KARACHI: The Sindh Enterprise Development Fund (SEDF) and Pak Brunei Investment Company Limited (PBICL) have signed the Institutional Collaboration Agreement (ICA), as a significant step towards empowering Small and Medium Enterprises (SMEs) in Sindh.

The agreement was inked with the aim of providing much-needed financial support to SMEs through provision for mark-up subsidy. Under this unique initiative, SEDF will extend mark-up subsidy up to the extent of Karachi Inter Bank Offered Rate (KIBOR) against financing extended by PBICL.

This initiative is poised to reduce the financial burden on SMEs and facilitate their growth and expansion, driving economic development in the region.

The signing ceremony was graced by esteemed dignitaries, including Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister Sindh for Investment and PPP Projects.

Speaking at the event, Syed Qassim Naveed Qamar highlighted the government’s commitment to fostering a conducive business environment in the province and ensuring the prosperity of SMEs, which are the backbone of the domestic economy.

In attendance were also Khizar Pervaiz, CEO-SEDF, and SM Aamir Shamim, CEO & Managing Director of PBICL, both expressed their enthusiasm for this partnership.

They emphasized their organizations’ joint dedication to supporting the growth aspirations of SMEs and driving innovation in various sectors. The Institutional Collaboration Agreement between SEDF and PBICL marks a remarkable milestone in the effort to propel SMEs forward, empowering them with financial resources and unlocking their true potential.

As a result, the agreement is expected to invigorate the entrepreneurial landscape in Sindh, creating new opportunities for business expansion and employment generation.

Copyright Business Recorder, 2023