LAHORE, April 7: The Small and Medium Enterprise Development Authority (Smeda) has signed a memorandum of understanding (MoU) with the Leasing Association of Pakistan (LAP) to enhance the access of micro , small and medium enterprises to formal credit through leasing companies.

Smeda chief Shahab Khawaja and LAP chairman Bashir A. Chowdhry signed the MoU here on Wednesday. As per the MoU, Smeda will extend its facilities and resources for training the staff of leasing companies.

Depending upon availability of resources and with prior agreement, Smeda will carry out a study for the LAP on matters of interest to the leasing sector for the micro, small and medium sectors.

Smeda will also facilitate the leasing companies in designing programmes and products that are helpful in the promotion of the business of the micro, small and medium enterprises.

The LAP member companies will also refer their clients to Smeda for availing facilities provided by it. Alternately, Smeda will refer clients to the leasing companies for credit. Both Smeda and the LAP will meet every three months to review the progress and discuss issues of common interest.