Pakistan Microfinance Investment Company Limited (PMIC) is a wholesale finance entity and an important pillar of National Financial Inclusion Strategy of Pakistan. It focuses on promoting poverty alleviation initiatives through partner institutions and improving employment and livelihood opportunities for marginalized segments in the country especially women and youth.
Furthering its mission, PMIC has successfully closed its first financial advisory and arrangement mandate for Khushali Micro Finance Bank Limited (KMBL) as sole financial advisor and arranged rated, unsecured, subordinated, Privately Placed, Tier II Term Finance Certificates of PKR 1,400 million, participated by leading Commercial Banks including UBL, MCB and BAFL. This financing facility aims to support growth in lending operations of KMBL. It also furthers PMIC's mission to work with sector stakeholders to reach the unmet demand for microfinance in the country. The investor agreement was signed by Yasir Ashfaq, Chief Executive Officer PMIC and Ghalib Nishtar, President & Chief Executive Officer KMBL.
Speaking on the occasion, CEO PMIC Yasir Ashfaq said, "This transaction is a continuation of PMIC's efforts to launch new and innovative financial products in line with the needs of sector stakeholders with the overarching aim to meet the unmet demand for financial services. It is also pertinent to thank the Securities and Exchange Commission of Pakistan (SECP) for their continued support and commitment towards financial Inclusion and growth of the sector. This transaction is the first of many transactions that we envisage to undertake with other microfinance banks in the country to improve the capitalization of the sector. The transaction would also help in provision of finance to underserved areas and underprivileged segments of the society."
Ghalib Nishtar, President and Chief Executive Officer KMBL commented: "This transaction will further strengthen our relationship with PMIC and commercial banks in the country. The facility will help KMBL to enhance access to finance to women and youth in the country, support enterprises and job creation and enable KMBL to reach the underserved areas of the country i.e. KP and Balochistan. We aim to further extend our partnership with PMIC and the investors to strengthen efforts to benefit the underserved communities in the country and increase financial inclusion."-PR
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