Prime Minister Shehbaz Sharif on Wednesday directed that the commercial banks take steps to ensure the access of women entrepreneurs and small and medium enterprises (SMEs) to easy loans, besides assisting them in exporting their products.
The prime minister, chairing a review meeting here regarding government measures for the uplift of SMEs, said that the SMEs held full potential for the development of the national economy and increasing the exports.
He said it was encouraging that Special Assistant to PM for Industries and Production, Haroon Akhtar Khan and his SMEDA team were working on an emergency basis to provide easy credit, digital financing, inclusion in the formal economy, and access to export markets for SMEs.
He expressed satisfaction with the roadmap prepared by SMEDA and the Ministry of Industries, directing to present an implementation plan with achievable targets within a specified time frame.
He directed that processing sectors in agriculture be given the status of SMEs and also welcomed the steps taken for the inclusion of women in small and medium industries.
A report on this year’s targets and their implementation was also presented.
The participants were also briefed on access to local and export markets through roadshows and exhibitions, increased investment through easy and low-cost loans from banks, strengthening of value chains through vendor profiling, and measures for inclusion in the formal economy through the establishment of an SME database.
The meeting was also briefed on SMEDA Board initiatives and training programs for SME development.
The Governor of the State Bank informed the meeting that while private sector lending was Rs 1.1 trillion in the last fiscal year, the loan amount has already crossed the target of Rs. 904 billion in the first three quarters of the current year, which included a 28 percent increase in loans for small and medium industries.
Based on this, the target for providing loans to SMEs by the fiscal year 2028 has been increased from Rs 1,100 billion to 1,500 billion rupees. It was further stated that the State Bank was taking more steps to encourage commercial banks to provide loans.
Highlighting measures for export market access and export financing for SMEs, the meeting was informed that a separate window for export financing has been established on the Prime Minister’s instructions. Additionally, 41 new SMEs have joined to benefit from these measures.
Separately, Shehbaz Sharif on Wednesday reaffirmed the government’s commitment to empowering youth through education, skills development, employment and entrepreneurship.
While chairing a review meeting on ongoing projects under the Prime Minister’s Youth Programme and proposed initiatives for the next fiscal year, the prime minister said the government was taking concrete steps to provide young people with world-class education and training in information technology and other sectors to enable them to compete globally, a news release said.
He directed the Higher Education Commission and the Ministry of Information Technology to present a comprehensive strategy for aligning IT education in universities with international standards and market requirements.
The Prime Minister emphasised that the Prime Minister’s Youth Programme should focus on technical and vocational training to ensure employment opportunities for youth both within the country and abroad.
He also directed that various easy loan schemes for young entrepreneurs be brought under a unified framework to facilitate easier access to financing. In addition, he instructed the Youth Programme and the Ministry of Industries to collaborate on providing electric bikes to youth belonging to low and middle-income families.
Prime Minister Shehbaz Sharif appreciated the performance of Chairman Prime Minister’s Youth Programme Rana Mashhood Ahmad Khan and his team.
During the meeting, officials briefed participants on the progress of ongoing initiatives under the Youth Programme. The meeting was informed that more than 800,000 youth and over 2,000 institutions had so far been registered on the Digital Youth Hub platform, while more than 4,800 applications were being received daily and processed after strict scrutiny.