SBP pays Rs 29 billion under Long Term Finance for Export Scheme

KARACHI (December 23 2006): The State Bank of Pakistan has disbursed Rs 29 billion by December 20, 2006 under its long term financing scheme for export oriented project (LTE-EOP), it was learnt on Friday. Out of this disbursement Rs 20.20 billion went to textile sector under the debt swap option offered by the SBP earlier, and Rs 8.8 billion constituted fresh disbursements.

Under the debt swap option, privatised banks, including National Bank of Pakistan, have swapped Rs 14.9 billion followed by private banks Rs 3 billion, foreign banks Rs 2.1 billion and development finance institutions Rs 120 million.

Disbursements under the LTE-EOP scheme to new projects on an aggregate basis as on December 20, 2006 stood at Rs 8.8 billion. Like debt swap, the privatised banks, including NBP, availed Rs 3.6 billion, followed by private banks Rs 3.2 billion, foreign banks Rs 1.1 billion and DFIs Rs 0.78 billion.

The SBP is also acting as the executing agency for the research and development support offered by the Ministry of Commerce to the garments sector and by the Ministry of Textile Industry to the home textile and fabrics sector.

The SBP by December 19, 2006 has reimbursed R&D claims of Rs 10.2 billion against 91,061 cases settled. Of these approximately Rs 9.84 billion has been reimbursed to the garments sector against 87,299 cases from July 2005 to December 19, 2006, while Rs 340 million has been reimbursed to the home textiles and fabrics sector against 3,620 cases from August 2006 to December 19, 2006.

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