The Senate session adopted a measure to create the Export-Import (EXIM) Bank of Pakistan on Friday in an effort to advance global commerce.
According to a statement from the EXIM Bank of Pakistan, “the government of Pakistan took the decision with a mandate to provide innovative products to support the growth of exports and export-led foreign direct investment by mitigating related risks.”
“EXIM Bank of Pakistan will strengthen, broaden, and diversify the nation’s export base.”
Ayesha Ghous, Minister of State for Finance and Revenue, made the motion to approve the measure known as “the Export-Import Bank of Pakistan Bill 2022.” On June 9, 2022, the National Assembly previously approved the bill. According to the statement, one of the urgent challenges for the national economy is Pakistan’s balance of payments, which will be improved with the establishment of the EXIM bank.
The government of Pakistan is launching such items for the first time in the nation to create an enabling atmosphere and level playing field for exporters. There are over 60 agencies in the world that give comparable products to their sector.
The bank would accomplish its goals by offering long-term financing options for establishing export-oriented and import-substitution enterprises and export credit insurance services.
Additionally, it will offer warranties and other auxiliary services.
The EXIM Bank has its main office in Islamabad and wants to expand to all provincial capitals and export centers across the nation, according to the bank.
Partnerships with commercial banks, foreign banks, multilateral development organizations, and export credit agencies all around the world form the foundation of its business strategy. The statement further noted that the EXIM Bank is receiving technical assistance from renowned multilateral organizations like the Asian Development Bank and the Islamic Development Bank.