Karachi, December 11, 2012 (PPI-OT): Chairman Sindh Board of Investment Muhammad Zubair Motiwala has said that the Government of Sindh with a vision to encourage investment in the SME sector, inculcate entrepreneurial ability and to provide a major push to the wider Agri economy, has created Sindh Enterprise Development Fund to provide legal as well as institutional mechanism to achieve such objectives. This he said while talking with media person after presiding a departmental meeting at his office.
He said that it aims to provide opportunities for value addition in the agriculture sector for multiple economic benefits on growth, intermediary services and productivity. It also seeks to introduce farm level interventions to improve efficiency and profitability.
About the vision of SEDF he said that to support entrepreneurship development based on Sindh’s competitive advantage. SEDF mission is to introduce technology and bring value addition in non conventional yet vital sectors of the economy by extending technical and credit assistance.
Chairman SBI and SEDF further said that SEDF provides Technical Assistance and credit Assistance to prospective Agri-business entrepreneurs. Such as facilitate applicants in preparing feasibility studies and also assist the applicant in fulfilling the requirement of financial institutions.
In credit assistance SEDF provides Interest rate subsidy, 100% KIBOR of the Capital Cost and 50% of KIBOR for Working Capital. He further elaborated that only selected individuals capable of setting up agri-business projects can apply for a loan from any financial institution for medium term (3-5 years).
SEDF would pay 100% KIBOR for capital cost and up to 50% of KIBOR for working capital for three years which may be extended up to 5 years on successful review. The total monetary value of the SEDF interest subsidy should not be exceeding PKR. 50 Million and SEDF financial support shall not exceed projects valuing PKR. 200 Million.
For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi
Tel: +9221 9920 4423