Export-Import Bank of Pakistan officially launched
The Export-Import Bank of Pakistan was officially launched
by Pakistan's interim Finance Minister, Dr. Shamshad Akhtar, marking a
significant development in the nation's banking and trade finance sector. Dr.
Akhtar, a distinguished economist, expressed pride in the operationalization of
the Exim Bank, considering it a noteworthy milestone for Pakistan that would
contribute substantially to enhancing the overall landscape of banking and
trade finance.
Emphasizing the positive impact of the Exim Bank on the country's
economic growth, Dr. Shamshad Akhtar anticipates increased investments and a
boost in broader economic activities. During the inauguration ceremony, she
highlighted the global significance of such institutions, citing a staggering
disbursement of 2.5 trillion dollars in trade finance by similar entities in
the previous year.
SBP
grants authorization for the launch of EXIM Bank
Dr. Akhtar underscored the role of export credit loans in
providing exporters with competitive-rate financing. She outlined the Exim
Bank's potential to enhance global competitiveness for exporters through
various provisions, including lending, credit insurance, and guarantee
services.
Addressing the need for a streamlined export policy
framework, Dr. Shamshad Akhtar stressed its contribution to the sustainability
of the balance of payments, aiming to overcome historical challenges related to
low levels of export earnings. She revealed plans for the Exim Bank to
introduce export insurance products in Pakistan, safeguarding exporters against
credit default risks and enabling their participation in international
infrastructure projects.
Bank
Jobs: Trade Finance Professionals (Freelancers), Euro Exim Bank – Pakistan
The Finance Minister further highlighted the importance of
balancing export growth, risk diversification, and industry sustainability in
the Exim Bank's operations. She acknowledged the collaborative efforts between
the State Bank and Exim and emphasized the significance of adhering to
international practices while playing a crucial role in disbursing global trade
finance.
Source: Daily Pakistan