Home / Knowledge / News / Textiles / Ginners receive financing for machinery up-gradation

Ginners receive financing for machinery up-gradation

05
Sep '09
The cotton ginning sector has reasons to rejoice. The apex bank, State Bank of Pakistan announced that it would provide financing facilities to the cotton ginning factories to modernise their machinery.

This credit facility is available only for replacing or modernizing machinery and equipment, said a spokesperson of the bank and will be effective as on date to December 31, 2010.

The financing will be available for equipment and machinery sourced from domestic companies. However, credit will also be made available to purchase new generators up-to a maximum capacity of 500 KVA.

The loan will be repayable within a maximum period of seven years, which includes a grace period of six months. Locally manufactured machinery using more than 80 percent imported components shall not be eligible for financing.

The rate of re-finance up to 3 years would be 6 percent with bank's spread of 2 percent and end user rate of 8 percent. Similarly over 3 years and up to 5 years the rate would be 6.50 percent with bank spread of 2.50 percent and end user's rate of 9 percent.

Over 5 years and up to 7 years rate would be 7 percent with bank spread of 3 percent and end user's rate of 10 percent. Financing rates will be subject to revision on yearly basis effective from July each year.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 21st Oct 2020

Not much gain for Bangla RMG exporters from PRC decision

Despite China offering duty-free market access to 97 per cent of...

Pic: Shutterstock

Retail | On 21st Oct 2020

UK BEIS Committee seeks firms' replies on forced labour

The Business, Energy and Industrial Strategy (BEIS) Committee of the...

Pic: Shutterstock

Retail | On 21st Oct 2020

NRF, EuroCommerce to reinforce cooperation on data flow

How to legally transfer customer and employee data across the...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Top executives, Textile industry

Top executives
Textile industry

Technical textiles industry moving back to Europe

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Vikram Saria,

Vikram Saria

Shanghai-based Aura Designs Ltd is a leading manufacturer of textile and...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Oliver Schmitz,

Oliver Schmitz

Germany-based Gmöhling is a leading manufacturer of aluminium containers...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search