March 28, 2007	Wednesday	Rabi-ul-Awwal 8, 1428

KARACHI, March 27: Federal Minister for Housing and Works Syed Safwanullah has underlined the role of microfinancing in the reduction of poverty, and bringing about prosperity in the country.

Inaugurating a workshop on ‘microfinance: the poverty reduction’, organised by the Institute of Bankers of Pakistan on Monday, Safwanullah stressed the need for easy accessibility of common people to micro-credit finance schemes, says a press release.

Referring to the Orangi Township model where small loans had played an important role in improving the lot of the people, he said that the project achieved 99 per cent recovery and it was the proof of effectiveness of micro-financing for poverty alleviation.

The minister asked the private sector to start new schemes for providing easy loans to the poor, and added that schemes be formulated and implemented in a manner that they benefit maximum number of people.

He also emphasised on greater efforts for facilitating easy access to microfinance loans.

President, Pak-Oman Micro-finance Bank, Ozair A. Hanafi, said that microfinance had remained a neglected area in the past. However, this sector has started gaining ground which is reflected by the increasing use of microfinance. He noted that more that 70 per cent of the urban population was now engaged in micro and small enterprises.