KARACHI: The State Bank of Pakistan (SBP) has issued a concessionary small enterprise financing and credit guarantee facility for special persons.
SBP Governor Tariq Bajwa announced this special facility during the 7th meeting of National Assembly Standing Committee on Finance, Revenue and Economic Affairs held at the central bank on Tuesday. Committee members and SBP senior executives were also present on the occasion.
“Realizing the vulnerability of persons with disabilities in the country and cost associated with their exclusion for the economy, the central bank, in line with its priority sector development, has devised a scheme for special persons,” said Tariq Bajwa.
This financing facility is expected to improve access to finance for special persons falling under small enterprises category at a concessional rate of 5pc per annum. Under the scheme, banks and DFIs would provide financing facilities to special persons for establishing new business enterprises or for expansion of existing businesses.
The State Bank of Pakistan would provide refinancing to banks/ DFIs up to 100pc of finance extended by them. Special people can avail financing up to Rs1.5 million for a maximum period of five years, including a grace period of six months.
SBP would also provide risk coverage of 60pc to banks/DFIs on their outstanding loans under the scheme. This financing facility has been issued with the main objective of improving the socio-economic life of special persons in Pakistan.