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Only spinning sub-sector eligible for loan swap scheme of SBP
22
Apr '09
The State Bank of Pakistan has provided a reprieve to the export oriented industries; by allowing them a one time opportunity to swap and refinance their outstanding loans availed to import or purchase plant, machinery and equipment with SBP's Long Term Facility Scheme (LTFS).

As per the circular issued by the Apex bank, only those long term loans will be eligible for the swap, which had been disbursed by the banks between January 2005 and March 2009, but the scheme excludes the highest export revenue generator; textiles and garments.

This one time opportunity scheme will stay open from April 21 to June 30, 2009. Only 50 percent of the loan will be eligible for refinancing while the rest will stay concurrent with the lending banks and also excludes loans which have been declared non-performing under SBP guidelines.

Meanwhile, the SBP released a second circular, which included various sub-sectors from the spinning industries, making them eligible for the LTFS loans. The sub-sectors include doubling, twisting, combing, yarn dyeing, etc.

Fibre2fashion News Desk - India


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