KARACHI, Aug 13: The Export Development Fund (EDF) holding its 42nd board meeting on Tuesday in Islamabad is expected to approve funding for a number of projects directly linked with the growth of country’s exports. The meeting will be chaired by Commerce Minister Huymaun Akhtar Khan, who is also Chairman of the EDF. The board of administrators of the EDF comprises private and public sector members and holds regular meetings to grant approvals to the funding for export-oriented activities of trade and industry.
The EDF is expected to approve a funding to the tune of $860,000 for the purchase of four quilting machines required by leather garment manufacturers. An additional amount of 10 per cent will also be allowed to cover import incidentals, taking total to $946,000.
The Pakistan Leather Garments Exporters Association (PLGMEA) will also be seeking an amount of $265,000 for hiring Korean faculty members for training of trainers and workers in the leather industry. The association will seek $225,000 from the EDF and will propose to raise the balance of $40,000 through contribution from its members.
A proposal for expansion and upgradation of the SMA Rizvi Textile Institute, Karachi, will also come under consideration of the board. A demand of Rs73.7 million for the institute is expected to be approved to supplement the balance of Rs10 million available from the previous EDF funding.
On the recommendation of the Export Promotion Bureau an amount of Rs2.7 million is expected to be approved for the Pakistan Sea Food Industries Association for the procurement of insulated boxes for exports of seafood to European Union countries.
An amount of Rs3.708 million is also expected to be approved for the purchase of jeeps to be used by the officers of industrial cluster development projects. The EPB has recommended this amount and wants the board to give its consent. Earlier, it was proposed that an amount of Rs2.340 million should be provided for the purchase of cars, but the bureau feels that cars will not be suitable as the development projects require hectic fieldwork.
On the recommendation of the EPB an amount of Rs7.736 million may get an approval by the board to meet the Pakistan School of Fashion Design, Lahore, its operational deficit for the financial year 2004-05.
The National Textile University, Faisalabad, is seeking Rs300.57 million for the establishment of new computer centre. The amount will also be used for the upgradation of various teaching and research facilities and development of infrastructure. President Pervez Musharraf in an annual dinner of Aptma on September 24, 2002 had announced a contribution of Rs50 million to the endowment fund of the National Textile University, Faisalabad, from the EDF provided that an equal amount would be contributed by Aptma. If the condition is met by Aptma, the EDF board may approve the committed fund of Rs50 million.
The EDF board may also allow Rs1.885 million for budget estimate of the EDF Secretariat for the year 2005-06. The board last year approved a budget of Rs1.544 million. Total expenditure during 2004-05 was Rs1.344 million.
The EPB is expected to seek more funds on account of general freight subsidy for the year 2004-05. It is estimated that an amount of Rs1,058.9m would be sought for approval from the EDF.
