Facilitation From Banks

Facilitation From Banks will bring more investment in Marble and Granite sector of Pakistan.

Pakistan Stone Development Company (PASDEC), State Bank of Pakistan  (SBP) endeavors for “access to finance” to the marble & granite sector of Pakistan. This was stated by the Chief Executive Officer of Pakistan Stone   Development, Mr. Zahid Maqsood Sheikh in the meeting with the banking  industry of Pakistan and marble industry stakeholders on Wednesday. He  also appreciated the State Bank of Pakistan role in recognizing true  potential of marble & granite sector of the country. He said that the  bank’s recognition would bring more investment and stability in  dimensional stone sector of Pakistan.
While presenting, Mr. Zahid Maqsood Sheikh highlighted the potential   of sector and informed the participants that country has over 300  billion tons of estimated reserves and around 4,000 SMEs are working  in the sector which lack support from the financial institutions. He said that lack of access to finance is one of the major reasons  that the sector is still underdeveloped and failed to tap the  international market. He emphasized the need that the banks should
play their active role in uplifting the sector and assured complete  support to the banks and the industry in developing viable business  models and products. He also urged the need in accessing value of  marble and granite leases, stock in hand and assets as collateral for
extending credit facility to the sector.
It was also proposed that a committee comprising banks, stakeholders  and PASDEC may be established to put up recommendations and make the  sector bankable, furthermore committee members were advised to devise  a plan to appraise the value of marble and granite leases / square  blocks / slabs as collateral to broaden credit facilities to the  marble stone sector of Pakistan. Meeting participants appreciated PASDEC and the State Bank for  bringing them to a platform where they had the opportunity to  understand the real potential of marble and granite sector and assured  that they will develop suitable products for the sector in  collaboration with the stakeholders. The senior executives from 21 banks besides sector representatives  participated in the meeting held at PIDC House Karachi.