AGL 5.51 Increased By ▲ 0.11 (2.04%)
ANL 8.49 Decreased By ▼ -0.30 (-3.41%)
AVN 75.73 Decreased By ▼ -0.43 (-0.56%)
BOP 5.21 Increased By ▲ 0.04 (0.77%)
CNERGY 4.42 Decreased By ▼ -0.06 (-1.34%)
EFERT 81.53 Increased By ▲ 0.43 (0.53%)
EPCL 49.54 Increased By ▲ 0.54 (1.1%)
FCCL 12.68 Decreased By ▼ -0.02 (-0.16%)
FFL 5.52 Decreased By ▼ -0.07 (-1.25%)
FLYNG 6.74 Decreased By ▼ -0.24 (-3.44%)
FNEL 4.64 Increased By ▲ 0.01 (0.22%)
GGGL 8.45 Decreased By ▼ -0.14 (-1.63%)
GGL 13.85 Decreased By ▼ -0.21 (-1.49%)
HUMNL 6.03 Increased By ▲ 0.53 (9.64%)
KEL 2.56 Decreased By ▼ -0.04 (-1.54%)
LOTCHEM 27.62 Decreased By ▼ -0.09 (-0.32%)
MLCF 23.75 Increased By ▲ 0.07 (0.3%)
OGDC 71.22 Decreased By ▼ -0.23 (-0.32%)
PAEL 15.16 Decreased By ▼ -0.04 (-0.26%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 15.86 Increased By ▲ 0.06 (0.38%)
SILK 1.09 Increased By ▲ 0.04 (3.81%)
TELE 8.84 Decreased By ▼ -0.15 (-1.67%)
TPL 7.08 Decreased By ▼ -0.08 (-1.12%)
TPLP 19.20 Decreased By ▼ -0.02 (-0.1%)
TREET 20.87 Decreased By ▼ -0.27 (-1.28%)
TRG 136.73 Decreased By ▼ -0.02 (-0.01%)
UNITY 16.54 Decreased By ▼ -0.26 (-1.55%)
WAVES 9.16 Increased By ▲ 0.06 (0.66%)
WTL 1.34 Decreased By ▼ -0.03 (-2.19%)
BR100 4,158 Decreased By -27.7 (-0.66%)
BR30 15,339 Decreased By -127.2 (-0.82%)
KSE100 41,652 Decreased By -167.7 (-0.4%)
KSE30 15,380 Decreased By -68.1 (-0.44%)
Follow us

KARACHI: Pakistan Microfinance Investment Company Limited (PMIC) has set up and launched ‘Institution Development Fund’ for providing support to the companies would not normally meet PMIC’s financing requirements.

According to PMIC, designed with an inclusive approach in mind, the Institution Development Fund (IDF) encourages lending for new organizations that work on women’s financial inclusion, provision of financial services in KP and Balochistan, and even for startups that deploy digital financial services and have developed mechanisms and technologies to reduce cost of delivery of financial services.

This is yet another welcome step by PMIC to encourage new players to participate more actively in bringing about financial inclusion, and to facilitate the provision of financial services to underserved communities across Pakistan. Startups and organizations in their nascent stages in Pakistan are in need of an institution or source of funding that supports them and offers them the path to prosperity, and the IDF has been tailor-made to cater specifically to those companies.

PMIC CEO Yasir Ashfaq said PMIC firmly believes in a proactive approach to the exploration and development of new business models and delivery mechanisms in order to truly realize its purpose of enabling a financially inclusive Pakistan.

Through PMIC network of more than 23 microfinance providers in more than 65 districts of Pakistan, more than 80 percent of the borrowers are women. PMIC also focuses development of women centric financial products and initiatives leading to financial inclusion, financial literacy, empowerment and sustainable livelihoods for women contributing towards achievement of the Sustainable Development Goals (SDGs) 2030 and the National Financial Inclusion Strategy (NFIS).

Copyright Business Recorder, 2021

Comments

Comments are closed.

PMIC launches IDF for startups, women inclusion

Pakistan seeking $4.2bn from Saudi Arabia: reports

Will take action if terrorists regroup in Afghanistan: US State Department

Arshad Sharif killing: SC directs JIT to submit progress report every two weeks

Saudi lays on lavish welcome as China's Xi heralds 'new era' in relations

IHC bars FIA from arresting Suleman Shehbaz upon return from UK

Rupee continues to depreciate, settles at 224.37 against US dollar

Roshan Digital Account: monthly inflow lowest since Dec 2020, clocks in at $141mn in Nov

Saif-ur-Rehman appointed Karachi administrator

Another audio, purportedly of Bushra Bibi discussing ‘sale of watches’, surfaces

Modi’s party set for landslide election win in India’s Gujarat state