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Nepal pashmina exporters welcome refinancing facility

21
Aug '12
The Nepal Pashmina Industries Association has welcomed the refinancing facility extended by the Nepal Rastra Bank (NRB). The association said exporters would now be able to avail loans on both pre- and post-shipment orders. 
 
Though the Central Bank introduced the facility some four years back, it went unutilized due to ineffective policy and for a want of enthusiasm among the commercial banks to extend the facility at the interest rate as fixed by NRB. 
 
Handicraft exporters, including Pashmina handicraft exporters, in Nepal can now avail the refinance facility extended by the commercial banks as the NRB has revised and simplified the procedure for availing loans. 
 
NRB said those exporters who have already availed the refinancing facility would not be allowed to avail another refinance facility unless the previous loan amount is paid.
 
Under the revised refinance scheme, the repayment period for individual exporters and export-oriented industries would be different, according to the NRB.
 
For individuals, the payback period would be of six months, while for an export-oriented industry it would be six months plus an additional adjustment of a few more months would be allowed if needed, depending on the previous loan clearance status, NRB said.
 
NRB has simplified majority of the refinance procedures. Handicraft exporters can easily avail the refinance facility once the commercial bank sends the request to NRB. The refinance facility has been simplified under the monetary facility, which makes it possible for exporters to obtain refinancing based on contract paper and working capital.
 
NRB is now making efforts to develop a new working procedure. It would also hold meetings with representatives of the Ministry of Commerce and Supplies, Nepal Bankers’ Association and a number of exporter associations, to discuss and cooperate on the refinance facility.
 

Fibre2fashion News Desk - India


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