Monday, May 10, 2010

State Bank of Pakistan aims to develop the country’s banking industry

In the third meeting of the SME Credit Advisory Committee, The State bank of Pakistan announced its plan to develop the capacity of commercial banks in the country. SBP also announced to start various SME development projects in collaboration with the World Bank and the USAID.

The meeting took place on May 5, 2010. Head of various commercial banks and representatives of SME associations and officials of the federal government and senior officials of the State Bank of Pakistan were present in the meeting.

The State Bank of Pakistan said that it would make necessary arrangements to enable banks to develop- different services, strategic planning, efficient delivery channels and risk reduction procedures. SBP also announced to set up a Venture Capital Fund in collaboration with the Federal government.

Though SME sector is one of the most important economic sectors in Pakistan, it has been observing a poor growth over the years. Which is why, the government is now trying seriously develop the condition of the economic sector.

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