KARACHI, Oct 26: Pakistan Industrial Credit and Investment Corporation (PICIC) has allocated Rs6 billion to fund long-term projects, working capital needs and lease financing of industry for the year 2002.

PICIC sources told APP here on Friday that this huge financing would be extended under the new image of PICIC as a “financial supermarket” for industry and trade.

The corporation will provide Rs3 billion to long-term projects during 2002.

The enhanced cash recovery has enabled the corporation to resume long-term financing and it approved Rs2.053 billion during 2001 as compared with Rs928 million in 2000.

PICIC is the only development finance institution, which is providing long-term financing in the country, the sources said.

They said PICIC and PICIC Commercial Bank are meeting working capital requirements of the industry and trade and for 2002 it was projected to provide Rs1.5 billion under this head.

During the current year, PICIC has sanctioned Rs1.175 billion for working capital advances compared to Rs525 million in 2000.

Similarly, PICIC will extend Rs1.5 billion under lease financing in 2002 against Rs212 million it extended under the same head in the current year.

In addition, PICIC Commercial Bank has already commenced small and medium loans of Rs30 to Rs100 million, beside extending agri loans.—APP