ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed that a comprehensive strategy be formulated to improve small and medium-sized enterprises’ (SMEs) access to financing.

He made these remarks while chairing a review meeting of the Small and Medium Enterprises Development Authority (Smeda) in Islamabad.

According to the Prime Minister’s Office (PMO), the premier directed the authority to formulate a comprehensive strategy, in coordination with the State Bank of Pakistan and commercial banks, to improve SMEs’ access to financing.

He stressed that greater facilitation should be provided for extending loans to SMEs to boost the country’s exports.

He also directed that they be supported in enhancing their productive capacity, particularly by providing awareness and access to financing for farmers processing agricultural produce.

The prime minister further directed that commercial banks be encouraged to develop dedicated financial products tailored to the needs of SMEs.

PM Shehbaz instructed that SMEs should be provided assistance in preparing feasibility studies and completing other essential stages required for establishing and expanding businesses.

He emphasised that urgent measures were required to remove the obstacles hindering the growth of the sector.

The premier directed Smeda to assist young entrepreneurs, including women entrepreneurs, in establishing small and medium-sized enterprises.

The meeting was briefed on various initiatives undertaken by Smeda to facilitate SMEs.

The participants were informed that, to improve access of Pakistani SMEs to international markets and increase exports, 700 enterprises have been facilitated to participate in 16 international events during the current year.

In addition, the enterprises in 35 cities have received training on financial regulations and business development. The meeting was also briefed on other initiatives being implemented under Smeda.