PMIC to be operational by July 1

PMIC to be operational by July 1

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday asked the Pakistan Poverty Alleviation Fund (PPAF) to complete remaining formalities of the shareholding agreement which should be signed during the current month to get the Pakistan Microfinance Investment Company (PMIC) operational by July 1 this year.

Mr Dar chaired a meeting to review the preparations for activation of the microfinance investment company, and asked PPAF team to expedite the process, saying that the company is an important initiative.

He also urged the PPAF to enhance the scope of its work for ensuring financial inclusion of segments which are lagging behind in access to the financial services.

He assured the PPAF team that the government would continue to support the fund with the objective of poverty reduction and financial inclusion.

PPAF Chief Executive Officer Qazi Ahmad Isa briefed the finance minister about the legal formalities associated regarding PMIC which were being carried out with the help of the Securities and Exchange Commission of Pakistan (SECP).

The meeting was informed that the work on ‘Share Holder’s Agreement’ is almost complete. The agreement will be signed by PPAF, DFID/Karandaaz and KfW (German development bank) in the near future.


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