(Source: By Asia News Network (MCT) – Karachi (Dawn/ANN) – International Finance Corporation (IFC), a member of the World Bank Group, yesterday launched its advisory services with Bank Alfalah to design a new SME (small and medium enterprises) banking business model for the bank.
This new business model is intended to help further improve financial access to small and medium enterprises in Pakistan and offer financial advisory service through new tools and skills being developed, increasing their ability to repay loans, improve their business practices and support the growth of their businesses.
“IFC carries a rich history of extending specialised services in developing and refining business strategies across various emerging economies around the globe, particularly our region,” said Atif Bajwa, Chief Executive Officer of Bank Alfalah.
“We are certain that with their assistance and State Bank of Pakistan’s support, we will become fully geared to unleash the promising potential of this significantly under banked sector and the most fundamental source of economic development and growth of the country in the coming years,” he said.
Kaiser Naseem, head of IFC’s Bank Advisory Services in the Middle East and North Africa, said: “This visionary project by Bank Alfalah will help would bring SME customers at the forefront of the banking sector’s focus in Pakistan and the success of this joint initiative would surely demonstrate to the financial market the tremendous benefits of serving this segment in the country.”
Bankers believe that there was a tremendous growth in the small-scale entrepreneurs in Pakistan.
However, they have been facing troubles in getting the financing and right financial advisory services for their financial and banking needs which limits their growth prospects.
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