Infrastructure project financing by Banking Policy Department State Bank of Pakistan. The guidelines are for facilitating banks/DFIs to undertake Infrastructure Projects Financing (IPF), SBP has formulated guidelines in consultation with different stakeholders. It is important to note that, while in conventional corporate finance, investors and creditors usually look at the strength of the financial statements of the borrowing company and not just the net realizable value of the project alone, the IPF ideally requires non-recourse financing, wherein the lender looks solely at the cash flows of the project for its debt service.