NBP prepares road map for SMEs

Usmani suggests traders and industrialists should opt for long-term loans

MULTAN: There is no political interference in the bank’s affairs and the situation is conducive for the performance of duty at bigger positions, said National Bank of Pakistan (NBP) President Arif Usmani.

Addressing a ceremony at the Multan Chamber of Commerce and Industry (MCCI), Usmani said there was political interference in recruitment in NBP but now the bank was moving in the right direction.

NBP had prepared a road map for the development of small and medium enterprises (SMEs), a sector that contributed 40% to GDP but remained a victim of negligence by past governments, Usmani added. He shared with the audience that a solid and best strategy would soon be set into motion for the SME sector development.

However, the SMEs would have to provide all the required details about their business to the bank. The NBP chief was of the view that it would not be possible for the bank to finance the SMEs while they kept their business details hidden. Usmani suggested that traders and industrialists should opt for long-term loans, adding that these carry solutions to the many problems they might face.  

Published in The Express Tribune, May 30^th, 2019.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.