KARACHI: State Bank of Pakistan (SBP) on Tuesday announced a refinancing scheme for combating coronavirus. The size of the scheme is Rs5 billion and available for end-user at three percent.
Dr. Reza Baqir, SBP governor, announced the scheme namely “Refinance Facility for Combating COVID–19 (RFCC)” and its Shariah compliant version to support hospitals and medical centers in combating the spread of COVID–19.
Under this scheme, the SBP will refinance banks to provide financing at a maximum end-user rate of 3 percent for 5 years for the purchase of equipment to detect, contain and treat the coronavirus.
The SBP will provide this facility to banks at zero percent.
All hospitals and medical centers registered with federal or provincial health agencies and which are engaged in the control and eradication of COVID-19 will be eligible for this facility.
The total size of the scheme is Rs 5 billion, with a maximum financing limit per hospital or medical center of Rs 200 million.
This scheme will help contain the spread of the Coronavirus and reduce its human toll. It is available until end-September 2020.
The SBP governor said that considering the necessity and success of the scheme the size of the scheme could be enhanced.
He said that the medical institutions and banks had jointly conducted survey for the purchase of ventilators, which was primary need to fight against coronavirus.