Rs2tr financing to empower businesses

The Lahore Chamber of Commerce and Industry (LCCI) has appreciated Prime Minister Shehbaz Sharif and the federal government for setting an ambitious target of increasing SME financing to Rs2 trillion by June 2028, terming the initiative a significant step towards empowering small and medium-sized enterprises, promoting investment, generating employment and strengthening Pakistan's economy.

In a statement, LCCI President Ali Hussam Asghar said that the PM's focus on enhancing access to finance for SMEs reflected the commitment to supporting the business community and creating an enabling environment for entrepreneurship, investment and economic activity. "SMEs constitute the backbone of Pakistan's economy and have enormous potential to generate employment, promote entrepreneurship, expand industrial and commercial activity and contribute to exports," he said, adding that improved access to affordable and timely financing would enable SMEs to expand their businesses, modernise operations, adopt new technologies and enhance productivity.

He appreciated the government's decision to target Rs2 trillion in SME financing and 775,000 potential borrowers by June 2028, saying that the initiative could significantly broaden financial inclusion and bring a larger number of businesses into the formal financial system.

Asghar stressed that effective communication of economic policies and business-support measures was important for ensuring that entrepreneurs and businesses remained aware of available opportunities and financing facilities.