Pakistan High Commissioner to the United Kingdom Moazzam Ahmad Khan held a detailed meeting with the team of UK Export Finance (UKEF) and Oxon Global at the High Commission on 23 October 2020.
In a recent announcement, the UK Government increased the credit financing facility for Pakistan from GBP 400 million to GBP 1.5 billion.
The facility is available for short-term as well as long-term financing. The team members included Julian Lynn, Head of MEAP Region, UKEF; Steve Crosley, International Business Development Manager, UKEF; Gerard Newman, CEO, Oxon Global; and Ali Ehsan, Partner, Oxon Global.
The two sides deliberated on the optimal utilization of the UKEF facility and to boost bilateral trade and investment. The UKEF officials briefed salient features of the lending facility for Pakistan, its modalities of financing, and operational mechanism. The facility is available for both Public and Private Sector projects and can be spread across all industry sectors.
However, green growth and renewable projects are the priority sectors with attractive financing facilities extended for a longer period. The High Commissioner underlined the need for effective dissemination of information about the credit facility and concerted and coordinated efforts by all the stakeholders to effectively utilize the facility for various projects.
He thanked the officials of UKEF for their visit and Oxon Global for making efforts to reach out to various stakeholders in Pakistan for the identification of projects under the facility.