Plan to provide 240 billion rupees ($20 million 800 thousand) to help 200 textiles and

Manufacturers update old and obsolete machinery, a senior official said on Tuesday.

Anshari Bukhari, director of the General Administration of the general merchandise industry, said that the loan will reach 10% of the purchasing cost of imported machinery, reaching 15% of the cost of machinery manufactured locally.

But textile and garment manufacturers say the plan is doomed to failure if it does not cut lending rates.

They also complain that their loans from state-run banks are always more difficult than private sector banks.

This year, the restructuring opportunity is expected to expand to 200 companies.