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Apex bank approves payment of mark-up subsidy

27
Mar '10
Saleem Raza, Governor of State Bank of Pakistan (SBP) has recently issued Circular No. 03 & 04 of 2010 concerning payment of export refinance mark-up of 2.5 percent to the textile sector, for which Dr. Mirza Ikhtiar Baig, Adviser on Textiles has expressed his gratitude.

The circular has been issued by SBP is in accordance with the notification issued by the Ministry of Textiles on September 1, 2009, in which it approved the disbursal of mark-up assistance on export refinance as well as long term loans for the period September 2009 to February 2010.

Of the total claims raised for those six months, 2.5 percent Export Refinance mark-up subsidy will be provided to extent of 60 percent of the claims, while mark-up on long term loan will be provided to the extent of 70 percent of the claims.

Recently, Dr. Baig once again spoke to SBP's Governor and appealed him to continue the policy of giving LTFF on second-hand textile machinery, which expired on December 31, 2009. The Governor has agreed to this and alongside the Ministry of Textile has also directed all the textile associations to present their probable investment under the scheme.

Fibre2fashion News Desk - India


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