ISLAMABAD, March 9: The Asian Development Bank (ADB) is in the process of preparing a comprehensive development programme for Pakistan’s small and medium enterprises (SMEs).

Under the programme, the ADB is likely to set up an SME risk capital fund.

This was stated by the executive director, SME Institute of Finance, Washington D.C. David Lingelbach, at a meeting with FPCCI, chairman, Islamabad office, Sohail Altaf here on Saturday.

Mr David said the prime objective of his current visit was to create awareness in and get input from the private sector to prepare a feasibility study to set up a the fund in Pakistan.

Mr David said SME’s are the centre of economy, and he has been assigned the task by ADB to access Pakistani market with a view to working out long-term financing for this sector.

He said that the bank plans to make an aggressive move to boost the economy through SMEs in this country.

He was accompanied by Majid Munir, Manager Finance Services Group, Smeda and Credit Officer, SME Bank Ltd. Ms. Kiran Afzal.

In his address of welcome, Sohail Altaf highlighted the importance of SME sector and said that it has certainly played a dynamic role in the economic development of both the developed and developing countries, and has acquired increased importance by offering innumerable benefits to their economies.

He termed the SME Risk Capital Fund in Pakistan, would be a major step as well as good opportunity for the SME sector to flourish.

Mr Sohail said Pakistan businessmen have tremendous entrepreneurship qualities and would welcome foreign investors. In fact, a lot of foreign investors are already working in collaboration with Pakistan’s businessmen.

He said government is also aware that SMEs are the focal area, which needs to be given due importance. He further said that in Pakistan SMEs have shown some remarkable performance.

The meeting was attended among others by Mian Parvez Aslam, former Chairman, FPCCI, Islamabad Office, Hussain Ahmed Ozgen, senior vice president and Rizwan Mohammad, vice president, Rawalpindi Chamber of Commerce and Industry.