The Board of Administrators of Export Development Fund (EDF) has approved funding of Rs 300 million for setting up of Expo Center Lahore and directed Export Promotion Bureau (EPB) to immediately start construction work and make the center operational by the end of 2006.
The board also sanctioned an amount of Rs 89 million for establishment of Garment City in Faisalabad.
The 42nd meeting of the Board of Administrators of Export Development Fund (EDF) was held here the other day with Commerce Minister Humayun Akhtar Khan in the chair.
The participants of the meeting included Senator Dr Nighat Agha, Secretary, Ministry of Textile Industry, Acting Secretary Commerce, Chairman and Vice Chairman, Export Promotion Bureau and Acting President, Federation of Pakistan Chambers of Commerce and Industry.
The board gave top priority to upgrading the projects of national importance and skill development institutes. Earlier it had sanctioned money for Garment Cities at Karachi and Lahore.
The board decided to upgrade the textile related universities/institutes and approved funding of Rs 74.372 million for National Textile University, Faisalabad, Rs 57.9 million for SMA Rizvi Textile Institute, Karachi and Rs 7.736 million for Pakistan School of Fashion Design, Lahore.
The board also sanctioned an additional amount of Rs 380 million for the General Freight Subsidy Scheme to clear the processed claims relating to 2004-05 pending with the National Bank of Pakistan.