The Presidents/CEOs,

All Banks/DFIs

Dear Sirs/Madams,

Refinance Facility for Combating COVID-19 (RFCC)/ Islamic Refinance

Facility for Combating COVID-19 (IRFCC)

Please refer to IH&SMEFD Circular Nos. 03 and 04 of 2020 dated March 17, 2020, followed by IH&SMEFD Circular Letters Nos. 06 and 08 of 2020 regarding State Bank of Pakistan’s Refinance Facility on the captioned subject.

2. In order to facilitate entities planning to engage in manufacturing of mask/protective dresses/testing kits/hospital beds/ventilators and other items to combat COVID-19, it has been decided to allow subject facilities to such entities.
3. Further, in view of health emergency in the country and to facilitate hospitals in entertaining patients even other than those of COVID-19, SBP has extended the scope of RFCC/IRFCC to cover setting up or expansion of the existing hospitals and medical centers subject to the following minimum conditions:

Registration with respective Provincial/Federal agencies/commissions.	50 Bedded tertiary care hospital.
24 hours fully equipped emergency.	In house Laboratory facility including Radiology/ CT/MRI/Ultrasound/ angiography/ angioplasty.
ICU/CCU with ventilators attached to each bed	Operation theaters and OPD facility

4. For setting up new hospitals under para 3 above, payments will be released by the banks on completing relevant milestones. Further, the scheme for setting up new hospitals will be valid uptill June 30, 2021.
5. All other terms and conditions of the captioned refinance facilities shall remain unchanged.