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Federal government determined to promote SMEs: Farrukh Habib

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ISLAMABAD, Pakistan: The Minister of State for Information and Broadcasting Farrukh Habib has said that the federal government is determined to promote Small and Medium Enterprises (SMEs) to further improve the economic indicators, which are already on a positive trajectory.

In a tweet on Tuesday, he said that the promotion of SMEs would strengthen the economy and create job opportunities.

Farrukh Habib said that the State Bank of Pakistan has launched a scheme to provide collateral-free financing of up to Rs 10 million to Small and Medium Enterprises.

The minister of state said that the government will provide risk coverage of 40 to 60 percent to the selected banks against losses depending on the size of loans.

The minister said that it is expected that this initiative will enable sustainable growth in SME finances.

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