The Ministry of Textile Industry clarifying a news item published in the Business Recorder on September 24, saying "Textile City Project failing to take off due to paucity of funds," has said the total cost of the Textile City Project is Rs 15 billion (inclusive of power plant and water treatment plant) instead of Rs 3.6 billion.
"Initially, a bank financing of Rs 500 million was raised through National Bank of Pakistan (as a JV partner) and a state/sovereign guarantee was issued by the M/o Finance accordingly," said a press release received here on Friday. "Raising of further Rs 1 billion is being actively negotiated by the PTCL with the banks. As soon as the terms and conditions of the loan are finalised, the case will be referred to M/o Finance for arrangement of state/sovereign guarantee.
In the meanwhile, development work at the Textile City is progressing apace and there is no held-up due to arrangement of additional resources' it concluded. However, it was mentioned in the story that Power Plant and Waste Water Treatment Plant are not included in the cost.
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