SBP announces financing facility for differently-abled people

KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued a concessionary Small Enterprise Financing and Credit Guarantee Facility for differently-abled people, a statement said.

SBP Governor Tariq Bajwa announced this special facility in the 7th meeting of the National Assembly Standing Committee on Finance, Revenue and Economic Affairs held at the central bank.

“Realising the vulnerability of persons with disabilities in the country and cost associated with their exclusion for the economy, State Bank of Pakistan in-line with its priority sector development has devised a scheme for special persons,” Bajwa said.

This financing facility was expected to improve access to finance for differently-abled people falling under small enterprise (SE) category at a concessional rate of five percent per annum.

Under the scheme, banks and DFIs would provide financing facilities to differently-abled people for establishing new business enterprises or for expansion of existing businesses.

The SBP would provide refinance to banks/ DFIs up to 100 percent of finance extended by them.

Differently-abled people would be able to avail financing up to Rs1.5 million for a maximum period of five years, including grace period of six months.

SBP would also provide risk coverage of 60 percent to banks on their outstanding loans under the scheme.

This financing facility has been issued with the main objective of improving the socio-economic life of differently-abled people in Pakistan.

In September last year, the government directed the SBP to take necessary measures for making the automated teller machines (ATMs), accessible to visually-impaired persons.

The effort is aimed at enabling thousands of visually-impaired Pakistanis to take control of their banking

transactions without depending on strangers while using the automated teller machines.

Finance Minister Asad Umar asked the State Bank of Pakistan to direct commercial banks to make their respective banking facilities accessible for persons with disabilities.