SBP doubles loan size for setting up hospital to combat COVID

SBP doubles loan size for setting up hospital to combat COVID

KARACHI: State Bank of Pakistan (SBP) has enhanced loan size to Rs 1 billion from Rs500 million for setting up new hospital to combat COVID-19.

The central bank in a notification said that in order to meet financing needs for setting up new hospitals allowed through a notification issued on July 2020, it has been decided to enhance loan size from Rs 500 million to Rs 1 billion per hospital.

The scheme for setting up of new hospitals will remain valid up till June 30, 2021, as mentioned in Circular Letter No. 16 of 2020.

The SBP further invited attention to to IH&SMEFD Circular No. 03 and 04 of 2020 read with IH&SMEFD Circular Letter No. 08 and 16 of 2020 and said that the applications approved by Participating Financial Institutions up till September 30, 2020 will be eligible for refinance under the scheme.

Hence, LCs established under these approved applications will be eligible for refinance even if these LCs are established after September 30, 2020. Details of all these approved cases should be reported in weekly report of RFCC/IRFCC by 1st October, 2020.

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