China has thrown a lifeline to Pakistan's textile industry in the form of an extended $200 million credit facility to help companies import Chinese machinery.

Exim Bank of China is behind the loan, which is intended as a development package to kick-start the textile sector.

Speaking to Business Recorder, Finance Minister Shaukat Aziz explained that the loan would particularly focus on the large-scale manufacturing sector. However, to cater the needs of the small and medium enterprises of the textile and other sectors, he said that the government would merge the Small Business Finance Corporation (SBFC) and the Regional Development Finance Corporation (RDFC).

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