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Banks put restrictions on textile credit facilities & loans
28 Dec '10
1 min read
Textile industries have been classified as hazardous by the Egyptian banks but they do not have any technical departments which can find out the extent of risk that the industry can cause.
These banks have prohibited the textile credit facilities as well as loans which were being offered to the textile mills.
Over the last two years, there has been an increase of three to four percent in the bank charges particularly for the textile accounts. This has also increased the loan collateral for textile mills to 16 percent. The global collateral rates vary between three and six percent.
A textile expert revealed that the banks have, however, not imposed the same prohibition on factories manufacturing the finished apparels even though the apparel market is equally competitive.
These banks have prohibited the textile credit facilities as well as loans which were being offered to the textile mills.
Over the last two years, there has been an increase of three to four percent in the bank charges particularly for the textile accounts. This has also increased the loan collateral for textile mills to 16 percent. The global collateral rates vary between three and six percent.
A textile expert revealed that the banks have, however, not imposed the same prohibition on factories manufacturing the finished apparels even though the apparel market is equally competitive.
Fibre2fashion News Desk - India
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