MoU signed: SMEDA, PMYP to establish structured framework of collaboration

ISLAMABAD - The Small and Medium Enterprises Development Authority (SMEDA) has partnered with the Prime Minister's Youth Programme (PMYP) to develop a formal framework of cooperation. This collaboration aims to boost outreach, awareness, and access to financial and entrepreneurial guidance for Micro, Small, and Medium Enterprises (MSMEs) and aspiring young business owners in Pakistan.

SMEDA's CEO, Nadia J Seth, and PMYP's Chairman, Rana Mashood Khan, along with other stakeholders, witnessed the signing of the Memorandum of Understanding (MoU).

The primary focus of this partnership is on start-ups, existing MSMEs, individual entrepreneurs, firms, and companies, with special attention given to underprivileged regions and marginalized groups, including women entrepreneurs. Haroon Akhtar Khan, the Advisor to the Prime Minister on Industries and Production (Federal Minister), highlighted that the initiative aligns with the Prime Minister's vision to create more economic opportunities for Pakistan's youth and bolster the country's SME sector.

Under the MoU, SMEDA will run awareness campaigns and training programs about the PMYB&ALS, including eligibility requirements, documentation needs, and application procedures. The Authority will also work on financial literacy initiatives and promote formal financing options in collaboration with partner banks and relevant stakeholders. SMEDA will prioritize outreach efforts in underserved areas and among marginalized groups, particularly women entrepreneurs, to ensure equitable access to financial services.

On its part, PMYP will disseminate PMYB&ALS-related information and SMEDA-developed support materials, such as FAQs, video tutorials, business plan templates, and training modules, through its social media platforms and Digital Youth Hub (DYH). The two organizations will also share rejected loan application data to identify areas needing further assistance.

Both will ensure increased visibility of the Prime Minister's Youth Business & Agriculture Loan Scheme by featuring dedicated information slots and reciprocal links on their websites. They will establish designated focal teams for coordination and hold quarterly review meetings to monitor progress and address implementation-related issues.