Pakistani Government May Provide $3B in Export Ref
Lahore, Pakistan, January 3--Punjab Minister for Investment, Industries and Commerce Muhammad Ajmal Cheema has said that the State Bank of Pakistan (SBP) is willing to provide up to $3 billion worth of export refinancing to small and medium exporters.
The facility would be available to those exporters having 'supply orders' from foreign buyers, he said and added "Governor SBP Dr Ishrat Hussain has already conveyed availability of credit line for the exporters."
In a meeting with the office bearers of Pakistan Carpet Manufacturers and Exporters Association (PCMEA) here on December 28, he said that he had held discussions with managements of leading US chain stores including Wal-Mart, Home Depot and Casco, and they were ready to display Pakistani rugs and carpets in their outlets.
"However, the managements of these chain stores have demanded uniform quality and assurance of regular supply," the minister said adding, "only Casco needs 30,000 carpets for its 1,500 outlets."
The provincial minister said it was most likely that the government might finance brand development and market exploration for hand-made carpets. "We have abundant funds available for this purpose and Prime Minister has already assured financing for such ventures," he added.
He said SIE would offer special incentives to PCMEA members intending to develop their units at this industrial estate and they would have to pay only 15 per cent while BoP would finance rest of the 85 per cent of the land cost on easy terms.
He assured a downward revision of interest, saying that a formal proposal should immediately be forwarded in this regard to the BoP.
