Minister of Economic Development Fayyaz Ismail has said the SME Bank has granted about USD 7.8 million in loans within the past few months.
Speaking during the inauguration of the workshop organised by SAARC Chamber of Commerce and Industries for new businesses, Minister Fayyaz said there have been a large number of applicants for SME loans but the bank does not have the capacity to grant loans for all applicants.
On August 28, the parliament passed a supplementary budget of USD 110.4 million, with USD 22.7 million allocated for SME loans.
The SME Bank began its services last March and is working with its conglomerate SME Development Financial Corporation (SDFC) to grant loans for four different schemes.
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