The Presidents/Chief Executive,
Refinance Facility for Combating COVID-19 (RFCC)/
Islamic Refinance Facility for Combating COIVD-19 (IRFCC)
Please refer to IH&SMEFD Circular No. 03 & 04 of 2020 dated March 17, 2020 regarding State Bank of Pakistan’s Refinance Facility on the captioned subject. In view of health emergency in the country due to COVID-19, SBP has decided to further facilitate those hospitals and medical centers which are combating COVID-19 Pandemic and having difficulties in availing this facility.
2. Accordingly, banks/DFIs are now being allowed to provide financing against existing equipment of hospitals/medical centers and purchase of refurbished equipment provided the same are used in creation of special facilities/isolation wards to deal with COVID-19. Under this health emergency, the requirement of direct payment to the vendor is also being relaxed. Further, 60% coverage of the cost of civil works for setting up isolation wards has also been enhanced to 100%. Banks/DFIs are advised to ensure that the financing obtained under this facility is utilized for the intended purpose. Moreover, banks/DFIs are fully responsible for mitigating all related risks.
3. All other terms and conditions of the facility shall remain unchanged.