ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has stressed upon commercial banks to focus on private sector lending for accelerating economic growth and achieving sustainable national development. ICCI President Muzzamil Hussain Sabri said that for the last couple of decades, the banking sector has preferred to fund fiscal and public sector deficits instead of providing easy lending to the private sector and this approach has undermined the prospects for improving business activities and achieving long-term economic growth. Giving some facts, he said that between 2007 and 2014, banks funding to the public sector went up from Rs1 trillion to Rs5 trillion, an increase of over 400% while lending to the private sector during the same period grew just from Rs2.1 trillion to Rs3 trillion.
Published in The Express Tribune, February 24th, 2015.
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