SBP enhances financing limit for hospitals
Raises it to Rs500m under its Refinance Facility for Combating Covid-19
KARACHI: Owing to the rising coronavirus cases and the need to strengthen health sector to combat Covid-19, the State Bank of Pakistan (SBP) has enhanced financing limit of a single hospital/medical centre under its Refinance Facility for Combating Covid-19 (RFCC) from Rs200 million to Rs500 million.
The announcement was made in a press release issued on Friday. "RFCC is an emergency funding facility to support hospitals/medical centres to develop their capacities for treatment of infected patients of Covid-19," it read. "The financing under this facility is being made available by the state bank at 0% to banks that can charge a maximum rate of 3% per annum to hospitals/medical centres."
According to the release, SBP has been continuously improving features of this facility to ensure timely financial support to hospitals/medical centres engaged in combating Covid-19.
So far, financing of Rs2.2 billion for 11 hospitals/medical centres has been approved whereas financing requests of Rs3.6 billion for 23 hospitals/medical centres are under process by the banks. "Following enhancement of financing limit, it is expected that large scale facilities will be created for treating Covid-19 patients by using subsidised funding being extended under this facility," the statement added.
Published in The Express Tribune, May 2nd, 2020.
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