Dar directs opening of Pakistan micro-finance investment company

ISLAMABAD: Finance Minister Ishaq Dar on Monday directed the SECP and the Finance Division to thoroughly examine the proposal about the establishment of Pakistan Micro-finance Investment Company and come up with concrete recommendations to promote micro finance in the country.
Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting on Monday at the Finance Division to review the proposal for the establishment of Pakistan Micro-finance Investment Company.
Secretary Finance Dr. Waqar Masood Khan briefed the minister about the proposal.
He said that according to estimates given by the DFID, Pakistan’s micro financing needs will grow manifold by 2018 from the current Rs18 billion catered to by the PPAF (Pakistan Poverty Alleviation Fund).
Secretary Finance also told the minister that the DFID, in collaboration with KFW, was offering to contribute financial resources for micro-finance operations under the proposed new Non-Bank Financial Institution under the name Pakistan Micro-finance Investment Company.
The minister for finance said that for the development of a country a financially vibrant and active middle class was necessary.
Moreover, it was the goal of the PML-N government to help the poor segments of the society in the National Financial Inclusion Strategy launched in May 2015.
The finance minister directed the SECP and Finance Division to thoroughly examine all details of the proposal and come up with concrete recommendations in this regard.