Banking: IFC to design SME model for local bank

Our strategic focus is to bridge this gap and with IFC’s assistance and SBP’s support, says Bank Alfalah CEO.

KARACHI:

International Finance Corporation (IFC), a member of the World Bank group on Monday launched its advisory services with Bank Alfalah to design its new small and medium enterprises (SME) banking business model which is intended to help improve financial access to SMEs in Pakistan, offer financial advisory service through new tools, develop skills and ability to repay loans thus improving business practices.

“There is tremendous growth potential in small-scale entrepreneurs; however they have been long troubled with getting financing access, right financial advisory services, which limits growth prospects. Our strategic focus is to bridge this gap and with IFC’s assistance and State Bank of Pakistan’s support, we will become fully geared to unleash promising potential of this under-banked sector, most fundamental source of economic development and growth of the country in coming years,” said Bank Alfalah CEO Atif Bajwa.

Published in The Express Tribune, July 10^th, 2012.