KCCI advises SMEs to benefit from PSI funding.
KARACHI, October 13, 2010 (Balochistan Times ): Senior Vice President, Karachi Chamber of Commerce and Industry (KCCI), Tallat Mahmood has emphasized that entrepreneurs should come forward and make use of the excellent offer by Netherlands in the form of Private Sector Investments (PSI). Speaking at the PSI introductory presentation by Royal Netherlands Embassy here, Tallat Mahmood said Pakistan is confronted with many internal and external challenges. Flood calamity has hit the economy and the infrastructure has been badly affected, said a KCCI statement here on Wednesday. He felt pleased that the goodwill gesture from Netherlands is really a welcoming sign. KCCI Vice President Junaid Esmail Makda said the SMEs are the backbone of an economy and the offer of Netherlands deserves appreciation. KCCI would like to circulate details of PSI to its members and suggest businessmen to make use of this excellent opportunity. PSI Project Adviser, Paul Schoenmakers elaborating the PSI programme said it offers up to 60 percent funding to Pakistani projects (SMEs) having a maximum cost of Euros 1.5 million. This funding is aimed at alleviating poverty and strengthening private sector investment with an annual budget of Euros 70 million. Available under 40-60 arrangements, it is subject to evaluation by the Dutch government officials. Another mandatory requirement is selecting a foreign partner which would also result in knowledge transfer and attaining technical expertise. The funds are released during the project after achieving predefined results. The evaluation criteria include partners expertise, organisational capacity and financial strength, he said. The Netherlands envoy said the fulfilment of Corporate Social Responsibility, knowledge transfer and its spin off effects are few things that are necessary part of evaluation criterion. Under this programme, one project in sports wear in Pakistan has already been completed. Three projects in chemical industry and dairy sector are in progress while another three are under consideration. An obligatory format for the project proposal can be downloaded from www.agentschapnl.nl/psi <http://www.agentschapnl.nl/psi>.
(THROUGH ASIA PULSE)
(THROUGH ASIA PULSE)
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|Publication:||Balochistan Times (Baluchistan Province, Pakistan)|
|Date:||Oct 13, 2010|
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