed at the 15th National Coordination Committee meeting on SME development, held on Tuesday. The meeting was chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister. The gathering saw participation from Saif Anjum, Secretary of the Ministry of Industry and Production; the CEO of the Small and Medium Enterprises Development Authority (SMEDA); provincial ministry representatives, and key figures from the banking sector.
Under new guidelines, micro enterprises will have a turnover limit of up to Rs30 million, small enterprises will range from Rs30 million to Rs400 million, and medium enterprises will range from Rs400 million to Rs2 billion.
Haroon emphasised that reviewing the definition and scope of SMEs is essential for the economy’s growth. He stated, “The federal and provincial governments are fully aligned with this new definition and will adopt it in a coordinated manner.”
“The government is taking every possible measure to support SME development,” he added.
Haroon assured that all banks are ready to cooperate in providing loans to SMEs across the country, from Gilgit-Baltistan (G-B) and Azad Jammu and Kashmir (AJK) to Balochistan. “This is a key priority for us,” he said, stressing that the government is committed to supporting businesses at all levels.
The meeting also addressed the importance of tax relief and easy access to loans in the country’s industrial policy. Additionally, skill development initiatives, such as Skill Development Bonds and Artificial Intelligence (AI) training programs, were highlighted as important steps for empowering SMEs in Pakistan.
The meeting concluded with a call for SMEDA and provincial authorities to continue following up on progress and ensuring the effective implementation of the policy measures discussed.