SMEDA concludes consultation process on CGS

Lahore (staff reporter): The Small and Medium Enterprises Development Authority (SMEDA) concluded the consultation process on Credit Guarantee Scheme plan for SMEs at the final consultative meeting held on Saturday at SMEDA head office. During the final consultative meeting, bankers and SMEs, recommended to submit the plan as a major budget proposal this year to establish a Credit Guarantee fund with at least $25 million. On the occasion, SMEDA Outreach Division General Manager Muhammad Alamgir Chaudhry acknowledged strong patronage from State Bank of Pakistan and said the SMEs were having better access to finance as compared to negligible access available in the past. However, the banking industry is still not comfortable to issue the adequate credits to SMEs due to high risk, which can be covered by introducing a Credit Guarantee Scheme commonly being practiced in plenty of the growing economies in the World, he added.

He informed the participants that SMEDA had developed a comprehensive feasibility study for the required scheme under aegis of the Investment Promotion Unit, jointly organised by the United Nations Development Organisation (UNIDO), SMEDA and Government of Italy. A continued consultation process in collaboration with the State Bank of Pakistan was started last year to have the feedback from Government of Pakistan, bankers, SMEs, trade bodies and other relevant stakeholders, the concluding episode of which has been arranged at head office of SMEDA, he added.


 55 companies to be conferred CSR Awards on 19th

ISLAMABAD (APP): Pakistan's 55 most prestigious companies with significant contribution for social development through different remarkable projects and activities will be given awards at 9th Corporate Social Responsibility (CSR) Summit to be held here on January 19. Federal Minister for Planning and Development Ahsan Iqbal will be chief guest at the ceremony, said a press release issued here on Saturday. FPCCI President Zubair Tufail will open the inaugural session while Ministry of Climate Change Secretary Syed Abu Akif, Benazir Income Support Programme Chairperson Marvi Memon and others will chair the second session. This event is being organised by National Forum for Environment & Health (NFEH). According to NFEH President Naeem Quershi, all the award winning companies have played a vital role in empowerment of society in the fields of education, health, environment, socio-economic development, welfare projects for under privileged and under-served masses of the country.



 Govt urged to open new vistas in gemstone industry

ISLAMABAD (APP): The nature has bestowed the country with a vast potential of mineral ores including a good range of precious and glittering gemstones and the government can open new vistas in this industry by giving proper incentives to investors. Different varieties of minerals like Peridot, Aquamarine, Topaz in different colours of violet, pink, golden and champagne, Ruby, Emerald, rare-earth minerals Bastnaesite and Xenotime, Sphene, Tourmaline, besides many types of Quartz make the country prominent in the mineral world. The northern and northwestern parts of the country are shrouded by the three world-famous mountain ranges called Hindukush, Himalaya, and Karakorum, from where nearly all the minerals, which Pakistan is currently offering to the world market, have been found so far. Official sources told APP that out of 25 precious and semi precious stones and mineral specimens, seven were intermittently exploited and marketed all over the world.



JS Bank holds discussion at IBA


KARACHI(staff reporter): JS Bank Chairman Ali J Siddiqui has expressed his views on the challenges of the country’s financial industry during a discussion held at at the Institute of Business Administration. The discussion was attended by the management and the employees, the JS Bank chairman spoke about the progress of the bank over the last 10 years and the bank’s vision for the future. Speaking on the occasion, he said “I would like to congratulate all the stake holders of JS Bank especially the leadership team and staff for achieving this milestone through their consistent efforts to deliver value for our clients.” “We have an exceptional team and our success is a testament to the high standard of services we provide to our clients”. He further said, “JS Bank will continue to enhance its services to best serve its clients along with building its international presence. Through the years, we’ve grown steadily to help meet our customers’ changing financial needs but we haven’t lost the personal touch that is at the heart of personalised banking.”

Being the CEO of Mahvash & Jahangir Siddiqui Foundation (MJSF), a charitable foundation of the JS Group, he also spoke about the numerous philanthropic initiatives taken by the bank in partnership with the Foundation. MJSF primarily focuses on healthcare, education, social enterprise and humanitarian relief. Through these and other initiatives, MJSF has provided opportunities to empower disadvantaged members of society.