4 banks join hands to boost textile industry
The four international as well as local banks have provided trade finance coverage of 110 million euros to Ibrahim Fibers Limited to import modern German machinery for production of polyester staple fiber and polyester chips. Due to this trade finance the Ibrahim Fiber’s polyester production capacity will further be increased by 650 tons per day to 1,250 tons to make it more than double.
The MCB Bank, Asian Development Bank, International Finance Corporation and Citibank have announced that they have completed a trade transaction that will help boost the textile industry in Pakistan, a sector that accounts for over 60 percent of the country’s industrial activity, said a press release, posted on the website of the ADB.
It is to be noted that last year, ADB’s Trade Finance Program supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors.
The MCB Bank, Asian Development Bank, International Finance Corporation and Citibank have announced that they have completed a trade transaction that will help boost the textile industry in Pakistan, a sector that accounts for over 60 percent of the country’s industrial activity, said a press release, posted on the website of the ADB.
It is to be noted that last year, ADB’s Trade Finance Program supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors.
Gas supply cut led to closer of 600 industrial units
More than 600 Industrial Units including Textile Processing, Printing, Sizing, Dyeing, Finishing, Chemicals and Washing Soap manufacturing industries have been closed for next 84 hours here on Friday morning at 06:00 AM, due to suspension of gas supply by Sui Northern Gas Pipelines Limited (SNGPL).
More than 380 CNG stations have also been closed for two days, while 100,000 powerlooms remained closed on third consecutive week, because sizing industry not in position to supply sized yarn to the Powerlooms Industry on regular basis. Furthermore, 10 to 12 hour load-shedding of electricity in industrial areas adding fuel to fire, while 400,000 workers most of them daily wagers are facing severe problems, who have no alternative livelihood.
Residents in different parts of the industrial city were remained complained about the low gas pressure affecting cooking and other domestic chores. The affected peoples strongly demanded immediate restore of gas supply of the city areas, where routine life of every home affecting due to non-availability of gas. In a press statement, Salamat Ali, Chairman, Pakistan Hosiery Manufacturers & Exporters Association (PHMA) North Zone said that the gas suspension plan would have a very negative impact on entire Industrial sector that was already passing through very challenging times due to acute shortage of electricity and bad law and order situation.
READ MORE:
Source
http://www.brecorder.com/news/business-and-economy/pakistan/1141386:news.html
More than 380 CNG stations have also been closed for two days, while 100,000 powerlooms remained closed on third consecutive week, because sizing industry not in position to supply sized yarn to the Powerlooms Industry on regular basis. Furthermore, 10 to 12 hour load-shedding of electricity in industrial areas adding fuel to fire, while 400,000 workers most of them daily wagers are facing severe problems, who have no alternative livelihood.
Residents in different parts of the industrial city were remained complained about the low gas pressure affecting cooking and other domestic chores. The affected peoples strongly demanded immediate restore of gas supply of the city areas, where routine life of every home affecting due to non-availability of gas. In a press statement, Salamat Ali, Chairman, Pakistan Hosiery Manufacturers & Exporters Association (PHMA) North Zone said that the gas suspension plan would have a very negative impact on entire Industrial sector that was already passing through very challenging times due to acute shortage of electricity and bad law and order situation.
READ MORE:
Source
http://www.brecorder.com/news/business-and-economy/pakistan/1141386:news.html
A family member referred me to your resource. Thank you for the details.
ReplyDeleteVisit my site ... tutors melbourne
I am in fact delighted to read this blog posts which includes
ReplyDeletetons of helpful facts, thanks for providing such statistics.
Also visit my site :: Annmarie