The Pakistan Microfinance Investment Company Aims To Use

Microfinance was the central to Pakistan National Financial Inclusion strategy (NFIS) , launched in May 2015 and PMIC aims to help create new supply chain for microfinace services -where currently 4.2 million people in the country were accessing microfinance services out of estimated potential market of 20.5 million.

PMIC would aim to fund the expansion of microfinace in Pakistan by providing financial services for people on low incomes who would otherwise have no access to banking and other financial services.

The financing would go through micro entrepreneurs and micro enterprises, and would aim at to drive business expansion which would aimed to increase employment and overall growth in Pakistan's economy.

The Chairman of Pakistan Microfinance Investment Company Zubair Soomro speaking on the occasion said, "As market based wholesale funding institution for microfinace at the national level this was first of its kind anywhere.

"We look for it to lead financial inclusion to encompass affordable housing, livelihood, energy and education finance. This is an opportunity for significant growth in access to finance in Pakistan," he remarked.

The British High Commissioner to Pakistan Thomas Drew CMG said that hardworking people from across communities in Pakistan were being held back by not being able to get access to finance -which they would use to increase their income and build their businesses, but also to create jobs and build growth.

"This is an incredibly important initiative and I pay tribute to the Finance Minister and his team for their commitment," he remarked. The Ambassador of Federal Republic of Germany to Pakistan Ina Lepel said that micriofinace is an important catalyst for businesses , employment and jobs.

Germany was glad to have joined forces with our partners in order to foster the business potential of the people Pakistan , especially the youth , through better access to finance, he added. "We are greatful to all those who have supported the creation of the PMIC which would help people with lower income to realize their ideas, establish their own businesses and contribute to pro-poor and inclusive growth in Pakistan," the Ambassador said.

KFW Director for Afghanistan and Pakistan Olaf Zymelca elaborated how PMIC would play a vital role in improving access to microfinance for productive people of Pakistan.