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Govt to provide low-interest funds to boost textile exports

03
May '10
According to Mahama Ayariga, Deputy Minister of Trade and Industry, an individual body will be developed to handle the Export Development Investment Fund (EDIF), which will provide funds for the growth and thereby, also promote the export sector.

The move is to financially aid operators of the textile and garment industries directly through the corporate body, than benefiting indirectly from banks that were permitted to provide the services.

Although, banks are permitted to provide EDIF services to potential clients, they instead market their own forms of credit products, which are expensive due to higher interest rates.

They refrain from mentioning the EDIF services as it is offered at a reduced interest rate and is far cheaper than the fiscal products offered by the banks to potential clients, said Mahama.

Although EDIF was formed under Act 582 in October 2000, the fund commenced operations only in July 2001 after the appointment of a Chief Executive, a thirteen member board and a secretariat.

EDIF aims in improving the economic development of Ghana by providing concessionary financial support for the growth and promotion of country's overseas sales.

Fibre2Fashion News Desk - India


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