ANL 14.51 Increased By ▲ 0.13 (0.9%)
ASC 13.30 Increased By ▲ 0.10 (0.76%)
ASL 14.00 No Change ▼ 0.00 (0%)
BOP 8.37 Increased By ▲ 0.02 (0.24%)
BYCO 6.50 Increased By ▲ 0.05 (0.78%)
FCCL 17.80 Increased By ▲ 0.12 (0.68%)
FFBL 26.00 Decreased By ▼ -0.01 (-0.04%)
FFL 11.15 Decreased By ▼ -0.08 (-0.71%)
FNEL 10.72 Increased By ▲ 0.03 (0.28%)
GGGL 14.90 Decreased By ▼ -0.35 (-2.3%)
GGL 31.40 Increased By ▲ 0.55 (1.78%)
HUMNL 6.22 Decreased By ▼ -0.21 (-3.27%)
JSCL 17.00 Decreased By ▼ -0.10 (-0.58%)
KAPCO 31.48 Increased By ▲ 0.68 (2.21%)
KEL 3.20 Decreased By ▼ -0.03 (-0.93%)
MDTL 2.20 Decreased By ▼ -0.05 (-2.22%)
MLCF 33.80 Increased By ▲ 0.55 (1.65%)
NETSOL 97.25 Decreased By ▼ -1.15 (-1.17%)
PACE 4.22 Decreased By ▼ -0.10 (-2.31%)
PAEL 23.00 Decreased By ▼ -0.06 (-0.26%)
PIBTL 7.43 Decreased By ▼ -0.14 (-1.85%)
POWER 6.65 Increased By ▲ 0.10 (1.53%)
PRL 13.50 Decreased By ▼ -0.30 (-2.17%)
PTC 8.90 Increased By ▲ 0.03 (0.34%)
SILK 1.30 Decreased By ▼ -0.06 (-4.41%)
SNGP 39.66 Decreased By ▼ -0.14 (-0.35%)
TELE 16.40 Decreased By ▼ -0.45 (-2.67%)
TRG 87.40 Decreased By ▼ -1.50 (-1.69%)
UNITY 25.22 Decreased By ▼ -0.24 (-0.94%)
WTL 2.10 Decreased By ▼ -0.03 (-1.41%)
BR100 4,519 Increased By ▲ 21.96 (0.49%)
BR30 18,277 Decreased By ▼ -62.37 (-0.34%)
KSE100 44,114 Increased By ▲ 178.41 (0.41%)
KSE30 17,034 Increased By ▲ 94.74 (0.56%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,704
724hr
Pakistan Cases
1,283,886
41124hr
0.92% positivity
Sindh
475,097
Punjab
442,876
Balochistan
33,471
Islamabad
107,601
KPK
179,888

ISLAMABAD: The Asian Development Bank (ADB)'s Trade and Supply Chain Finance Programme (TSCFP) has signed an agreement with Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan.

The ADB issued an official statement, saying it will provide guarantees to help the DIBPL expand its trade finance business in Pakistan.

The TSCFP has been operating in the country since 2008. The addition of DIBPL increases TSCFP's Pakistan partner banks to 13 and makes Pakistan one of the programme's most promising markets. To date, the programme has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions.

This support has predominantly been provided for steel, polypropylene, fertilisers, and machinery for garments and weaving.

In 2020, the TSCFP supported 650 transactions in Pakistan valued at $1.2 billion, with 51 percent co-financed with commercial banks, it added.

"This further demonstrates our commitment to supporting trade in Pakistan," said TSCFP Relationship Manager for Pakistan Nana Khurodze. "We are delighted to work with DIBPL to support its initiatives with trading companies, including providing small and medium-sized enterprises with access to global trade." "This agreement will further streamline and ease the process for trade finance giving a boost to business activities in Pakistan. Our partnership with ADB shows trust in Dubai Islamic Bank Pakistan as an entity. We aim to work towards increasing trade flows to the country," Dubai Islamic Bank Pakistan CEO Junaid Ahmed said.

Backed by the ADB's AAA credit rating, the TSCFP provides loans and guarantees to more than 200 partner banks to support trade, creating import and export opportunities for enterprises across Asia and the Pacific.

The DIBPL is the wholly-owned subsidiary of Dubai Islamic Bank UAE.

The DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities.

Copyright Business Recorder, 2021

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.