950820

IDBP okays

Rs 343.8 m loan

for four units

ISLAMABAD: The Industrial Development Bank of Pakistan (IDBP) has sanctioned financial assistance to the tune of Rs 343.76 million, including over Rs 310 million in foreign exchange, for four industrial units in the country, says an IDBP press release.

The loans sanctioned by the IDBP at its Board of Directors' meeting held on Sunday, would help setup a polyester filament yarn and chips manufacturing unit at Hattar Industrial Estate, NWFP, which is being established at a total cost of Rs 1174.3 million. The project with annual production capacity of 3,700 tonnes of polyester yarn and 1,775 tonnes of polyester chips is being financed by a consortium of Pakistani banks and DFI's.

Another new project for the manufacture of puncture proof bicycle tyres would be established in District Kasur with the help of IDBP loans. The total cost of this project is estimated at Rs 148 million and will have the annual production capacity of 1.4 million puncture proof tyres.

other two projects, sanctioned loans by the IDBP, include a project of M.S. & G.I. Pipe manufacturing to be located in Lahore and a composite unit of knitted garments in Kasur District, which will help the country earn an estimated amount of Rs 451.76 million in foreign exchange through exports annually.

On implementation, these schemes would generate over 550 new opportunities of employment and help save foreign currency equivalent to Rs 316.4 million annually through import substitution.