ISLAMABAD (APP) – The United States on Wednesday launched the US-Pakistan Partnership with an initial amount of dollars 60 million for Access to Credit Programme for the promotion of small and medium sized businesses in Pakistan.
The credit initiative was launched here at a local hotel today as part of third US-Pakistan Business Opportunities Conference in progress here.
Donald Larry Sampler of (USAID) inaugurated the programme which will provide credit to qualified micro, small and medium sized Pakistani businesses with the help of four leading banks of Pakistan.
The four partner banks of Pakistan include Bank Alfalah Limited, JS Bank Limited, Khushhaalibank Limited and First Micro Finance Bank Limited who will provide loan capital to understand businesses to help them expand, create jobs and increase revenues.
Mr Sampler said,”Small businesses face challenges to growth, not just here in Pakistan, but in the Unites States as well.”
He said one of the key challenges to small businesses every where is access to credit. He said businesses require capital to grow and expand but far too often loans are difficult to come by, particularly for smaller business.
Mr.Sampler is in Pakistan for the third Pak-US Business Opportunities conference being held here for developing linkages, promoting trade and investment and encouraging entrepreneurship.
He said there are 3.2 million businesses in Pakistan, nearly three million are small and medium sized. He said these small and medium size businesses produce more than 30 percent of Pakistan’s GDP and 25 percent of the nation’s total export credit.
He said Pakistani banks perceiving the sector as too risky and are reluctant to lend to small and medium size businesses.
He said the United States has a long track of supporting small and medium enterprises in Pakistan and in the last three years, USAID programmes have helped create 23,000 jobs and provide business development services to more than 85,000 micro, small and medium enterprises in Pakistan.
Syed Samar Hasnain Executive Director (Development Finace Group) State Bank of Pakistan, Javed Iqbal Group Head of Bank Alfalah Limited, Khalid Imran President and CEO JS Bank Limited, Ghalib Nishtar President and CEO Khushhali Bank Limited and Amir Masood Khan President and CEO First Microfinance Bank Limited also spokes on the occasion.
