EDF approves 10 projects worth Rs1.27b

ISLAMABAD: The board of administrators of the Export Development Fund (EDF) has approved 10 projects amounting to Rs1,271 million relating to promotion of exports in various sectors.

The board approved these projects during its 57th meeting which was held on Thursday in the Committee Room of the Ministry of Commerce under the chairmanship of Makhdoom Amin Fahim, Federal Minister for Commerce.

Of the total funds, Rs43 million is for Pakistan Horticulture Development and Export Board, Rs862 million for Trade Development Authority of Pakistan for meeting general freight subsidy scheme and Rs50 million for Pakistan Institute of Fashion and Design for raising an endowment fund.

Furthermore, Rs107 million has been allocated to Pakistan Hosiery Manufacturers Association for the establishment of an overseas office in London, Rs44 million to the Gujrat Chamber of Commerce and Industry for the establishment of a business centre or export display centre and Rs88 million for the establishment of a common facility centre for fresh fruit and vegetable processing at Karachi.

The commerce minister directed the authorities to come up in the next meeting with a breakup of funds allocated to different sectors over the last 10 years. That will reveal how much had been spent on various sectors and what was their impact in the form of exports on the national economy.

Published in The Express Tribune, July 23^rd, 2010.