FAISALABAD: In a strategic move to bolster Pakistan's export sector, the government is expanding financial support for Small & Medium Enterprises (SMEs) by addressing credit access challenges, as announced by EXIM Bank's President Shahbaz Hussain Syed. At the inauguration of the bank's new sub-office in Faisalabad, Syed emphasized that this development aims to facilitate easier financing for small exporters, enhancing their ability to compete globally.

According to Union of Small and Medium Enterprises, the establishment of the Faisalabad office marks a significant step in EXIM Bank's strategy to prioritize the SME sector, with 80 percent of the bank's financing resources allocated to these businesses. This initiative is part of a broader effort to not only use the bank's resources but also to attract international financing to support export-oriented enterprises.

The president of the Faisalabad Chamber of Commerce & Industry (FCCI), Farooq Yousuf Sheikh, highlighted the swift progress made in opening the new office, accomplished within just four months. This development is viewed as a major advancement for the local business community, following the establishment of similar offices in Islamabad, Karachi, and Lahore.

Vice President FCCI Engineer Asim Munir expressed gratitude to the attendees of the ceremony, which included notable figures such as former FCCI presidents and representatives from industry associations. The event concluded with the presentation of commemorative shields to distinguished guests, underscoring the collaborative effort to strengthen Pakistan's SME sector.