The Ministry of Textile has approached the Ministry of Finance for the immediate release of Rs 40 billion for Export Investment Support Fund (EISF) which would be spent on textile and clothing industry with a view towards consolidation and value addition of the sector.
Federal Secretary for Textile Dr Waqar Masood Khan told Business Recorder here on Monday that the Ministry of Textile was confident to get investment support fund of Rs 40 billion within one month in line with the new textile policy.
To a question, Waqar said there were no conditionalities for the release of investment support fund from the finance ministry. Out of around 10,000 textile operative units, the Textile Ministry had so far received about 3,000 applications for registration purposes, however, only the registered textile units would be eligible to avail the facility.
He said the government had announced Rs 40 billion export investment support fund in the new textile policy 2009-14 to address the issues of export-oriented industry of the country.
Waqar said, under the export support fund, 67 per cent would be spent on the textile and clothing industry with a view to moving the sector towards consolidation, adding that textile fund would provide capital to the industrialists and businessmen for overcoming the scarcity of financial resources.