Bank loans

More than 60% of bank loans granted to the textile sector and businesses: governor of the SBP

KARACHI: Governor of the State Bank of Pakistan (SBP) Reza Baqir said the central bank has disbursed its 60 percent loan to textiles and other key sectors in the country to improve exports.reported ARY NEWS.

Speaking at an event, the SBP Governor said exports could be enhanced through value addition and attracted investors to the country through multiple incentives for local production.

“The SBP also gives incentives to commercial banks as we also provide business development loans,” he said.

While detailing measures to develop the textile sector in the country, Governor Reza Baqir said that 60% of the loans disbursed by the central bank went to textiles and other sectors.

“Loans have been given priority to small businesses,” he said, adding that there are multiple export promotion opportunities in Pakistan and there is a need to take advantage of them.

It is pertinent to mention to him that Pakistan’s textile exports have reached new heights after reaching 1.55 billion rupees in January 2022, the highest exports ever by the sector in a month.

The details were shared by Senator Faisal Javed Khan, a close confidant of Prime Minister Imran Khan, from his Twitter username.

While sharing a graph of textile exports in the country, Faisal Javed said the country’s exports hit a record high in a month after hitting Rs 1.55 billion in January 2022.

“Pakistan has already overtaken India and Bangladesh in exporting textile products to the United States and European countries,” he said.