Bank plans angel investment fund

Wants to develop viable structure for increasing lending to housing sector

LAHORE:

To help the youth and keeping in view the investment activities in developed countries, a local bank has expressed the desire to introduce an angel investment scheme.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, National Bank of Pakistan (NBP) President Arif Usmani said his bank was ready to support the young entrepreneurs possessing innovative ideas.

“Similar to the developed countries, we are set to support the private sector and wish to establish an angel investment fund (AIF) in collaboration with the LCCI to support new businesses,” he said.

Usmani said the bank, in cooperation with the private sector, wanted to develop a bankable and viable structure for increasing lending to the housing sector. In that regard, four to five nominated representatives of the private sector should work in collaboration with the bank to develop a financing structure, he stressed.

“Compared to other banks, NBP has been affected more by the Covid-19 outbreak because it is a state-owned bank and gives loans to businesses of multiple kinds as opposed to private banks,” he added.

Usmani emphasised the need for establishing the AIF at the LCCI to support the young entrepreneurs having innovative ideas. He shared his intention to cooperate with the private sector to have a better understanding of complexities of the housing sector, citing that the potential for growth of the housing sector was massive.

Usmani added that his bank was taking various measures to improve technology.

“We are striving to increase financing to the agriculture sector as it is a very important sector of our economy,” he said.

Published in The Express Tribune, October 22^nd, 2020.

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