A local bank has expressed its desire to introduce an angel investment scheme in order to help the youth.
According to the report, National Bank of Pakistan (NBP) President Arif Usmani spoke at the Lahore Chamber of Commerce and Industry (LCCI) and said that his bank is ready to support young entrepreneurs having innovative ideas.
He said, “Similar to the developed countries, we are set to support the private sector and wish to establish an angel investment fund (AIF) in collaboration with the LCCI to support new businesses.”
Usmani revealed that in cooperation with the private sector, the bank wants to develop a bankable and viable structure to increase the lending to the housing sector. For this 4 to 5 nominated representatives of the private sector have to work in collaboration with the bank in order to develop a financing structure.
He said, “Compared to other banks, NBP has been affected more by the Covid-19 outbreak because it is a state-owned bank and gives loans to businesses of multiple kinds as opposed to private banks.”
Usmani said that his bank is taking different measures in order to improve technology.
He said, “We are striving to increase financing to the agriculture sector as it is a very important sector of our economy.”