SEDF, WB to provide subsidised credit

Sindh Enterprise Development Fund (SEDF) and First Women Bank Limited (FWBL) have signed an institutional collaboration agreement to provide subsidised credit to women entrepreneurs in Sindh, a statement said. Under the agreement, FWBL will provide project financing and SEDF will give mark-up subsidy on loans provided by the bank.

Khizar Pervaiz, CEO-SEDF and Farrukh Iqbal Khan, president and CEO-FWBL signed the pact in a ceremony held at FWBL's head office in Karachi. Syed Qassim Naveed Qamar, special assistant to CM Sindh for Investment and PPP Projects, also attended the ceremony.

The collaboration is expected to create a win-win situation for stakeholders, and create an enabling environment that is conducive to promotion of investment opportunities in the province.

"This is a step towards financial inclusion for a neglected yet vital segment of the economy, with a focus on modernising the rural economy of Sindh," SEDF said in a press release. The initiative would pave the way for balanced growth and financial inclusion of women entrepreneurs, it added.

Sindh government established SEDF with a vision to encourage investment in the SME sector to inculcate entrepreneurial ability and provide a major push to the wider economy. It aims to promote opportunities in agri value chains, horticulture and floriculture, green energy and innovation and technology for multiple economic benefits on growth, intermediary services and productivity.

It seeks to introduce interventions to improve efficiency and profitability through various initiatives of technical assistance and mark-up subsidies. SEDF places special focus on development of women entrepreneurship for the financial inclusion of a vital sector of the economy.