Such attractive financing schemes would help poor women overcome their financial problems and bring prosperity to the entire province. PHOTO: AFP
The Refinance and Credit Guarantee Scheme for Women Entrepreneurs in Underserved Areas was launched in Quetta as one-fifth of the funds earmarked for the programme would be spent in Balochistan.
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Speaking on the occasion, the central bank governor reiterated his commitment to sustainable and inclusive economic growth across Pakistan. “Women are central to this growth paradigm,” he said.
Bajwa emphasised that for the first time in Pakistan’s history a scheme with 0% refinance rate and 60% risk coverage for small businesses run by women entrepreneurs had been rolled out.
“This scheme is an affirmative action by the State Bank to encourage the flow of funds to small enterprises run by women in underserved areas of Pakistan. The scheme earmarks at least 20% of funds for Balochistan,” he said.
The financing facility will help women entrepreneurs set up new businesses or expand the existing ones. The SBP will provide refinance to banks at 0% and the maximum financing amount will be Rs1.5 million.
The maximum financing period will be five years with a grace period of up to six months. The end-user rate will be 5% locked in for the financing period.
Bajwa expressed the hope that banks would make all-out efforts in making the scheme a success, but cautioned that the SBP would monitor progress of the scheme closely.
Balochistan Assembly Speaker Rahila Durrani, who was chief guest on the occasion, praised the SBP’s scheme for small businesses, particularly of Balochistan. She voiced hope that such attractive financing schemes would help poor women overcome their financial problems and bring prosperity to the entire province.
Earlier in the day, the SBP governor called on Balochistan Governor Muhammad Khan Achakzai. He talked about SBP’s special focus on agriculture, small and medium enterprises and low-cost housing in all underserved areas of Pakistan, particularly Balochistan.
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The SBP governor also met with members of the Quetta Chamber of Commerce and Industry (QCCI), who apprised him of the issues being confronted by the business community.
Bajwa assured the QCCI members of his help in addressing their genuine grievances.
Published in The Express Tribune, August 26th, 2017.
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