Provinces urged to lead SME financing efforts

The Small and Medium Enterprises Development Authority (SMEDA), advised by Special Assistant to PM Haroon Akhtar Khan, convened a series of five meetings today with regional stakeholders and the State Bank of Pakistan to promote equitable SME financing across Pakistan. CEO Nadia Jahangir Seth highlighted SMEDA's commitment to improving the SME finance ecosystem, a directive supported by Prime Minister Shehbaz Sharif, who emphasized expanding credit access. Discussions included replicating the successful Bank of Punjab SME financing scheme, which has benefited over 110,000 people, with nearly 50% from low-income groups. SMEDA also offered to help SMEs overcome demand-side challenges like financial literacy, while urging provincial governments and financial institutions to take ownership. The State Bank of Pakistan presented current SME financing figures for various regions, with the Sindh Enterprise Development Fund's success also noted.