Dr. Shamshad Akhtar, the caretaker minister for Finance, Revenue, and Economic Affairs, announced the launch of the National Credit Guarantee Company Limited (NCGCL), the first-ever specialized market-based SME credit guarantee facility in Pakistan, in collaboration with Karandaz. Emphasizing the significance of enhanced SME credit, Dr. Akhtar highlighted the current standing at 5.2% of total private credit in Pakistan and stressed the NCGCL’s role in de-risking SME financing, working with financial institutions to increase credit availability across various market segments.
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This transformative initiative seeks to revolutionize SME credit accessibility nationwide, aiming to boost economic growth, employment, and overall development impact through strategic capital allocation. Ms. Jane Marriott, the British High Commissioner to Pakistan, emphasized NCGCL’s core objectives of financial inclusion and strengthening SME credit penetration, supported by an initial capitalization of approximately PKR 6 billion from the UK Government’s Financial Inclusion Program, showcasing the UK’s commitment to the cause.
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