The Asian Development Bank (ADB) has approved a foreign loan of US$200m for restructuring, revival and development of small- and medium-sized enterprises (SMEs) sector industries in Pakistan.
This was announced by Sohail Ishtiaq Khan, vice-president of SME Bank’s commercial banking division on Friday. He said a major part of the loan would be invested in the SME Bank for the revival of sick units, besides allowing fresh lending to borrowers in its eight selected branches throughout the country.
The bank, he said, had launched a marathon campaign for the recovery of Rs 13 bn defaulted loans which had been inherited by the bank from the defunct Regional Development Finance Corporation (RDFC) and Small Business Finance Corporation (SBFC) about three years ago.
