ISLAMABAD / KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb has said that banks should increase cooperation in priority sectors to promote economic growth and prosperity.
A delegation of Pakistan Banks Association (PBA) met Federal Finance Minister Muhammad Aurangzeb online. The purpose of the meeting was to enhance banks’ support for Pakistan’s three key sectors: agriculture, small and medium enterprises (SMEs) and digital and technology. On this occasion, initiatives of the banking sector to promote financial inclusion in the country were also highlighted.
The Federal Finance Minister said that the purpose of this meeting is to encourage the entire banking sector so that banks can support the development of these priority sectors according to their size and unique offerings and capabilities. Instead of directly lending to the proposed sectors, banks and regulators will voluntarily set targets to support these key sectors.
The finance minister hoped that the banks will continue to play their role in the recovery and development of the economy in collaboration with the government. It was decided in the meeting that Bank Small and Medium Enterprises Development Authority (SMEDA) and National Credit Guarantee Company Limited (NCGCL) will provide financial and administrative support to institutions like
