Meezan Bank’s management has approved a loan of Rs. 200 million each for three charitable hospitals providing treatment to COVID-19 patients in Karachi.
The bank will provide financing to these hospitals on the basis of Qarze Hasna which also waives off 3 percent profit of the bank on the amount of financing fixed by the State Bank of Pakistan (SBP).
This step is one of the good examples set by a banking company when the whole country is facing a challenging situation. Other profitable banks also came forward to facilitate the speedy development of the healthcare sector for better health services to the masses.
Banks Approve Financing Facility for 11 Hospitals
Various commercial banks have approved financing facilities to 23 various hospitals in the tune of Rs. 2.2 billion, according to the SBP.
Commercial banks are also processing financing requests of Rs. 3.6 billion for 23 hospitals/medical centers operating in different cities.
It is expected that large scale facilities will be created for treating COVID-19 patients using subsidized funding being extended under this facility.
SBP Enhances Financing Limit For Hospitals
In the background of rising cases of COVID-19 in the country and with the need to strengthen the healthcare sector in fighting against the virus, SBP enhanced the financing limit of a single hospital/medical center under its Refinance Facility for Combating COVID -19 (RFCC) from Rs. 200 million to Rs. 500 million.
RFCC is an emergency funding facility to support hospitals/medical centers to develop their capacities for the treatment of coronavirus patients.
The financing under this facility is being made available by State Bank at 0% to banks that can charge a maximum rate of 3% per annum to hospitals/medical centers.
SBP has been continuously improving features of this Facility to ensure timely financial support to hospitals/medical centers engaged in combating COVID-19.