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Financial Institutions Urged to Allocate Funds for SMEs

Rawalpindi: In Pakistan, Small and Medium Enterprises (SMEs) jointly contribute an estimated 40 percent to the gross domestic product (GDP); financial institutions should give maximum funding to promote them so that the local industry can grow.

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The speakers at the Financial Instrument Exchange (FinEx) Conference held in a Rawalpindi hotel expressed these opinions. The conference was jointly organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Fair Finance Pakistan, and was attended by representatives of the State Bank of Pakistan, the National Bank, the First Women’s Bank, and the prominent commercial banks and institutions.

The conference featured a panel discussion on consumer financing and responsible banking with specialists from the banking industry. Environmental, social, and corporate governance (ESG) norms were integrated into their operations at the strategic, portfolio, and transaction levels, as discussed by sector representatives.

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A joint declaration was also presented during the conference, urging the prime minister, finance minister, SBP governor, and chairman of the Securities and Exchange Commission of Pakistan (SECP) to play a more proactive role in providing equitable financing, particularly for women.

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