Friday June 09, 2023

SCB to finance Gul Ahmed imports

By Our Correspondent
August 17, 2021

KARACHI: Standard Chartered Bank (Pakistan) Limited in continuation of its global initiative for supporting sustainable-financing and promoting earth-friendly industrial practices has provided a sustainable-trade financing facility to Gul Ahmed Textile Mills Limited, a statement said on Monday.

This robust investment will build capacity for importing and retiring BCI cotton in Pakistan, as Gul Ahmed Textiles is among Pakistan's largest composite units, making everything from cotton yarn to finished products, whilst also having strong aspirations to become a ‘green company’, with minimum carbon footprint and harmless emissions.

With this additional capital, SCB Pakistan and Gul Ahmed have structured highly sustainable trade facilities, in a manner to allow client-flexibility with interchangeable limits, for issuance and retirement.

Arslan Nayeem, Head, Client Coverage, CCIB, SCB Pakistan said, “This is an inspirational initiative, where we are enabling high-performance clients and socially responsible enterprises to achieve their objectives of maintaining a healthy environment for the future, while seeking commercial progress and exploring growth opportunities. We appreciate Gul Ahmed’s re-aligned policies, to promote the use of earth-friendly raw materials, for the production of textile goods, while consuming safer energy - preferably renewable power. Additionally, we have also deployed automated internal checks and balances, to assist the textile industry in tracking the imports from BCI certified farmers.”

Zaki Bashir, CEO, Gul Ahmed Textile Mills said, “At Gul Ahmed, we carry the vision of “enriching lives by inspiring change”. We believe as a manufacturer of textiles products, one of the ways in which we can be enriching lives is by adopting practices in selecting sustainable raw materials that are responsibly produced and sourced ie BCI cotton. We are one the largest users of BCI cotton in Pakistan, and through our sustainable practices we will continue to create a lasting impact in sustainability through our vision.”