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Pakistan

SBP enhances financing limit for hospitals to treat COVID-19

The development comes amid the rising number of cases of COVID‐19 in the country and with the need to strengthen th
01 May 2020
  • The development comes amid the rising number of cases of COVID?19 in the country and with the need to strengthen the health sector in the fight against COVID?19.

The State Bank of Pakistan (SBP) on Friday enhanced the financing limit of a single hospital/ medical center under its Refinance Facility for Combating COVID ?19 (RFCC) from Rs200 million to Rs500 million.

The development comes amid the rising number of cases of COVID?19 in the country and with the need to strengthen the health sector in the fight against COVID?19.

It may be mentioned here that RFCC is an emergency funding facility to support hospitals/medical centers to develop their capacities for the treatment of infected patients of COVID?19.

The financing under this facility is being made available by State Bank at 0 percent to banks that can charge a maximum rate of 3pc per annum to hospitals/medical centers.

The central bank informed that to date, financing of  Rs2.2  billion for 11 hospitals/medical centers has been approved whereas financing requests of Rs3.6 billion for 23 hospitals/medical centers are being processed by the banks.

The central bank said with the latest enhancement of financing limit, it is expected that large scale facilities will be created for treating COVID?19 patients by using subsidized funding being extended under this Facility.