Khushhalibank, Mennonite Economic Development Associates sign a deal to facilitate access to finance by micro-entrepreneurs
Islamabad, December 11, 2012 (PPI-OT): The Mennonite Economic Development Associates (MEDA), an international non-profit making organization working in various countries all over the world, and implementing USAID’s Entrepreneurs project through key partners in Punjab, Sindh, Baluchistan and KPK, recently signed a Memorandum of Cooperation with Pakistan’s foremost and leading microfinance bank, Khushhalibank, with an aim to promote their common vision of promoting economic development and access to finance.
The USAID supported Entrepreneurs project aims to significantly increase the incomes of 75,000 mostly women micro-entrepreneurs engaged in dairy, hand embellished fabrics, beekeeping and medicinal plant collection across Pakistan through production and quality improvement, access to better markets and business service providers such as micro-finance institutions.
The main objective of this collaboration is to provide sustainable solution for access to finance by micro-entrepreneurs. Both organizations agreed to identify potential micro-entrepreneurs and help facilitate meetings with those willing to avail microfinance facilities from Khushhalibank.
They also decided to take appropriate measures to prepare business plans for interested micro-entrepreneurs, improve their technical skills and linkage development with market. MEDA agreed to strengthen links of Khushhalibank with these businessmen and women including regular communication, coordination and counselling.
At its end, Khushhalibank pledged to provide orientation of its microfinance program to the implementing partner organizations, introduce their programs to potential borrowers for their better understanding, select eligible groups and individuals for microfinance services as per its policies and provide them with the necessary loans requested on merit.
This Memorandum will be effective from the 10th of December until completion of the sub-grants in March 2014. One person each was designated from both concerned parties as the focal person, with an aim to coordinate and oversee this cooperation.
Felicitating both parties on the occasion, Ghalib Nishtar, President Khushhalibank, said that “Small and medium sized micro-entrepreneurs are vital to the economic growth of the country”. He added that “Khushhalibank has come up as the largest institution supporting micro and small entrepreneurs through various widely-accessible financial services across the country, and has always sponsored and promoted platforms to discuss such initiatives.
The very boom of microfinance has appeared as sheer blessing for the economic progress, better to say, socioeconomic survival of the country as this is microfinance which has been successfully bringing up the positive changes at the macro level. Though, most of the time such steady progress of this crucial sector gets unnoticed in our country, but the gradual rise of an economically autonomous and financially self-sufficient class from the deep-seated poverty and impoverishes can be, easily, termed as a revolution itself”.
Khushhalibank Pakistan remains at the forefront of promoting small and medium enterprises in the country, and has become a pioneer in the national banking sector offering a wide range of financial products and services, tailored to fully support and facilitate young local entrepreneurs across the country. The Memorandum with MEDA is a step in this direction.
For more information, contact:
Khushhali Bank Limited
94 West, Fourth Floor,
Jinnah Avenue, Blue Area
PO Box 3111
Islamabad – Pakistan
Telephone: +92 (51) 111 092 092
Fax: + 92 (51) 9245120