AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, February 16, 2015 (PPI-OT): National Bank of Pakistan (NBP) unrelenting efforts to develop the business opportunities for the unemployed youth of Pakistan is the core component of the Bank’s integrated community strategy. NBP joined hands with the Government of Pakistan for the Prime Minister Youth Business Loan Program and signed MOUs with FAW Al-Haj Motors and Master Motors in November 2014.
Now on February 16, 2015, NBP has taken one more step forward and signed a Memorandum of Understanding (MOU) with Gestetner Pakistan – Hascombe Business Solutions (Private) Limited. Under this arrangement Gestetner Pakistan will provide their machines at discounted prices, a mini shop set-up and training to the interested youth for setting up a Mini Shop with Gestetner machines.
This facility will be offered to the prospective applicants seeking loans under the Prime Minister Youth Business Loan Scheme (PMYBL). Speaking to media NBP’s Senior Executive Vice President and Group Chief– Commercial and Retail Banking Group, Mr. Mudassir Khan said that the bank was making persistent efforts and forming various corporate alliances with companies from different business sectors to make the Prime Minister Youth Business Loan a success.
He further said that by reaching the eligible candidates and micro/small businesses at grass root levels will help foster economic activity and improving quality of life for the people. This ceremony was attended by Mr. Mudassir H. Khan – SEVP and Group Chief, Commercial and Retail Banking Group, Mr. S. H. Irtiza Kazmi – EVP and Coordinator – PMYBL, Commercial and Retail Banking Group, Ms. Nageen Rizvi – VP and Unit Head Marketing and Promotions PMYBL, Syed Ibne Hassan, Divisional Head (A) CCD.
While Gestetner Pakistan – Hascombe Business Solutions (Private) Limited was represented by Mr. Nadeem Butt – CEO, Mr. Basit Habib – Group CFO, Mr. S. Shabbar Raza – Regional General Manager South Region and Project Executive of Mini Shop (PMYBLP), Mr. Shahab-us-Saqib – Manager Tender Business and Project Coordinator of Mini Shop(PMYBLP), Ms. Beenish Fatima – Manager Business Development, and Project Coordinator of Mini Shop (PMYBLP), Ms. Afshan Siddiqui – Officer Business Development, Business Communication and Marketing Division, Mr. Muhammad Asim – Chief Accountant, Mr. Aziz Hussain – Company’s Secretary.
NBP’s Group Chief said that the bank would form more alliances at an aggressive pace with other organizations with the aim to make a wide range of feasible business options available to the borrowers of the PMYBL scheme. Mr. Mudassir Khan – NBP’s Group Chief said that National Bank of Pakistan would continue to lead and support the PMYBL program to boost economic activity in the country.
NBP and the Government of Pakistan are working to further improve and shorten the process of tranche disbursal and facilitate borrowers through an expedited process. Answering a question, Mr. Mudassir H. Khan said that the PM Youth Business Loan program would prove a milestone for micro and small business and economic growth in the country.
He said that several educated youths do not get the opportunity to start up their businesses due to lack of funds. This program will furnish various possibilities to the youth for starting a business or for expansion of the existing business. Pakistan has emerged as the second rapidly growing economy in Asia after China in 2004 – 2005, as claimed by government and well accepted by international raters and financial institutions.
In any economy, small and medium enterprises stimulate domestic demand through job and business opportunities, innovation and competition, thus, the SMEs can be driving force behind a resilient and sustainable economic growth. In the third world developing nations, prioritizing youth development is critical for economic growth.
Adequate access to finance is crucial to survive and eventually graduate beyond their SME status. NBP’s Executive Vice President and Coordinator for PMYBL, Mr. Irtiza Kazmi stated that the assessment of the role of SMEs in Pakistan is of vital importance. The economic data and figures like GDP growth or per capita income may be misleading since these may not necessarily represent the masses rather the capitalists in the country.
SME produces a robust income stream for masses residing all over the country and the capitalists associated with this activity are generally medium or small businesses as the name suggests. In Pakistan, SME sector does not hold a minor share any more, reality is that Pakistan’s whole economy is highly dependable on the pace and productivity of SMEs. NBP is providing loans across the country to the youth ranging from 21 to 45 years old.
He said that to date 15,299 applications have been approved nation-wide and the remaining cases were in the process of approval. The NBP officials said that being the largest public sector bank NBP has always played a vital role in product innovation and penetrating the hitherto neglected market segments. Micro and small businesses will be the main source of poverty reduction in Pakistan that will create the value and innovation for the country in the days to come.
He said that the formation of alliance with Gestetner Pakistan – Hascombe Business Solutions (Private) Limited would lead to the availability of hi quality photocopier and printing equipment at affordable discounted costs to the borrowers of the scheme.NBP has made significant progress in successfully implementing this scheme. Until now, over 5,601 successful applicants have been provided loans, collectively amounting to over PKR 3.825 Billion.
NBP is confident that this program, apart from being beneficial for the bank, will also facilitate the SMEs in leading a positive multiplier effect, thereby yielding sustainable economic growth. NBP has taken a proactive approach in targeting the prospective customer base in order to successfully achieve the objectives of the PMYBL scheme.
NBP will continue to retain its lead role in the PMYBL scheme, while penetrating into more desirable market segments. To achieve the dual objective of promoting the PMYBL program, and to facilitate the prospective borrowers, NBP is developing a resource pool by entering into alliances with various business groups. Gestetner Pakistan – Hascombe Business Solutions (Private) Limited is “Total Solutions Provider”.
It is engaged in providing Solutions to Corporate, Banks, Government, Multinational, Education and Large National Companies Company offering premium business solutions. It is the leader in convergence, a major force behind the erosion of traditional barriers between IT, communications and document technology, led by Mr. Nadeem Butt the Chief Executive Officer.
In continuation, Gestetner Pakistan – Hascombe Business Solutions (Private) Limited took a revolutionary step in offering the micro businessmen the opportunity of setting up of Mini-Shops with Gestetner machines at discounted prices. These businessmen will also be trained by Gestetner Pakistan and will be assisted by National Bank of Pakistan for financial autonomy through Prime Minster Youth Business Loan Scheme.
For more information, contact:
Syed Ibne Hassan
Vice President / Divisional Head (A)
National Bank of Pakistan
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: 021-99220773
Cell: 0300-8202184
Fax: 021-99212734
Email: ibne.hassan@nbp.com.pk