ISLAMABAD: Senate session of Friday approved a bill to establish Export Import Bank of Pakistan (EXIM Bank) for promotion of international trade.
The motion to pass the bill titled “the Export Import Bank of Pakistan Bill 2022” was moved by Ayesha Ghous, minister of State for Finance and Revenue, a statement said.
The bank’s business model would be based on partnerships with commercial banks/ international banks and multilateral development agencies as well as export credit agencies around the world.
The government made a policy decision to set up an EXIM Bank for Pakistan, with a mandate to provide innovative products to support the growth of exports and export led foreign direct investment by mitigating related risks.
The bill was earlier passed by the National Assembly on June 9, 2022. The enactment of EXIM bank is expected to help improve balance of payment position.
There are over 60 such agencies in the world, providing similar products to their industry, and it’s for a first that Pakistan has introduced such product aiming to provide an enable environment and level-playing field to Pakistan based exporters.
The Asian Development Bank and the Islamic Development Bank would provide technical support to the EXIM Bank.