Standard Chartered Bank and IFC sign agreement on trade
finance
Standard Chartered Bank Pakistan (SCBP) has entered into an
unfunded risk-participation agreement with the International Finance
Corporation (IFC), a member of the World Bank Group. This initiative aims to
enhance access to trade finance and working capital for businesses in Pakistan.
Under the agreement, valued at $200 million in Pakistani
rupees equivalent, the IFC will cover 50% of Standard Chartered's risk
associated with short-term trade and working capital funded loan facilities for
corporate clients based in Pakistan. The collaboration leverages the
longstanding relationship between Standard Chartered and IFC in the
export-based industries of Pakistan, with the goal of generating foreign
exchange inflows crucial for the sustainable growth of the country's economy.
Haball,
Hutchison Ports Pakistan, and Standard Chartered Bank forge partnership
The program seeks to broaden the availability of trade and
working capital loan facilities, encompassing supply chain financing and
sustainable finance product suites, particularly benefiting large-scale manufacturers.
Sarmad Lone, Head of Client Coverage, Corporate, Commercial, and Institutional
Banking (CCIB) for Standard Chartered in the Africa and Middle East region,
emphasized that this partnership, the first of its kind between IFC and
Standard Chartered in Pakistan, will enable the bank to navigate macroeconomic
challenges and better support its client base while facilitating global trade.
The agreement underscores the commitment to fostering
economic development by facilitating financial solutions that contribute to the
growth of businesses in Pakistan.
Source: The News