PMIC to start functioning from October

ISLAMABAD, Sep 21 (APP):Pakistan Microfinance Investment Company Limited (PMIC) will start functioning in October, 2016, which will have the capacity to serve a large undeserved client base.

Decision to this effect was taken in meeting held here Wednesday with Minister for Finance Muhammad Ishaq Dar in chair, said a statement issued by the Ministry of Finance.

The meeting also reviewed the progress of operationlization of Pakistan Microfinance Investment Company Limited.

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

SECP has also issued the licence to PMIC to carry out investment finance services as Non Banking Finance Company.

The Finance Minister appreciated the progress so far being made regarding the operationlization of PMIC and said that PMIC will strengthen the government’s National Finance Inclusion Strategy.

The new company will have the capacity to serve a large undeserved client base, he added.

Secretary Finance Dr. Waqar Massod Khan, Governor State Bank of Pakistan, Ashraf Wathra, Secretary Economic Affairs Division, Tariq Bajwa and other senior official of the Ministry of Finance participated the meeting.