Flood-hit farmers, traders: PMIC sets up Rs25m ‘business revival fund’

ISLAMABAD: Pakistan Microfinance Investment Company (PMIC), the apex institution to support microfinance sector in the country has set up a “Business Revival Fund” for flood-affected farmers and entrepreneurs in Sindh by putting up Rs25 million grant from its resources. The “Business Revival Initiative” by PMIC will initially cater to the clients served by two PMIC borrowers, Thardeep Microfinance Foundation (TMF) and Safco Support Foundation (SSF).

A formal agreement has been signed between PMIC, SSF and TMF. The support will rehabilitate and revitalize livelihoods of 1,000 flood effected families in districts Sanghar and Dadu by providing grants to replenish livestock, materials and inventories for small farmers and enterprises. Under the initiative preference shall be given to women entrepreneurs, persons with disabilities, minorities and transgenders to re-establish their businesses.

Commenting on the initiative, Yasir Ashfaq, CEO of PMIC iterated PMIC’s commitment to financial inclusion and creating social impact in the country. “The devastation caused by floods is unprecedented and we are also witness to the courage and the resilience of the communities in the face of adversities. We saw this during floods of 2010, droughts in 2018, Covid wave of 2020 and now with floods of 2022.”

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He further stated that “PMIC has always stood by its partners and the clients that we serve and believe that by supporting these 1,000 families, we are making a small contribution in reviving their livelihoods and setting up a model for other corporates, banks, donors and development agencies to replicate.”

Sulman G Abro from SSF and Dr Sonu Khangarani from TMF also expressed their commitment to continue supporting the thousands of clients they serve in Sindh.

Pakistan is amongst the top 5 countries affected by climate change making it vulnerable to natural disasters. These natural disasters have badly impacted Pakistan’s economic wellbeing. However, the prevalent situation due to the floods in 2022 has been unprecedented with huge losses in lives and businesses. The communities at the bottom of the economic pyramid are most vulnerable and face the brunt of these disasters.

Copyright Business Recorder, 2022