Karandaaz to invest Rs700mln

KARACHI: Karandaaz Pakistan is providing a loan of Rs700 million to ORIX Leasing to increase access to finance for small enterprises, a statement said on Tuesday.

ORIX will use this facility to on-lend to small businesses and grow the share of loans to small enterprises in its portfolio. Small and Medium Enterprises (SMEs) are vital to economic and social progress.

According to the State Bank, SMEs contribute 30 percent to Pakistan’s GDP, driving economic growth and job creation, the statement said.

Karandaaz is committed to enhancing access to finance for SMEs and this agreement with ORIX will contribute to achieving this target, it added.