LCCI chief appreciates Rs2trn SME financing target

LAHORE - The President of the Lahore Chamber of Commerce and Industry, Ali Hussam Asghar, has commended Prime Minister Shehbaz Sharif and the federal government for establishing a goal to boost SME financing to Rs2 trillion by June 2028. In a statement on Thursday, Asghar highlighted that SMEs are the backbone of Pakistan's economy and possess the potential to generate jobs, foster entrepreneurship, stimulate industrial and commercial activity, and contribute to exports.

He emphasized that enhancing access to affordable and timely financing would empower SMEs to expand operations, embrace innovative technologies, and boost productivity.

Asghar welcomed the government's objective of extending SME financing to 775,000 prospective borrowers, stating that it could promote financial inclusion and incorporate more enterprises into the formal financial sector. He noted that SME financing had grown from Rs1.114 trillion in June 2026 to over Rs1.137 trillion by September, and the count of SME borrowers had reached approximately 350,862.

The LCCI chief stressed the necessity for collaborative efforts among the government, the State Bank of Pakistan, commercial banks, microfinance institutions, SMEDA, and the private sector to attain the target.

Asghar urged for simplified financing procedures, enhanced financial literacy, increased use of digital platforms, and practical lending products customized for SMEs and startups. He also expressed appreciation to Federal Minister for Information and Broadcasting Attaullah Tarar for emphasizing government initiatives aimed at supporting businesses.

The LCCI president further stated that chambers of commerce could identify financing requirements, raise awareness, and facilitate coordination between SMEs and financial institutions.