KARACHI, Feb 28: The State Bank on Tuesday extended the deadline for the long-term financing scheme for export-oriented projects till further order.

The deadline for the scheme was February 28, 2006. Under the scheme, borrowers can get loans for up to two years at the rate of seven per cent. This includes a three per cent spread by the participating financial institutions.

The borrowers, who want to get loans for over three years and up to maximum seven and half years, could get this credit at the rate of eight per cent per annum. This scheme was made effective from March 3, 2005 till February 29, 2006.

The central bank issued a circular on Tuesday, with instructions to carry out the scheme till further instructions by the State Bank. Financing for the export-oriented projects was started to facilitate investment in projects, especially the textile sector, where credit demand was very high.

In another circular, the SBP announced to continue the export refinance scheme with the same rate of interest. The rate for export refinance will be 7.5 per cent per annum.