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As you are aware, Government has strong commitment towards promotion
of Information Technology Sector in Pakistan and all efforts
are focused on its promotion. You will appreciate that availability
of credit is a key element in the establishment and growth of
Information Technology Industry, especially for new entrants
possessing the skills and expertise in this area as also for
businesses who are in the process of setting up Information
Technology companies. There have, however, been a spate of complaints
from different quarters that the process of acquiring loan/financing
from commercial banks is quite time consuming complicated and
cumbersome even for a legitimate business proposition.
Keeping in view the importance of this
sector towards the economy and problems faced in the extension
of financing, Banks/NBFIs need to formulate innovative schemes
to provide financing liberally to the information Technology
industry, in general and for Information Technology exports,
in particular. Besides Banks/NBFIs are also advised to review
their existing loaning procedures with a view to streamline,
simplify and shorten the length of time it takes to convey
final decisions, while at the same time carefully appraising
the risks and ensuring recoverability of loans. It has already
been clarified that for export refinance purposes, a firm
contract or order can act as the collateral.
Banks/NBFIs may also make available, the detailed financing
procedures in the form of brochures, pamphlets etc. at their
counters clearly indicating therein all the prescribed formalities
for the benefit of their prospective Information Technology
customers. A copy of the scheme so framed alongwith the brochures
may be furnished to the Banking Supervision Department, Information
Technology Division of the Ministry of Science & Technology
and the IT industry associations.
Please acknowledge receipt.
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