Pakistan’s EXIM bank launched

ISLAMABAD: Caretaker Minister for Finance, Revenue, and Economic Affairs Dr Shamshad Akhtar on Thursday formally launched the Pakistan’s Export-Import Bank (EXIM), marking a significant stride towards fortifying external trade, attracting investments and propelling broader economic growth in the country.

“EXIM’s operationalisation is a proud moment and a major milestone for us today. It will augment the banking and trade finance landscape as we know,” the interim finance minister remarked while speaking at the inaugural ceremony of the bank. She highlighted the global impact of EXIMs, citing that these institutions disbursed a staggering $2.5 trillion in trade finance last year, substantially fostering exports across over 60 countries and boosting export investments.

Detailing the diverse portfolio of products offered by EXIMs, Dr Akhtar emphasised the significance of export credit loans, which provided competitive-rate financing to exporters. Dr Akhtar highlighted EXIM’s potential to enhance Pakistani exporters’ competitiveness globally through provisions like lending, credit insurance, and guarantee services.

These services aim to level the playing field against competitors reliant on their national Export Credit Agencies (ECAs) and EXIMs, facilitating access to broader global markets.

Notably, EXIM would introduce export insurance products in Pakistan to safeguard exporters against credit default risks, empowering them to explore international infrastructure projects. She underscored the necessity for EXIM to navigate its operations effectively, ensuring a delicate balance between export growth, risk diversification, and industry sustainability.