SCCI flays discontinuation of TEFR by commercial banks in KP

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) has resented discontinuation of applications process by commercial banks under Temporary Economic Refinance Facility (TERF) of the State Bank of Pakistan, being implemented to give boost to industrialization and ‘re-energize’ economy.

Sherbaz Bilour, SCCI president in a statement issued here Tuesday stated that the TERF, is a best package announced and implemented by SBP last year for the retention and revitalization of the economy.

Under the scheme, he informed that the funds were released at a ratio of fixed five percent mark-up, meant to re-energize, promote and expand the existing industries.

However, he lamented that the commercial banks following the directives of SBP stopped entertaining the applications which is unjust and discriminatory.

Sherbaz Bilour mentioned that the commercial banks in Khyber Pakhtunkhwa had dispensed very little under TERF.

Now the commercial banks in Khyber Pakhtunkhwa are refusing to entertain applicants and process the applications for the TERF package despite validity of scheme till 17th March, 2021.

SCCI chief praised that the State Bank of Pakistan is implementing business friendly policies for economic development and revitalization.

Sherbaz Bilour asked to end step-motherly attitude with KP province and of the government and SBP to increase the share of KP in the TERF scheme and also extend the deadline for accepting applications till March 2022.