KARACHI, Feb 20: The Bank Al Falah has agreed to finance small and medium units being set up at the newly established SME industrial estate at Deh Gaggar near Karachi.

In a meeting with the board of Small, Medium Industrial Leasing Estates (Smile) held on Tuesday, the regional head of SME at Bank Al Falah agreed to finance the applicants of the Smile in providing long-term finance for the purposes of acquisition or purchase of commercial and industrial properties.

The bank would also extend finances to the owners for construction and renovation of properties for speedy development of SMEs in the industrial estate. Funds would also be extended for improving infrastructure and capacity building.

Zulfikar Thaver, chief executive of Smile, informed the bank that Union of Small and Medium Enterprises (Unisame) presently, has 200 applications from prospective investors in the new industrial estate at Deh Gaggar.

He asked the bank to open a branch within the estate and offer import and export documentation and commercial banking facilities to the SMEs.