ISLAMABAD: The UK's credit financing agency, UK Export Finance (UKEF) has increased its financing limit for UK businesses looking to export to and invest in Pakistan to £1.5 billion, said a press release issued on Monday.
This announcement will boost trade partnerships between the two countries and unleash Pakistan's growth potential. The UKEF helps secure large contracts by providing attractive financing terms to buyers and supporting working capital loans.
The British High Commissioner to Pakistan, Dr Christian Turner met with the Federal Minister of Commerce for Pakistan Razaq Dawood today to discuss trade ties and business potential between the two countries. The commerce minister welcomed the UKEF's announcement of an increase of £500 million in the credit limit for business investment in Pakistan, especially at a time when Pakistan is looking to expand its trade potential to mitigate the impacts of Covid-19. The British High Commissioner, Dr Christian Turner said; "UK credit financing for Pakistan has tripled in the last two years, and is key to achieving my ambition to double the trade between the UK and Pakistan. It is a sign of our confidence in Pakistan and the strength of the unique relationship between the two countries. I encourage all Pakistan businesses to look for opportunities to partner with the UK on their journey towards economic prosperity."
The UK is Pakistan's third-largest export partner. -PR
Copyright Business Recorder, 2020
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