He told that this scheme was categorized in two parts. In first part power plants from 1MW to 50MW could be installed for which the loan up to Rs 6 billion could be sanctioned. The rate of interest for this scheme will be only 2 percent in addition to 4 percent fixed bank spread.
Quoting figures and statistics, he told that 69 million people in Pakistan are still deprived of electricity. Similarly 144 million people are suffering from the energy crisis and only 75 million are getting electricity direct from the national grid. He told that this scheme has been designed to facilitate the individuals to fulfill their own domestic needs. In case of first category the applicants could also sell out their surplus electricity to the national grid and interest rate for it will be fixed for 10 years with grace period of two years. He told that in second category there is no need of mortgage hence such applicants are decided positively within 48 hours. He urged upon the representative of different commercial banks to play their key role in making this scheme a total success.
Responding to a question, he said that banks have invested more than Rs 300 billion in textile sector and hence this important sector cannot be declared red zone for the issuance of fresh loans. Earlier in his address of welcome Engineer Muhammad Saeed Sheikh, President FCCI said that a comprehensive monitoring system should be evolved to get maximum benefits from this scheme.
He said that commercial banks should also take measures to ensure 100 percent utilization of the funds allocated under this scheme. The function was also attended by Rana Sikandar Azam, Senior Vice President FCCI and Waqas Bajwa, Chief Manager SBP Faisalabad. Later, Muhammad Saeed Sheikh presented a special FCCI shield to Dr Muhammad Saleem, Additional Director Infrastructure, Housing and SME Finance Department of the State Bank of Pakistan.
Copyright Business Recorder, 2017