Islamabad: The Small and Medium Enterprises Development Authority (SMEDA) and the Prime Minister’s Youth Programme (PMYP) have formalized a partnership through a Memorandum of Understanding (MoU) to enhance financial and business support for Micro, Small and Medium Enterprises (MSMEs) and young entrepreneurs across Pakistan. This initiative aims to improve outreach, awareness, and access to resources, particularly in underserved regions and among marginalized groups.
According to Press Information Department, the MoU was signed in the presence of Haroon Akhtar Khan, Advisor to the Prime Minister on Industries and Production, and Rana Mashood Khan, Chairman of the Prime Minister’s Youth Programme. The collaboration seeks to leverage the resources and networks of both organizations to facilitate access to the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS). The initiative is designed to support start-ups, existing MSMEs, individual entrepreneurs, and firms.
Haroon Akhtar Khan emphasized that the initiative aligns with the Prime Minister’s vision to create economic opportunities for the youth and strengthen the SME sector. The partnership aims to bridge the gap between available financing opportunities and potential beneficiaries by improving awareness, financial literacy, and access to business development resources.
Under the MoU, SMEDA will focus on conducting awareness campaigns, training programs, and financial literacy initiatives. It will target underserved regions and marginalized groups, including women entrepreneurs, to ensure equitable access to financial services and business development resources. Additionally, PMYP will disseminate support materials and feature key business development resources through its Digital Youth Hub and social media platforms.
The collaboration also includes data sharing on rejected loan applications to identify areas needing further support, with both organizations committed to enhancing the visibility of the PMYB&ALS. Designated focal teams will coordinate efforts, and quarterly review meetings will assess progress and address implementation-related issues.
The partnership is expected to contribute to the promotion of youth entrepreneurship, MSME development, and financial inclusion across Pakistan, aligning with SMEDA’s target of providing financial literacy to 92,480 MSMEs. The MoU marks a strategic effort to strengthen institutional coordination and expand economic opportunities for the country’s youth.