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Trade finance coverage benefits textile sector
06 Jan '11
1 min read
A trade finance coverage of 110 million euros has been extended to Ibrahim Fibers Limited by four global and local banks so that the company can import new German machinery for manufacturing polyester staple fibres as well as polyester chips.
It has been estimated that the overall polyester manufacturing capacity of the company will be enhanced by 650 tons per day and would reach the level of 1,250 tons per day because of the addition of this new machinery.
The four banks that have extended the credit include MCB Bank, Asian Development Bank, International Finance Corporation and Citibank. These banks have made an announcement that they have concluded the task of trade transaction.
Textile industry constitutes 60 percent of the overall industrial activity that is being carried out in the country. Such trade finance coverage will enable the textile sector of Pakistan to grow further, said an expert.
It has been estimated that the overall polyester manufacturing capacity of the company will be enhanced by 650 tons per day and would reach the level of 1,250 tons per day because of the addition of this new machinery.
The four banks that have extended the credit include MCB Bank, Asian Development Bank, International Finance Corporation and Citibank. These banks have made an announcement that they have concluded the task of trade transaction.
Textile industry constitutes 60 percent of the overall industrial activity that is being carried out in the country. Such trade finance coverage will enable the textile sector of Pakistan to grow further, said an expert.
Fibre2fashion News Desk - India
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