LAHORE - In its quest to bring world business opportunities to the doorstep of SMEs of the country, Small & Medium Enterprises Development Authority (SMEDA) has signed a Memorandum of Understanding with Social Fund for Development (SFD) of Egypt. Sardar Ahmad Nawaz Sukhera, CEO SMEDA, and Mrs Ghada Wali, Secretary General of the Social Fund for Development, Egypt signed the MoU in presence of Asif Ali Zardari, President of Pakistan and Dr Muhammad Morsi, President of Egypt.

CEO SMEDA, while apprising SMEDA officials about the MoU, disclosed that a meeting between SMEDA & SFD was held before the signing ceremony that discussed scope of bilateral cooperation at length. It was mutually observed that SMEDA strength in business and sector development work and SFD’s strength in financial services would complement each other with their respective experiences.

SFD officials were informed that SMEDA was preparing a strategic plan to establish a financial arm of the organization, which would work parallel to its Business Development Services. It would help SMEDA to address financial requirements of the SMEs and strengthen its BDS Services.

Sukhera undertook to benefit from SFD experience of lending financial services to the SMEs, while SMEDA would support SFD in its Business & Sector Development work.