KARACHI – Pakistan Banks’ Association (PBA), in collaboration with Ipsos and Reenergia, officially signed an agreement today to develop the SME Environment & Performance Index (SEPI). The index will provide valuable insights into the performance and business environment of Small and Medium Enterprises (SMEs) in Pakistan. This collaboration aims to foster greater financial inclusion, enhance the sustainability of SMEs, and support informed decision-making by policymakers and financial institutions. The signing ceremony, held at the Islamic Chamber of Commerce & Development Building in Karachi, marks a pivotal moment for SME development in Pakistan as the country continues to prioritize the growth and financial inclusion of this vital sector. Commenting on the occasion, Muneer Kamal, CEO & Secretary General– PBA said, “This partnership is a significant step forward in empowering Pakistan’s SME sector. The development of the SME Environment & Performance Index will provide us with crucial data to better understand the needs of SMEs, facilitate access to finance, and strengthen the broader business ecosystem. PBA is committed to supporting sustainable SME growth and ensuring that financial products and services are tailored to their evolving needs.” Abdul Sattar Babar, CEO and Managing Director of Ipsos in Pakistan, shared his thoughts on the project’s impact, stating, “At Ipsos, we are excited to be part of this transformative initiative. Through the SEPI, we will provide a data-driven approach to understanding SME performance and the business environment in Pakistan. Our expertise in research and analytics will ensure that the index is both robust and actionable, delivering valuable insights to help stakeholders make informed decisions.” Highlighting the importance of the collaboration, Amer Zafar Durrani, President – Reenergia said, “Our commitment to sustainable development aligns perfectly with the goals of this initiative, which will not only measure the performance of SMEs but also provide the data needed to drive policy change, foster economic growth, and encourage financial inclusion for all sectors, including women entrepreneurs.” Syed Irfan Ali, Executive Director at the State Bank of Pakistan (SBP), reinforced the central bank’s role in supporting SMEs. He said,”The SME sector plays a critical role in Pakistan’s economy. The State Bank of Pakistan is fully committed to facilitating the growth of SMEs through financial inclusion initiatives and policy support. This index will be a valuable tool in furthering our efforts in understanding the challenges faced by SMEs and to create targeted solutions to ensure their success and sustainability.” The development of the SME Environment & Performance Index is a crucial step toward creating a more inclusive and supportive financial ecosystem for Pakistan’s SMEs. The index will provide data on key performance indicators, sectoral trends, and insights into the challenges SMEs face in the marketplace, helping financial institutions, policymakers, and investors make more informed decisions. The event was attended by key stakeholders from the financial and SME sectors, who gathered to celebrate this milestone in Pakistan’s SME development journey. The signing ceremony was followed by a networking session where participants discussed the next steps in the project’s implementation. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.