The banking sector has disbursed Rs 882.40 billion to 302,922 borrowers under the Small and Medium Enterprises (SMEs) financing program, marking a significant boost for the sector.
These statistics were shared during the 15th National Coordination Committee (NCC) meeting on SME development, chaired by Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan here on Friday.
The meeting, attended among others by Secretary of the Ministry of Industries and Production Saif Anjum, the Chief Executive Officer of SMEDA, provincial government representatives, and officials from the banking sector, centered on key policy proposals to support the growth of SMEs across the country.
The meeting discussed a major proposal to revise the annual sales turnover limits for SMEs, recommending setting thresholds at Rs 30 million for micro-enterprises, Rs 30 million to Rs 400 million for small enterprises, and Rs 400 million to Rs 2000 million for medium enterprises.
SAPM Haroon emphasized the need for these updates to reflect the evolving landscape of the SME sector.
“SMEs are the backbone of our economy, and the government, under the leadership of Prime Minister Imran Khan, is committed to facilitating their growth,” said SAPM Haroon.
He highlighted that both federal and provincial governments were aligned on adopting the new SME definition to ensure greater clarity and effectiveness in policy implementation.
The meeting also focused on the implementation of the National SME Policy 2021, with special attention given to improving access to credit for SMEs.
SAPM Haroon assured that all banks are prepared to cooperate and provide financial support, particularly to SMEs in underserved regions like Gilgit-Baltistan, Azad Jammu and Kashmir, and Balochistan.
In addition to financing, the government is placing emphasis on tax relief, skill development, and technological innovation.
Haroon noted that initiatives like the skill development bond and artificial intelligence (AI) training programs would help SMEs grow and adapt in a competitive market.
The meeting directed SMEDA and provincial authorities to maintain regular progress reports on these initiatives.