PMIC sets up fund for startups

KARACHI: The Pakistan Microfinance Investment Company Limited (PMIC) has recently set up and launched its “Institution Development Fund” to provide support to the companies that would not normally meet PMIC’s financing requirements, a statement said on Monday. PMIC had always encouraged greater ingenuity, innovation, and correlation to the communities that it serves.

The Institution Development Fund encourages lending for new organisations that work on women’s financial inclusion, provision of financial services in KP and Balochistan, and even for startups that deploy digital financial services and have developed mechanisms and technologies to reduce the cost of delivery of financial services.

This is yet another welcome step by PMIC to encourage new players to participate more actively in bringing about financial inclusion and to facilitate the provision of financial services to underserved communities across Pakistan, the statement said. Startups and organisations in their nascent stages in Pakistan require an institution or source of funding that supports them and offers them the path to prosperity, and the Institution Development Fund has been tailor-made to cater specifically to those companies.