Prime Minister Muhammad Shehbaz Sharif has welcomed the Rs.3 billion SME Risk Pool established by the Export Development Fund (EDF) and the Export-Import Bank of Pakistan (Pak-EXIM). Chairing a meeting on the Export Development Fund, he said the export credit insurance cover would widen access for small and medium enterprises and help the business community grow its exports. The Prime Minister called the initiative a significant step for smaller businesses and appreciated the EDF team for reforms aimed at strengthening the national economy. He noted that, following restructuring, EDF’s leadership has been entrusted to private-sector professionals, and that all funds available with EDF are being used to facilitate businesses.

In a briefing on EDF’s restructuring, the meeting was informed that the entire Rs.24 billion available with EDF has been allocated for investment in support of the business community. No further spending will go to infrastructure. Instead, EDF is focusing on research, skills development and competitiveness to support economic growth. The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan and Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Adviser to the Prime Minister Haroon Akhtar, Chairman EDF, Mr. Omar Saeed, and senior officials.