MoU signed to support agribusinesses

LAHORE: Small and Medium Enterprises Development Authority (SMEDA) has signed a memorandum of understanding (MOU) with International Trade Center (ITC) to help agribusinesses in Balochistan and Sindh, a statement said on Wednesday.

The agreement aims to undertake joint activities for effective implementation of EU-funded grant project Growth for Rural Advancement and Sustainable Progress (GRASP).

Implemented by ITC, joint agency of the United Nations (UN) and the World Trade Organization (WTO), with active participation from both foreign and local partners, including Food and Agriculture Organization (FAO) and Pakistan Poverty Alleviation Fund (PPAF), GRASP is a six-year project designed to reduce poverty in Pakistan by strengthening small-scale agribusinesses in the two provinces.

The project is funded by a delegation of European Union to Pakistan with a budget of up to €48,000,000 (Rs.308 million approximately).

As per the agreement, SMEDA and ITC will conduct joint activities to facilitate SMEs in Sindh and Balochistan in the areas of horticulture and livestock. The activities may include facilitating rural businesses, contributing to development of SME competitiveness, and sustainability strategies, and developing feasibility study reports to facilitate investments in climate resilient infrastructure.

The project is envisaged to be governed by three steering committees: one at national level led by the government and two at provincial level led by governments of Balochistan and Sindh.