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Textile sector receives Rs176 bn under EFS
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.

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