Key Takeaways
- Prime Minister Shehbaz Sharif has ordered a doubling of SME financing to Rs2.2 trillion by 2028.
- The move aims to support business growth and empower entrepreneurs across Pakistan.
- SMEDA will develop a strategy to raise awareness about business loans and encourage entrepreneurship.
Prime Minister Shehbaz Sharif has directed a significant increase in financing for small and medium-sized enterprises (SMEs) to Rs2.2 trillion by 2028, aiming to support business growth and empower entrepreneurs in Pakistan.
At a meeting with officials at the Small and Medium Enterprises Development Authority (SMEDA), the prime minister highlighted the immense potential of SMEs in driving economic growth and called for improved access to finance and business opportunities.
He emphasized the need to develop a comprehensive strategy to raise awareness about business loans, explain the procedures for obtaining financing, and encourage entrepreneurship across the country.
The prime minister also directed SMEDA to prepare feasibility studies for establishing SMEs in various sectors, making the information available in local languages to benefit aspiring entrepreneurs.
During the meeting, officials briefed the prime minister on reforms aimed at transforming SMEDA into a central platform that would provide training to aspiring entrepreneurs and facilitate their access to bank financing.
To enhance SMEDA’s outreach, offices are being established across the country, and an artificial intelligence-powered helpline is being developed to provide information and guidance in local languages.
The briefing also highlighted a memorandum of understanding signed between global e-commerce company Alibaba and SMEDA, under which 10,000 SMEs would receive training over two years.
Reforms are also underway to make the SME digital portal more efficient and user-friendly, ensuring better access to information and resources for SMEs.
The meeting was attended by federal ministers and senior officials from relevant departments, underscoring the government’s commitment to supporting SMEs and fostering balanced national development.
