Apropos a news item carried by Daily Business Recorder on February 24, FPCCI has clarified that EDF Fund was sanctioned first time to FPCCI in November-December 2006 and funds was released in March-April 2007. As such, the question of misuse of this fund by any one from FPCCI before the release of funds in 2007 does not arise.
"Since March-April 2007, the funds have been utilised for strengthening the Research and Development activities in the FPCCI, for which periodic reports are sent to Ministry of Commerce. On the basis of these satisfactory reports, the second tranche of funds was released in 2008," the clarification concluded.