The World Bank has expressed its interest in collaborating with Small and Medium Enterprises Development Authority (SMEDA) for promotion of SMEs in Pakistan.
Lead Private Sector Development Specialist of the World Bank Johan F. Speakman, while leading a 7-member delegation at a meeting with SMEDA Chief Yousaf Naseem Khokhar said that the World Bank was towing a policy of strengthening SME development institutions in the South Asia region.
Speakman observed that the SME sector in Pakistan had a vast potential to grow. SMEDA, despite having very limited resources, was striving hard to explore this potential to the optimal level, he added. He further said that the World Bank was keen to promote working relations with SME development institutions in Pakistan as well, alongside those with neighbouring countries of the region.
“We are interested to strengthen institutions like SMEDA,” he said and urged SMEDA experts to identify areas requiring Word Bank’s assistance in SME development. He assured that World Bank would extend all possible assistance to facilitate access to finance for local SMEs. Earlier, CEO SMEDA Yousaf Naseem Khokhar welcomed the delegation and gave a detailed presentation on current projects, services and future planning of SMEDA.
He disclosed that a five year business plan of SMEDA was being compiled to expedite SME development needs of the country. Besides, an organisational restructuring plan was also underway to enable SMEDA in playing a more effective role for development of SMEs in the country, he said.
He further added that such initiatives were being taken on the basis of a SMEDA evaluation report issued by the World Bank last year, which identified that Pakistan was a country spending the lowest amount on SME development, globally.
