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FMD – Financial Market Development Project, Pakistan


The USAID-financed Financial Market Development (FMD) Project is a five-year technical and training collaboration program, designed to promote the development of competitive, deepened and diversified debt capital markets in Pakistan. The principal foci of FMD support activities include the following:

(1) Strengthening the capacity of the Government of Pakistan to support full maturity spectrum of domestic debt security issuances.

(2) Strengthening the policy/legal/regulatory framework for efficient debt capital market operations.

(3) Improving the technical and organizational infrastructure of key securities market regulatory and intermediary institutions.

(4) Promoting the development and issuance of innovative debt capital market instruments.

(5)Promoting a major increase in competitive secondary market trading of debt capital instruments.

In addition, the program will provide targeted institutional support to promote enhanced SME access to finance. This will be achieved through promoting the growth of SME equity finance mechanisms, as well as by working with selected commercial banks who are partner institutions under USAID's Development Credit Authority (DCA) activity. The goal of this technical collaboration will be to help expand sound SME lending through innovative lending product design, and related further enhancement of SME financial outreach procedures/practices. FMD will also support where/as needed regulatory and institutional reforms which streamline the establishment and operation of SME Equity Funds, and promote additional capital in-flows into the nascent SME equity fund industry in Pakistan.

Over the course of its 5 year implementation timeframe, FMD hopes to promote a significant deepening of public sector securities trading activities, and an increase in the average maturity of the public debt profile. The program also hopes to contribute to a significant diversification in both public and corporate domestic debt instruments which are actively traded, and to further enhance the confidence of market actors in the efficiency and cost-effectiveness of price discovery processes. Finally, the program hopes to impact significantly on competitive SME access to financial capital.

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