Home / Knowledge / News / Textiles / Textile sector receives Rs176 bn under EFS
Textile sector receives Rs176 bn under EFS
07
May '08
The State Bank of Pakistan and commercial banks have provided a sum of Rs 273 billion under the Export Refinance Scheme (EFS) to all eligible export-oriented sectors during the first three quarters of FY08, out of which an handsome amount of Rs 176 billion or 65% was availed by the textile sector at 7.5% - lower than ongoing 6-month Karachi Inter-Bank Offered Rate (KIBOR) of around 10.32%.

It may be mentioned here that the above-mentioned amount is equivalent to the amount provided to the Textile Sector during the same period of FY07. Likewise, textile sector has also availed over Rs 4 billion during the same period as a long-term financing at 6% to 7%, which is even below ongoing EFS rates. The SBP has also sanctioned an amount of Rs 8 billion under its newly-announced Long Term Financing Facility (LTFF) for disbursement to the textile sector during January-June 2008.

The funds so far disbursed under this scheme have been availed by the textile sector. It may also be added here that during the period from FY 03 to December 2007, the State Bank has provided refinance amounting to Rs 897.5 billion to the Textile Sector under EFS at the mark up rates which were below the ongoing market rates providing sufficient savings to the sector.

Further, Textile Sector has availed refinance amounting to Rs 54 billion under Long Term Financing for Export Oriented Projects (LTF-EOP) Scheme since its inception in May 2004 to February 15, 2008 at a fixed rate of mark up of either 6% or 7% for the full tenure of the loan which can extend up to 7-1/2 years.


Must ReadView All

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search