Developing SMEs: Banks urged to step forward

SMEs contributing more than 35% to the country’s gross domestic product

ISLAMABAD: Islamabad Chamber of Commerce and Industry President Muzammil Hussain Sabri has said small and medium enterprises were the backbone of the economy as they were contributing more than 35% to the country’s gross domestic product and generating more than 70% employment in the non-agriculture sector. However, he said, that 90% of the SMEs were facing financial problems. He stressed upon the banks to come up with innovative products to meet financing needs of SMEs so that they could grow and play more role in the economic development of the country. Islamabad Stock Exchange Managing Director Mian Ayyaz Afzal said ISE was the only stock exchange that had launched a separate counter for listing of SMEs to enable them to raise money. Meanwhile, SMEDA CEO Alamgir Choudhry said that though they were witnessing growth, lack of access to finance and bankable documentation were serious issues.

Published in The Express Tribune, January 22^nd,  2015.

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