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Economic revival

SBFC, Smeda

being revamped

ISLAMABAD: The Small Business and Finance Corporation (SBFC) and Small and Medium Enterprise Development Authority (Smeda) are being restructured and revamped swiftly enabling them to address the problems, facing small and medium enterprise (SME) sector.

Informed sources said on Thursday that restructuring would help the corporation play its role in an effective fashion as SME bank.

As part of its economic revival agenda the government was placing great emphasis on the development and support of Small and Medium Enterprises (SMEs), the sources said.

The SME sector plays a vital role in country's economy as it provides employment opportunities to approximately 70 percent of the labour force.

In order to address the needs of the SME sector, the sources urged the need of three essential components including conducive regulatory environment, proper business support services and availability of financial assistance.

The government took necessary steps to ensure that these components would be in place in the shortest possible time.

It would also be providing the necessary business support services to entrepreneurs within the sector so that they may be able to develop bankable business proposals, the sources added.

Similarly, sources said the Small Business Finance Corporation (SBFC) is also in the process of being restructured so as to be able to play the role of an SME bank.

This institution would now be primarily responsible for providing financial assistance to viable projects in the SME sector.ÑAPP