PMIC signs Rs 1.5 billion financing facility for NRSP

Pakistan Microfinance Investment Company (PMIC) has signed a financing facility of Rs 1.5 billion for National Rural Support Programme (NRSP). The facility will enable the NRSP to meet financing requirements of more than 100,000 households across Pakistan. Majority of these loans will be targeted towards women beneficiaries in the rural areas for agriculture, livestock and enterprises.
The agreement was signed by Chief Executive Officer NRSP Dr Rashid Bajwa and Chief Executive Officer PMIC Yasir Ashfaq.
Dr Rashid Bajwa said, "We value our partnership with the PMIC and believe that this financing facility from the PMIC will be important for the NRSP to enhance access to finance for the underserved communities across Pakistan. Our aim is to further extend our partnership with the PMIC to strengthen efforts to benefit the underserved communities of the country and increase financial inclusion."
Speaking on the occasion, Yasir Ashfaq said, "The PMIC is keen to promote financial inclusion across Pakistan. The PMIC and NRSP share a common objective to facilitate access to finance for women and the underserved communities in the rural areas of the country. With this partnership, the PMIC and NRSP aim to improve the financial inclusion indicators of the country and contribute towards the National Financial Inclusion Strategy. We envisage extending our partnership with the NRSP in the coming years to meet the demand for financial services in Pakistan."
The PMIC was set up 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 well-being of the poor by providing wholesale financing to the microfinance service providers in the country.
Established in 1991 under Section 42 of the Companies Ordinance 1984 as a not-for-profit organization, the NRSP is the largest Rural Support Programme organization in the country in terms of outreach and development activities. In September 2016, the NRSP was granted license by the Securities and Exchange Commission of Pakistan (SECP) to operate as a non-banking microfinance company. In terms of coverage, the NRSP has presence in 64 districts in all four provinces of Pakistan and Azad Jammu and Kashmir connected through regional and field offices.