Pakistan Microfinance Investment Company (PMIC) has signed off a financing facility of PKR 1,500 million for the National Rural Support Program (NRSP). The facility will enable NRSP to meet financing requirements of more than 100,000 households across Pakistan. Majority of these loans will be targeted towards women beneficiaries in the rural areas for agriculture, livestock and enterprises.
The agreement was signed by Dr. Rashid Bajwa Chief Executive Officer NRSP and Mr. Yasir Ashfaq Chief Executive Officer PMIC.
Dr. Rashid Bajwa Chief Executive Officer NRSP commented “We value our partnership with PMIC and believe this financing facility from PMIC will be important for NRSP to enhance access to finance for the underserved communities across Pakistan. Our aim is to further extend our partnership with PMIC to strengthen efforts to benefit the underserved communities in the country and increase financial inclusion.”
Speaking on the occasion, CEO PMIC Mr. Yasir Ashfaq, “PMICis keen to promote financial inclusion across Pakistan. PMIC and NRSP share a common objective to facilitate access to finance for women and the underserved communities in the rural areas of the country. With this partnership, PMIC and NRSP aim to improve the financial inclusion indicators of the country and contribute towards the National Financial Inclusion Strategy. We envisage extending our partnership with NRSP in the coming years to meet the demand for financial services in Pakistan.”
Pakistan Microfinance Investment Company Limited (PMIC) is registered as an Investment Finance Company under NBFCs regulations with Securities and Exchange Commission of Pakistan (SECP). It is setup jointly by, Pakistan Poverty Alleviation Fund (PPAF), Department for International Development (DFID) through Karandaaz Pakistan and the German Development Bank (KFW) to catalyze and lead the next phase of growth in the microfinance sector of Pakistan. The purpose of the Organization is to improve financial inclusion, employment and wellbeing of the poor by providing wholesale financing to the microfinance service providers in the country.
Established in 1991 under Section 42 of the Companies Ordinance 1984 as a not-for-profit organization, NRSP is the largest Rural Support Programme in the country in terms of outreach and development activities. NRSP is a diversified institution active in the areas of building community physical infrastructure, natural resource management, human resource development as well as social sectors, more specifically, health and education. In September 2016, NRSP was granted license by the SECP to operate as Non-Banking Microfinance Company. In terms of coverage NRSP has presence in 64 districts in all four provinces of Pakistan including Azad Jammu and Kashmir (AJK) connected through Regional and Field Offices.