ISLAMABAD: The Textile Ministry on Wednesday released Rs.1.61 billion for its various support schemes for the development of textile sector as envisaged in the Textile Policy 2009.
Out of the total allocations of Rs.7.5 billion, the ministry has already released Rs.4825.00 million to fund various support schemes.
The ministry has also sent a request to State Bank of Pakistan to immediately disburse the released funds, said a press statement adding instructions regarding the release of remaining amount would also be issued later.
While announcing the release of funds, Federal Minister for Textile Industry, Rana M. Farooq Saeed Khan said that implementation of Textile Policy devised in 2009 was steering the textile sector in right direction.
He said that sustained growth in textile exports during the last two years show that the textile policy was working well.
Khan said that timely release of funds by his ministry was proving helpful in supporting various textile initiatives adding that ministry would keep on working sincerely for the sustained expansion and growth of the Textile sector.
It is pertinent to note that textile exports from the country have significantly increased during July to December 2010, as the textile sector boosted by 25.8 percent.
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