PMIC to begin functioning in October 2016

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ISLAMABAD: Pakistan Microfinance Investment Company Limited (PMIC) would start functioning in October this year, which will have the capacity to serve a large undeserved client base.

The decision to this effect was taken in meeting held on Wednesday with Finance Minister Ishaq Dar in chair, said a statement issued by the Ministry of Finance. The meeting also reviewed the progress of operationlisation of Pakistan Microfinance Investment Company Limited.

Pakistan Poverty Alleviation Fund (PPAF) Chief Executive Officer (CEO) Qazi Azmat Isa informed the meeting that first board meeting of PMIC has also taken place on August 25.

He informed that the governance structure of PMIC is being set in place and a CEO has been hired after a transparent process to steer the operationlisation.

The SECP has also issued the licence to PMIC to carry out investment finance services, as non-banking finance company, he said.

The finance minister appreciated the progress being made regarding the operationlisation of PMIC.

The minister said that PMIC would strengthen the national finance inclusion strategy of government.

The new company would have the capacity to serve a large undeserved client base, he added. Finance Secretary Dr Waqar Massod Khan, State Bank of Pakistan Governor Ashraf Wathra, Economic Affairs Division Secretary Tariq Bajwa and other senior official of the Finance Ministry participated in the meeting.

Source: APP

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