International Finance Corporation, member of World Bank Group, and NIB Bank signed agreement on Friday that will help Pakistan's private sector access global import and export markets, spur trade, production, economic growth, and job creation.
NIB Bank is the 12th bank in Pakistan to join IFC Global Trade Finance Programme, which promotes trade with emerging markets by supporting the flow of goods and services to and from developing countries. Under the agreement, IFC will support NIB Bank trade finance business by providing partial or full guarantees for individual trade transactions, which would support its client needs. "IFC guarantees will help solidify trust between foreign banks and firms and their Pakistani counterparts," said Badar Kazmi, president of NIB Bank. "This trade finance agreement will facilitate Pakistan's private sector to access global markets, and in turn contribute to our economic growth and jobs creation," he added. Since the trade-finance programme's inception in Pakistan in 2006, IFC has provided trade finance guarantees worth almost $1.4 billion to financial institutions in the country.-PR
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