PMIC sets up fund for flood affected farmers, entrepreneurs

KARACHI: Pakistan Microfinance Investment Company (PMIC), the apex institution to support microfinance sector in the country, has set up a business revival fund for flood affected farmers and entrepreneurs in Sindh, by putting up Rs25 million grant from its resources, a statement said on Saturday.

The fund will initially cater to the clients served by two PMIC borrowers, Thardeep Microfinance Foundation (TMF) and Safco Support Foundation (SSF). A formal agreement has also been signed between PMIC, SSF and TMF.

The support will rehabilitate and revitalise livelihoods of 1,000 flood affected families in districts Sanghar and Dadu by providing grants to replenish livestock, materials, and inventories for small farmers and enterprises.

Under the initiative, preference would be given to women entrepreneurs, persons with disabilities, minorities, and transgenders to re-establish their businesses.

Commenting on the initiative, Yasir Ashfaq, CEO of PMIC, said, “The devastation caused by floods are unprecedented and we are also witness to the courage and the resilience of the communities in the face of adversities. We saw this during floods of 2010, droughts in 2018, COVID of 2020 and now with floods of 2022.”

He further stated that PMIC had always stood by its partners and the clients that they serve and believe that by supporting the 1,000 families, they were making a small contribution in reviving their livelihoods and setting up a model for other corporates, banks, donors, and development agencies to replicate.

Sulman G. Abro from SSF and Dr Sonu Khangarani from TMF also expressed their commitment to continue supporting the thousands of clients they serve in Sindh.

Pakistan is among the top 5 countries affected by climate change, making it vulnerable to natural disasters. The natural disasters have badly impacted the country’s economic well-being. However, the prevalent situation due to the floods in 2022 has been unprecedented with huge losses in lives and businesses. The communities at the bottom of the economic pyramid are most vulnerable and face the brunt of the disaster.