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| Pakistani government proposed to provide financial support to textile industry in the 2010-11 budget |
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The government recently allocated Rs 10 billion in the 2010-11 budget for the ※Export Investment Support Fund§ to provide a mark up rate on export refinancing and rebate on fabric, home textiles and apparel to achieve the export target of US$25 billion in the next five years.
This was stated by Mirza Ikhtiar Baig Advisor to Prime Minister on Textile. He said that a huge chunk of the fund would be spent on account of a 2.5% mark up rate on export refinance, 8% rebate on fabric, 2% on home textile and 3% on rebate on garment textile from Export Investment Support Fund (EISF).
He said that the government had allocated Rs 40 billion for the ongoing fiscal year for Export Investment Support Fund out of which 67% was earmarked for the textile industry. Ikhtiar Baig revealed that EISF would be spent on the initiatives under the five-year textile policy and mainly for textile and clothing industry with a view towards consolidation and value addition of the sector. It was, however, noted that the actual funding for last year was not realized due to financial constraint.
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