REAP arrears transferred

LAHORE: With the efforts of the regional office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), 80 percent of the export arrears of Rice Exporters Association of Pakistan (REAP) pending transaction in the Bank of Beirut, Lebanon have been transferred to a Pakistani bank.

A delegation of REAP visited FPPCI President Mian Anjum Nisar and Regional Chairman and Vice President Dr Muhammad Arshad on Friday to give an update on the development. The delegation appreciated the efforts of the regional chairman.

Around a billion rupees worth of export revenues were stuck in Bank of Beirut. The ambassador of Lebanon telephoned Dr Arshad and personally posted the good news that 80 percent of that amount has been transferred to Pakistani banks.

“For the remaining 20 percent of the export arrears, REAP members have been requested to complete the necessary documentation from their respective banks as soon as possible so that the remaining funds can be transferred to Pakistan,” Dr Arshad said in his statement.