Monday, March 4, 2024

Export-Import Bank Launches to Boost Pakistan’s Export Industry

On Thursday, the government of Pakistan officially launched the Export-Import Bank (EXIM Bank) as a strategic move to invigorate international trade and bolster the nation’s exports. Caretaker Finance Minister Dr. Shamshad Akhtar, during a ceremony in Islamabad, highlighted the positive impact of this development on Pakistan’s economy.

Dr. Akhtar expressed confidence that EXIM Bank would play a vital role in enhancing exports and providing crucial support to both exporters and importers. The establishment of the bank aligns with the government’s broader vision to boost exports and attract investments to Pakistan.

Emphasizing the immediate operational focus of EXIM Bank, the finance minister outlined its role in offering essential trade credit insurance products to exporters and commercial banks. She underscored the significance of the bank in shaping the country’s trade finance infrastructure, contributing to economic development, and fostering a conducive environment for both imports and exports.

Dr. Shamshad Akhtar emphasized that EXIM Bank, led by competitive professionals, is poised to provide credit insurance and guarantee services to Pakistani exporters. The primary objective is to safeguard exporters’ balance sheets and establish a level playing field through the support of national Export Credit Agencies (ECAs) or EXIM support. Overall, initiatives like EXIM Bank are seen as having immense potential to propel economic development and fortify trade relationships for Pakistan on the global stage.

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