Daily Times

ISLAMABAD: Pakistan Stone Development Company (PASDEC) and the State Bank of Pakistan (SBP) are endeavouring for “access to finance” to the marble and granite sector of Pakistan, said PASDEC Chief Executive Officer Zahid Maqsood Sheikh in a meeting with the banking industry of Pakistan and marble industry stakeholders.

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, 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.