Tuesday, January 30, 2018

PMIC and #Karandaaz Pakistan sign Subordinate Loan Agreement

ISLAMABAD: Pakistan Microfinance Investment Company (PMIC) and Karandaaz Pakistan have signed a subordinate loan agreement under which Karandaaz Pakistan will provide PMIC with a subordinate loan of PKR 3.4 billion to be released in two equal tranches. The Subordinate Loan Agreement was signed by Mr. Ali Sarfraz, Chief Executive Officer, Karandaaz Pakistan and Mr. Yasir Ashfaq Chief Executive Officer PMIC in a ceremony held in Islamabad.



This agreement is envisaged to play an important role towards achievement of financial inclusion goals defined in the National Financial Inclusion Strategy (NFIS) and Microfinance Growth Strategy 2020. The subordinate loan will be leveraged by PMIC to raise more funds to meet the needs of the Microfinance Banks (MFBs) and Non-Bank Microfinance Institutions (NBMFIs) for larger funding lines with longer tenors. The sub loan will also increase the per party exposure limit of PMIC and shall allow PMIC to lend more funds to its microfinance borrowers.

Speaking on the occasion, Mr. Ali Sarfraz, CEO Karandaaz Pakistan stressed on the importance of microfinance for the success of Pakistan’s National Financial Inclusion Strategy. “We are delighted of our role in establishing PMIC in 2016 with the financial support from UK’s Department of International Development and now to be further strengthening it through this subordinated loan for on-lending to microfinance institutions and microfinance banks. This additional capital that focuses on specific lending programmes will help PMIC in supporting more unserved and underserved microenterprises. We are hopeful that by increasing the access of finance to businesses, we will be able to achieve our development targets of more jobs and better incomes at household level.”

Mr. Yasir Ashfaq, CEO PMIC commented “As sector developer for the microfinance sector in Pakistan, PMIC is committed to meet the demand for financial services in the country especially for the marginalized and underserved segment of the society. We believe that this subordinate loan agreement with Karandaaz Pakistan will enable PMIC to focus on product innovation, especially for micro and small enterprises and job creation through our borrowing institutions (Microfinance Institutions and Microfinance Banks) and would accelerate financial inclusion in the country.”

Karandaaz Pakistan is supporting micro, small and medium enterprise sector in Pakistan and increasing access to finance for unbanked populations by leveraging digital technologies, developing and disseminating evidence based insights, and encouraging innovation in financial space. Karandaaz Pakistan has received funding from the United Kingdom’s Department for International Development (DFID) and the Bill & Melinda Gates Foundation (BMGF).

Pakistan Microfinance Investment Company Limited (PMIC) is registered as an Investment Finance Company under NBFCs regulations with Securities and Exchange Commission of Pakistan (SECP). It is setup jointly by, Pakistan Poverty Alleviation Fund (PPAF), Department for International Development (DFID) through Karandaaz Pakistan and the German Development Bank (KFW) to catalyze and lead the next phase of growth in the microfinance sector of Pakistan. The purpose of the Organization is to improve financial inclusion, employment and wellbeing of the poor by providing wholesale financing to the microfinance service providers in the country.





SHARE THIS

Author:

Thanks for visitint our website. like our FB pages and subscribe to our daily upates..you can comment on the above peace bellow with your google id or facebook id. thanks

0 comments:

All Categories

Aaj Kamran Khan ke Saath Aamir Liaquat Hussain Aapas ki Bat NajamSethi Abdul Qadir Hassan AchiBaatain Afghanistan Aga Khan University Hospital AirLineJobs Allama Iqbal America Amjad Islam Amjad Anjum Niaz Ansar Abbasi APP Aqwal Zareen Articles Ayat-e-Qurani Ayaz Amir Balochistan Balochistan Jobs Bank of Khyber Banking Best Quotes Biwi Jokes Blogger Tips Chaltay Chaltay by Shaheen Sehbai China Chitral Coca-Cola Coke Studio Columns CookingVideos Corporate News Corruption Crimes Dr Danish ARY Sawal Yeh Hai Dubai E-Books EBM Education Educational Jobs Emirates English #Quotes English Columns EnglishJokes Funny Photos Funny Talk Shows Funny Videos Gilgit-Baltistan Girls Videos Govt Jobs HabibJalibPoetry Hamid Mir Haroon Al-Rashid Hasb-e-Haal with Sohail Ahmed Hassan Nisar Hassan Nisar Meray Mutabaq Hazrat Ali AS Sayings HBL Health HikayatShaikhSaadi Hospital_Jobs Hotel Jobs Huawei Hum Sab Umeed Say Hain India Information Technology Insurance International News Islam Islamabad Islamic Videos JammuKashmir Javed Chaudhry Jazz Jirga with Salim Safi Jobs Jobs Available Jobs in Karachi Jobs in KPK Jobs in Pak Army Jobs_Sindh JobsInIslamabad Jokes Jubilee Insurance Kal Tak with Javed Chaudhry Karachi Kashmir KhabarNaak On Geo News Khanum Memorial Cancer Hospital Khara Sach With Mubashir Lucman Khyber Pakhtunkhwa Lahore Latest MobilePhones Lenovo LG Life Changing Stories LifeStyle Live With Dr. Shahid Masood Live with Talat Hussain Maulana Tariq Jameel MCB Bank Microsoft Mobilink Mujeed ur Rahman Shami Munir Ahmed Baloch Nasir Kazmi Nazir Naji News News Videos NGO Nokia North Korea Nusrat Javed Off The Record (Kashif Abbasi) Off The Record With Kashif Abbasi On The Front Kamran Shahid OPPO Orya Maqbool Jan Pakistan Pakistan Army Pakistan Super League Pashto Song Photos Poetry Political Videos Press Release Prime Time with Rana Mubashir PTCL Punjab Quetta Quotes Rauf Klasra Samsung Sar-e-Aam By Iqrar-ul-Hasan Sardar Jokes Saudi Arabia ShiroShairi Show Biz Sikander Hameed Lodhi Sindh Social Media Sohail Warriach Songs Sports News Stories Syria Takrar Express News Talat Hussain Talk Shows Technology Telecommunication Telenor To the point with Shahzeb Khanzada Tonight with Moeed Pirzada Turkey Tweets of the day Ufone University Jobs Urdu Ghazals Urdu News Urdu Poetry UrduLateefay Video Songs Videos ViVO Wardat SamaaTV WaridTel Wasi Shah Zong اردو خبریں
______________ ☺ _____________ _______________ ♥ ____________________