RAWALPINDI, Jan 3: The Engineering Development Board (EDB) has called upon the engineering industry, in general, and exports, in particular, to fully utilise the Long-Term Financing Facility (LTFF) for modernising their production infrastructure to gain more competitiveness and innovative production of goods.

Tracing the background of the scheme, the EDB said it had been pursuing the government to provide the facility for the engineering goods industry, which now has been duly incorporated in the development categories of industrial sector. The engineering industry is in a position to make necessary technological development to boost exports.

The EDB has placed the details of LTFF scheme with requisite forms on its website.

Under the scheme, exporters would be able to get loans for a maximum period of 10 years, including a maximum grace period of two years from commercial banks, including Islamic Banks and approved DFIs.

The State Bank has allocated Rs eight billion to banks for January-June 2008 period.