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ICCI lauds SBP’s business credit scheme for special persons

ICCI lauds SBP’s business credit scheme for special persons

ISLAMABAD: The Islamabad Chamber of Commerce & Industry has lauded the initiative of SBP for launching small enterprise financing and credit guarantee facility for special persons and termed it a positive development as it would bring specials persons into the economic mainstream and enable them to play more effective role in the development of the country.

Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that special persons were important part of our society and providing them concessionary loans at five percent interest rate for starting small businesses would help them to engage in productive activities and play more constructive role for the country.

The SBP will provide refinance to banks and development finance institutions (DFIs) up to 100 per cent of the finance extended by them. Special persons could avail financing up to Rs1.5 million for a maximum period of five years, including a grace period of six months. The SBP will also provide risk coverage of 60 per cent to banks or DFIs on their outstanding loans under the scheme

Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that concessionary credit facility would improve access to finance for special persons and would go a long way in bringing them in the mainstream of economy and promoting business activities. They urged that SBP should also consider such concessionary credit schemes for youth so that maximum youngsters of our country could be facilitated in starting businesses that would reduce unemployment and bring prosperity for the country.