Monday, December 5

SEDF, FWBL reach accord to provide credit to women entrepreneurs

KARACHI: Sindh Enterprise Development Fund (SEDF) and First Women Bank Limited (FWBL) have signed an institutional collaboration agreement to provide subsidized credit to women entrepreneurs in Sindh.

Khizar Pervaiz, CEO-SEDF and Mr. Farrukh Iqbal Khan, President and CEO-FWBL signed the Agreement. The ceremony was held at FWBL’s Head Office in Karachi and was specially attended by Mr. Syed Qassim Naveed Qamar, Special Assistant to the Chief Minister of Sindh for Investment and PPP Projects.

Under the said Agreement, FWBL will provide project financing and SEDF will give mark-up subsidy on loans provided by the bank. The expected outcome of the collaboration is to create a win-win situation for the stakeholders and create an enabling environment that is conducive to the promotion of investment opportunities in the province. This is a step towards financial inclusion for a neglected yet vital segment of the economy, with a focus on modernizing the rural economy of Sindh. Insha’Allah this will pave the way for balanced growth and financial inclusion of women entrepreneurs.

SEDF has been established by the Government of Sindh with a vision to encourage investment in the SME sector to inculcate entrepreneurial ability and provide a major push to the wider economy. It aims to promote opportunities in Agri value chains, Horticulture and Floriculture, Green Energy and Innovation and Technology for multiple economic benefits on growth, intermediary services and productivity. It seeks to introduce interventions to improve efficiency and profitability through various initiatives of technical assistance and mark-up subsidies.

SEDF places special focus on development of women entrepreneurship for the financial inclusion of this vital sector of the economy. FWBL is a unique financial institution and commercial bank that has a mandate to cater to the financial and business needs of women and provide them with easy access to credit for enterprise development.

FWBL model worked in catering to women at all levels of economic activity – small, medium and corporate. Syed Mansoor Abbas Rizvi, Secretary to the Government of Sindh Investment Department, and other senior officials of both organizations attended the ceremony.