KARACHI: State Bank of Pakistan (SBP) has launched “Refinance and Credit Guarantee Scheme for Women Entrepreneurs in Under-served Areas” at an impressive ceremony in Quetta.
The Governor SBP Tariq Bajwa while addressing the launch ceremony reiterated his commitment towards sustainable and inclusive economic growth across Pakistan “Women”, he added, “are central to this growth paradigm.”
The Governor informed the audience that it is for the first time in our history that a scheme with 0% refinance rate and 60% risk coverage for small businesses run by women entrepreneurs has been rolled out.
“This scheme is an affirmative action by the State Bank to encourage flow of funds to small enterprises run by women of underserved areas of Pakistan. The scheme earmarks, at least 20% of funds for Balochistan” said the Governor.
This facility is for women entrepreneurs in underserved areas of the country for setting up of new businesses or expansion of existing ones. SBP will provide refinance to banks at 0%. Maximum financing amount is Rs1.5 million. Maximum financing period is 5 years with grace period of up to 6 months.
End user rate is 5% which is locked in for financing period. 60% risk coverage is available against outstanding principal.
Bajwa expressed his firm hope that banks will make all out efforts in making the scheme a success. He also told the banks that SBP will monitor the progress of the scheme closely.
Chief Guest Speaker Balochistan Assembly Rahila Durrani while speaking on the occasion, lauded SBP’s scheme for small businesses run by women entrepreneurs of Pakistan particularly Balochistan.
She was hopeful that such attractive financing schemes would help poor women overcome their financial problems and hence bring prosperity to the entire province.