KARACHI: State Bank of Pakistan Governor Tariq Bajwa, on Friday, launched “Refinance and Credit Guarantee Scheme for Women Entrepreneurs in Underserved Areas” in an impressive ceremony in Quetta.
The governor, while addressing the ceremony, reiterated his commitment towards sustainable and inclusive economic growth across Pakistan; “Women”, he added, “are central to this growth paradigm.”
He informed the audience that it is for the first time in our history that a scheme with zero per cent refinance rate and 60 per cent risk coverage for small businesses run by women entrepreneurs has been rolled out.
“This scheme is an affirmative action by the SBP to encourage flow of funds to small enterprises run by women in underserved areas of Pakistan. The scheme earmarks, at least 20 per cent of funds for Balochistan,” said the governor.
The salient features of the scheme are as follow:
This facility is for women entrepreneurs in underserved areas of the country for setting up of new businesses or expansion of existing ones. Under the programme, the SBP will provide refinance to banks at zero per cent; max financing amount is Rs 1.5 million; maximum financing period is 5 years with grace period of up to 6 months; end user rate is 5 per cent which is locked in for financing period; 60 per cent risk coverage is available against outstanding principal.
He expressed his firm hope that banks will make all out efforts in making the scheme a success. He also told the banks that the SBP will monitor the progress of this scheme closely.
Chief Guest Speaker Rahila Durrani lauded SBP’s scheme for small businesses run by women entrepreneurs in the country, particularly Balochistan. She was hopeful that such attractive financing schemes would help poor women overcome their financial problems and will pave the way for prosperity in the province.
Earlier in the day, the SBP governor called on Balochistan Governor Muhammad Khan Achakzai. He informed Achakzai of SBP’s special focus on agriculture, SMEs and low-cost housing in Balochistan. The governor thanked him for his efforts in promoting access to finance for the underserved and the under banked.
The SBP governor also met members of Quetta Chamber of Commerce and Industry (QCCI). The office holders of QCCI, while welcoming the SBP governor, apprised him of issues being faced by the business community of Quetta. He assured members of QCCI of his help in resolving their genuine grievances.
