Lahore (Nut Desk)
(Agreement Signing Ceremony between Sindh Enterprise Development Fund & National Bank of Pakistan for Institutional Collaboration for Provision of Subsidized Financing to SMEs in Sindh).
National Bank of Pakistan (NBP) and Sindh Enterprise Development Fund (SEDF) have signed an agreement for Institutional Collaboration for Provision of Subsidized Financing to SMEs in Sindh. The agreement aims to encourage farmers to adopt modern agricultural practices and foster economic development in Sindh.
SEDF aims to promote opportunities in Agri value chains, Mining & Mineral processing, and Innovation & Technology for multiple economic benefits on growth, intermediary services and productivity. It seeks to introduce interventions to improve efficiency and profitability. SEDF is striving to develop entrepreneurial ability in the rural economy of Sindh through various initiatives of technical assistance and mark-up subsidies.
While, NBP has the vision to be the Nation’s leading bank enabling sustainable growth and inclusive development. NBP is Pakistan’s largest public sector commercial bank, providing a diverse range of products and services to the agriculture & SME sector. The Bank is taking initiatives for increasing market penetration and growth in the priority sectors of the economy by developing and strengthening value chains between producers, processors, exporters and financial institutions. The Inclusive Development Group (IDG) within NBP is spearheading these initiatives and is engaged in focusing on financial inclusion of underserved sectors that have significant business potential.
The agreement signing ceremony was co-chaired by Mr. Rehmat Ali Hasnie, SEVP and Group Chief-NBP and Mr. Mehboob Ul Haq, CEO-SEDF in witness of various Govt. officials, dignitaries and stakeholders from the agri-business sector including Mr. Kabool M. Khatian, Chairman- Left Bank Canals, (AWB)(SIDA) Badin, Mr. Abbas Akber Ali, Chairman Amreli Steels Limited, Naushaba Shahzad EVP/ Head-IDG, Salim Khowaja SVP/Wing Head PD & IRW-IDG and others.
Under the said agreement, SEDF will provide mark-up subsidy on loans extended by the NBP to support SMEs in Sindh. The expected outcome of the collaboration between NBP and SEDF is to create a win-win situation for all stakeholders and create an enabling environment that is conducive for transformation of agri-business landscape of the Province.
This is a step towards financial inclusion of neglected yet vital segments/sectors of the economy. This will lead to modernization of rural economy of Sindh and Insha’Allah pave the way for overall growth of Pakistan’s economy.