Mr. Masud reiterated BOP’s commitment towards the Small and Medium Enterprises (SMEs)
KARACHI ( Web News )
The Bank of Punjab (BOP) and the Sindh Enterprise Development Fund (SEDF) officially entered into an Agreement today at BOP’s Corporate office, Sky Tower, Clifton, Karachi. The purpose of this collaboration is to jointly provide project-based credit facilities to the Priority Business Segments identified by SEDF in the Province of Sindh at subsidized rates. This shall not only leverage the collective strength and expertise, but shall also create conducive environment for the growth of SMEs, attract investments and drive economic prosperity in the Sindh Region.
During the signing ceremony, Mr. Zafar Masud, President & CEO of BOP, and Mr. Khizer Pervaiz, CEO of SEDF, took into consideration the economic growth and acceleration opportunities that this partnership offers to the Sindh Province. Mr. Masud commended SEDF’s initiative to grant Markup subsidies to the eligible borrowers in Sindh, emphasizing how it would support their growth in the midst of the challenging economic conditions.
Mr. Masud reiterated BOP’s commitment towards the Small and Medium Enterprises (SMEs), highlighting the bank’s recent recognitions at the Pakistan Banking Awards (PBA) in 2023 as well as in 2022 as “The Best Bank for Small & Medium Business.” Additionally, BOP was recognized as “The Best Bank for SMEs in Pakistan” by Asia Money in 2023. Mr. Masud attributed these accolades to the bank’s overarching strategy of promoting financial inclusion through the efficient use of modern tools and offering tailored solutions to SMEs, along with real-time digital banking solutions. He appreciated SEDF’s initiative to provide even additional amount of markup subsidy for Women Borrowers, a neglected segment. With this collaboration BOP shall not only capitalize on this market segment but shall also continue to foster its gender balancing agenda, where BOP has already taken an Initiative as the joint Lead Arranger for the launch of Pakistan’s First Gender Bond.
Mr. Khizer Pervaiz, CEO of SEDF, expressed his appreciation for BOP’s efforts in extending financial inclusion opportunities to SMEs. He emphasized the pivotal role SMEs play as the backbone of the country and said that the arrangement was a testament to their commitment to catalyze economic growth in Sindh. By partnering with The Bank of Punjab, they aim to unlock new opportunities and contribute towards sustainable development of SMEs in the region. He further highlighted that SEDF is dedicated to providing markup subsidy to SMEs as part of its effort to support and incentivize the growth of these vital contributors to local economy.
The senior management of both institutions congratulated their respective teams on achieving this significant milestone during the ceremony.