New bank may boost Dominican textile exports: ADITEX

12 Mar '14

2 min read

Textile exports from Dominican Republic are expected to increase and inject 700 million pesos in the country’s economy, especially due to the funding facilities and training support that would be received by the sector from the National Bank of Development of Exports, which was established recently, said Dominican Association of Textile Industries (ADITEX) president David Cortes.

Mr. Cortes said the decision of turning the National Development Bank of Housing and Production (BNV) into a financial institute specializing in development of exports is a good measure taken up by the Government, and the National Bank of Development of Exports, once operational, is expected to facilitate exports from the textile sector of the country, reports Dominican newspaper Listin Diario.

The bank would be fundamental in facilitating competitiveness amongst textile enterprises that export products and would help in generating more employment and fetch foreign exchange for the country, he added.

According to the ADITEX official, the financial facilities received from the bank could be utilized by the enterprises operating in the sector to implement training facilities and expand production centers to manufacture high-quality textile products that could be exported.

The conversion of BNV into National Bank of Development of Exports was announced by Dominican President Danilo Medina last month. The new bank is established with the objective of providing credit facilities to export-oriented sectors in the country with the aim of facilitating growth and development. Operations at the new bank are expected to begin from June, this year.

Fibre2fashion News Desk - India