HBL, Ufone sign agreement

KARACHI: Habib Bank Limited (HBL) and Pak Telecom Mobile Limited - Ufone have signed an agreement, through which HBL has extended a bilateral trade finance in Chinese yuan (RMB/CNY) for the import of cellular network equipment through Huawei Technologies, a statement said on Friday.

The agreement is part of one of the largest RMB/CNY contracts in the history of Pakistan between Ufone and Huawei Technologies Co Ltd, and it would furthermore be a breakthrough in the banking industry of the country, it added.

The trade deal under this new mode of transaction will set a precedent for different sectors and corporations in both the friendly countries, which plan to take their working relationship to the next level through this currency swap agreement, the statement said. This transaction would also ease off the pressure of import bills in terms of dollars for Pakistan, it added.