Karachi: The State Bank of Pakistan (SBP) on Monday allowed the manufacturers of protective gear and equipment to avail its Refinance Facility to Combat Covid-19 (RFCC) — a news source reported. SBP had launched the RFCC on March 17 earlier this year following the outbreak of the coronavirus pandemic.
According to the details available, under the said facility, the SBP provides a refinance utility to the banks at a 0% rate, while banks are allowed a maximum of 3% margin for providing the facility to companies combating the detrimental consequences of the coronavirus pandemic. Some of the banks, in turn, have been providing the refinance at minimal margins as a part of their Corporate Social Responsibility (CSR).
Under the expanded RFCC, manufacturers of protective gears and equipment — including items such as masks, dresses, testing kits, hospital beds, and ventilators — are also allowed to avail RFCC financing. The SBP has also extended RFCC to include hospitals other than the ones serving coronavirus patients.
