KARACHI, Dec 5: The Pakistan Export Finance Guarantee Agency (PEFG) has directly facilitated exports worth Rs800 million, besides indirectly helping exporters sell their products in excess of Rs2.5 billion.

In response to a news item published in Dawn on December 3 regarding the post-shipment insurance relating to the PEFG, the agency on Monday clarified that it had helped green field projects and more than 30 businessmen in exporting for the first time.

“Neither the PEFG nor any other company in Pakistan offers post-shipment insurance cover to exporters. Therefore, any commitment from the PEFG does not arise,” the agency added.

It said the premiums collected under an accepted proposal of “trade management and debt purchased” facility agreements (i.e. executed between exporters and a UK firm) were channelled through the PEFG as per the State Bank of Pakistan directives and did not construe any commitment from the PEFG in its developmental role as a facilitator.

“The PEFG is a public limited company established in 2001 to assist SME exporters by providing pre-shipment export finance guarantees to banks,” it added.