Prime Minister Shehbaz Sharif directed the government to increase total loans for small and medium-sized enterprises (SMEs) to Rs2.2 trillion by 2028. The current lending volume for these businesses stands at Rs1.1 trillion.
During a meeting on reforms at the Small and Medium Enterprises Development Authority (SMEDA), Sharif chaired discussions with several federal ministers. Federal ministers Rana Tanveer, Jam Kamal, Musadik Malik, Ahad Cheema, Attaullah Tarar, Chaudhry Salik Hussain, and State Minister for Finance Bilal Kiani attended the session.
Adviser to the prime minister on industries and production Haroon Akhtar also participated in the talks. Sharif instructed SMEDA to create a comprehensive strategy to explain financing procedures and raise awareness regarding business loans.
Experts were tasked with preparing feasibility studies for establishing SMEs in various sectors, which must be made available in local languages. SMEDA recently signed a memorandum of understanding with Alibaba to provide training for 10,000 SMEs over the next two years.
The authority is developing an artificial intelligence-powered helpline to offer guidance in local languages while establishing new offices nationwide to improve outreach. Ongoing reforms aim to make the SME digital portal more user-friendly and efficient.
