Banking

LCCI And SME Bank Collaborate for the Development of SMEs

Building one of its kind of collaboration, LCCI (Lahore Chamber of Commerce and Industry) has joined hands with SME Bank in order to provide all essential facilities to a wide range of small & medium enterprises (SMEs).

President of SME, Ihsanul Haq Khan revealed the news of the partnership after talking to the LCCI Acting President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan, at the LCCI. A number of well-known bank officials were also present at the meeting including former LCCI senior vice president, Malik Tahir Javed and Executive Committee Members, Tahir Manzoor Chaudhry and Adnan Khalid Butt.

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The president of SME shared his belief that with the positive feedback of LCCI, the SME bank will have a chance to progress and improve its performance. The SME Bank is currently aiming to support the SME sector by providing financial and technical assistance to the sector.

Transparent Financial Policy

While sharing his views about the SME bank, the LCCI president said that the bank was established with the vision to enhance small and medium businesses. However, the expected result hasn’t been obtained yet. He advised that the bank should look forward to review their financial policy and make sure that they have a transparent financial policy. He also said that the borrowing process should be simplified for the organizations. In addition, he added that the enterprises should be allowed by the SME bank to participate in the economic growth of the country.

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Backbone of the Economy

LCCI president said that Pakistan has more than 90% small and medium enterprises and industries. He regarded these businesses as the backbone of the economy of the country as they play a major role in the function of the Large Scale Manufacturing sector. LCCI has been the only organization to oppose the idea of privatization of the SME bank. The LCCI advised the government that it should not focus on privatizing the company; rather it should focus on improving the SME sector of the country as this sector plays a major role in the economic development of any country.

In short, the LCCI stressed the SME Bank to use all of its resources to back up the SME sector and provide all kinds of assistance to it.

Source: The Nation

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