FAISALABAD. State Bank of Pakistan (SBP) played a proactive role during pandemic to contain its ill economic impacts, said Muhammad Ashraf Managing Director SBP.
Addressing an awareness session on renewable energy in Faisalabad Chamber of Commerce & Industry (FCCI), he underlined the importance of cheap energy to keep the industrial wheel in full swing. He said that SBP under the dynamic leadership of Governor SBP Dr. Raza Baqir introduced most professional and result oriented schemes to face the energy challenges. He said that Rs. 435.7 billion was disbursed under Temporary Economic Refinance Facility (TERF) to overcome the global slowdown due to Covid-19.
He said that many other schemes were also launched in addition to establishing a dedicated SBP help desk at FCCI to ensure coordination between banks and FCCI members intending to avail various SBP schemes.
He said that these schemes yielded positive results and initial tenure of the Rozgar scheme was further enhanced on the special request of FCCI. He said that SBP has also introduced a new scheme to extend subsidized loans for house construction by employees of the private sector.
He said that workers employed in private organizations could now avail the facility of house loan on the guarantee of their employer.
Regarding renewable energy, he said that Pakistan is a blessed country where sunlight is available during maximum hours of a day. He said that this sector was not properly patronized by the Government, however now SBP has decided to give maximum loans to set up solar energy units with a maximum interest rate of 6%.
He hoped that it will not only help in trimming their electricity bill but also play a major role in containing environment pollution created by power houses run by fossil fuel.
He said that FCCI must convince its members to switch over to green energy to protect this region from the ill impacts of global warming.
He said that initially 6 commercial banks have been deputed to disburse this loan while more banks could also be added to ensure speedy processing of loan applications. He said that renewable energy will not only cut down the cost of production but also help the private sector to enhance exports.
Engineer Hafiz Ihtasham Javed, President FCCI said that industries installed in congested cities must be shifted to the well-planned and state-of-the-art industrial estates to redress the chronic issue of environment pollution. He said that SBP should also introduce policies to help out such industrial units under subsidized finance schemes. He said that fundamentally Pakistan has an agrarian economy and most of industrial raw material comes from the fields.
“This sector is facing a crisis due to the ill planning and we have to import cotton, wheat, edible oil, sugar and pulses etc to meet our domestic needs.”, he lamented.
Dr. Mrs. Rubina Farooq Vice Chancellor Government College Women University (GCWU) in her key-note address said that we have to switch over to renewable energy resources to contain the increasing environmental pollution particularly in the urban areas.
She warned that the ratio of carbon dioxide is increasing due to the accelerated economic activities and if it continues to increase at the same pace, life on this planet will become extinct very soon.
Sarfraz Ahmad Nadeem Chief Manager SBP Faisalabad appreciated the cooperation extended by FCCI to make the various schemes launched by the SBP successful. Muhammad Akbar Deputy Chief Manager SBP also gave a detail presentation about the renewable energy scheme.
Later, Chaudhry Talat Mahmood Senior Vice President and Ayub Aslam Manj Vice President presented FCCI shields to Muhammad Ashraf Managing Director and Shaukat Zaman Executive Director SBP respectively.—PR
Copyright Business Recorder, 2021
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