Islamic Refinance Facility for Modernization of SMEs (IRFMS) is State Bank of Pakistan’s initiative to provide financing to SME customers on concessionary rates, under which customers can purchase new imported / local plant & machinery for Balancing, Modernization & Replacement (BMR) of existing units and setting up of new units. Financing shall also be available for import / local purchase of new generators.
- All SME customers as defined in SBP’s Prudential Regulations for SMEs are eligible for financial assistance to purchase new imported/local plant & machinery for BMR of existing units and to set up new SME units.
- Financing for import / local purchase of new generators up to a maximum capacity of 500 kVA is also eligible under the scheme for the allowed sectors.
Financing under the scheme shall be available:
- Only against LCs in case of financing against imported plant and machinery.
- To the extent of the C&F value of the imported new plant and machinery and/ or ex-factory/showroom price of the new locally manufactured machinery.