Caretaker Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar on December 21, 2023, formally launched the Pakistan’s Export-Import Bank (EXIM), marking a significant stride towards fortifying external trade, attracting investments and propelling broader economic growth in the country. “EXIM’s operationalization is a proud moment and a major milestone for us today. It will augment the banking and trade finance landscape as we know,” the finance minister remarked while speaking at the inaugural ceremony of the bank.
The minister highlighted the global impact of EXIMs, citing that these institutions disbursed a staggering $2.5 trillion in trade finance last year, substantially fostering exports across over 60 countries and boosting export investments. Detailing the diverse portfolio of products offered by EXIMs, Dr Akhtar emphasized the significance of export credit loans, which provided competitive-rate financing to exporters. Notably, EXIM would introduce export insurance products in Pakistan to safeguard exporters against credit default risks, empowering them to explore international infrastructure projects. Acknowledging the collaborative effort between EXIM and the State Bank of Pakistan (SBP), Dr Akhtar emphasized the imperative for their partnership until the SBP could phase out of export finance operations smoothly, reinforcing EXIM’s capacity-building initiatives. http://tinyurl.com/23skx4ph
Source: IBP