The projects will be eligible for financial subsidy to meet interest charges on bank loans. Dawn reports that, according to these reports, another 26 projects, for which applications from intending investors have been received by the SEDF are being processed. The fund was launched in 2011 by the provincial government with an amount of 800 million rupees (PKR).
According to the officials, the amount has been invested in National Savings Schemes and the return on it would be utilised by the Fund to subsidise interest charges of intending investors on loans acquired by them from banks.
The details of 14 projects approved by the SEDF are:
- MFY Poultry Farm PKR25.28 million
- ECH poultry farm at taluka Nasarpur-Hyderabad
- ECH poultry farm in Tando Allahyar PKR52 million
- Dairy farm at Dhabeji of about 500 imported cows PKR166 million
- Meat processing and slaughter house at Gaddap Town PKR124.6 million
- Fish processing plant PKR60.49 million
- Tomato paste and fruit pulping plant at Noor Khan Goth, Gujro, Gaddap Town PKR77.8 million
- Al-Saeedi cold storage near New Sabzi Mandi, Daharki, district Daharki PKR89 million
- Reliance International Commodities Exports (rice) at Miro Khan Road, Larkana credit for working capital of PKR60 million for an established exporter
- Five projects of date processing plants for cold storage, fumigation, sorting, drying, and washing, fresh packed date, date paste (optional) and date syrup (optional).
The SEDF mission is 'to support development based on Sindh's competitive advantage' and 'to introduce technology and bring value addition in non-conventional but vital sectors of the economy by extending technical and credit'.
The SDF will provide financial subsidy to enterprises wanting to go for upgrading basic skills, modern technology or greenfield projects in the following sectors: agro-processing, dairy, livestock, poultry, fisheries (fresh water as well as marine), floriculture, storage and cold chain, mining and processing of minerals and energy (solar, biogas and wind as energy).
According to the report in Dawn, the fund has adopted a new methodology whose salient features are: selected individuals can apply for a loan from any financial institution; credit for three years; The SEDF will pay 100 per cent KIBOR for capital cost and up to 50 per cent for working capital; the total value of the SEDF interest subsidy not to exceed PKR21.5 million; and SEDF financial support not to exceed projects worth PKR172 million.
