KARACHI, April 5: Habib Bank Ltd. and the Islamic Development Bank have signed an agreement by way of which IDB will offer a credit facility of $20 million to HBL. Habib Bank will use this facility for financing imports of small and medium enterprises (SMEs), says a press release. The agreement was signed by HBL President Zakir Mahmood and IDB Vice- President Dr Jaafar Aznan. Speaking at the occasion Mr Mahmood said that HBL’s extensive branch network, customers’ base and strong presence in the SME sector would ensure that the facility would be utilized most effectively for the benefit of SMEs.

Dr Aznan stated that IDB has been arranging import trade financing operations for 26 years now offering these to potential users located in its member countries.