ISLAMABAD, Nov 25: Saudi Pak Industrial and Agricultural Investment Company has syndicated a term finance facility to the tune of Rs220 million to meet the cost of balancing, modernization, replacement and expansion programme of Nina Industries Limited, one of the leading export-based textile companies in Pakistan.

Led by Saudi Pak Industrial and Agricultural Investment Company, the other participants of the new syndicate are Saudi Pak Commercial Bank and Pak Libya Holding Company, according to a company source.

Nina Industries Limited, he said, were manufacturers, marketers and exporters of home textiles and garments enjoying product recognition in the markets of Europe and US.

The objective of balance, modernisation, replacement and expansion programme was to meet the challenges of the year 2005 when the textile quotas would be terminated under the World Trade Organization regime. As a result of implementation of the programme, the source expected, the company would be able to match the international standards.