The Export Import (EXIM) Bank of Pakistan has been given a go-ahead signal to commence its formal operation to facilitate exporters of the country. It is likely start its commercial operations in the coming weeks.
According to details, the Senate approved the Export-Import Bank of Pakistan Bill following a motion moved by State Minister for Finance and Revenue Ayesha Ghous.
The Government of Pakistan established the EX-IM Bank of Pakistan Limited in 2020 with the objective of promoting, expanding and diversifying the export base of the country by providing export credit insurance facilities and long-term financing facilities for setting up export-oriented and import substitution projects. The bank will also provide guarantees, insurance, and other supporting services. Through various initiatives, the government plans for the country’s exports to reach $50 billion by 2023.
The bank is a hundred percent government-owned and was established in 2020 to serve as the development bank for Pakistani exporters, filling market gaps left by commercial banks. The Exim Bank is a key policy instrument in the national plan to grow Pakistani exports and become a competitive global market for trade and investment.
The Asian Development Bank and the Islamic Development Bank continue to provide technical support to the Exim Bank of Pakistan. Its business model is based on partnerships with commercial banks, international banks, and multilateral development agencies, as well as export credit agencies around the world.
Irfan Bukhari is the President and CEO of the EXIM Bank of Pakistan. The board of directors includes Nadeem Elahi, CEO, IBEX Global Solutions (Private) Limited; Ahmad A. Zuberi, MD, Recorder Television Network (Private) Limited; Mr. Naveed Qazi, CEO, Naymat Collateral Management Company Limited; Syed Hamid Ali, Additional Secretary (Trade Diplomacy), Ministry of Commerce; and Dr. Rashid Manzoor, Additional Finance Secretary (Lit/Reg), Finance Division.