The Presidents/ Chief Executives,
All Banks / DFIs
Islamic Refinance Facility for Combating COVID - 19 (IRFCC)
1. To combat the impact of COVID-19, State Bank of Pakistan (SBP) has introduced a time bound emergency support for hospitals & medical centers by providing Islamic refinance facility to develop capacity for treatment of infected patients of COVID 19. Salient features of the scheme are as follows:
- Scope & Eligibility Criteria: Long term finance facility for purchase of new imported and locally manufactured medical equipment to be used for combating COVID-19. All hospitals and medical centers registered with respective provincial/federal agencies/commissions engaged in controlling and eradication of COVID-19 will be eligible under the facility.
- Maximum financing limit: Rs.200 Million (per Hospital/Medical Centre)
- Tenor: 5 years including grace period of up to 6 months
- Civil Work: Up to 60% cost of civil works for setting up of isolation wards only
- Repayment: Quarterly/ half-yearly
- Validity of the facility: 30th September, 2020
3. The facility shall be effective immediately. Details of the facility are provided in the attached Annexures.
Annex-I: Islamic Refinance Facility for Combating COVID - 19
Annex-II: Documents for Islamic Refinance Facility for Combating COVID - 19