The Federal Cabinet gave approval for the enactment of the Export-Import Bank of Pakistan (EXIMBP) Bill, in a meeting held on Tuesday.
According to Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood, the bank will start its operations soon after enactment.
The objective of the EXIM Bank is to support exporters with facilities such as export credit guarantees, financing for working capital and capital goods, project financing together with bid bonds, etc.
The Federal Cabinet, in the meeting held today, approved the Export-Import Bank of Pakistan (EXIMBP) Bill. The Bank will start its operations soon after enactment. Objective of the EXIM Bank is to support exporters with facilities such as export credit guarantees,… 1/3
— Abdul Razak Dawood (@razak_dawood) October 13, 2020
As per media reports, the authorized capital for the bank will be Rs. 100 billion, with Rs. 10 billion paid-up capital. The EXIM Bank of Pakistan Act was drafted by the finance ministry, and also included officials from the commerce division, State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), as well as international legal experts.
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