The Small and Medium Enterprises Development Authority and Pakistan Banks' Association inked a Memorandum of Understanding to enhance access to finance for the growth and sustainability of the SMEs in Lahore on Friday.

The partnership aims to empower SMEs by enhancing their bankability through joint initiatives.

Addressing the signing ceremony, Minister for Industries and Production Rana Tanveer Hussain said that SMEs, as a backbone of Pakistan's economy are fostering economic resilience, employment and innovation in the country.

He observed that SMEs face hurdles in access to financing due to a lack of financial literacy and advisory support.