ISLAMABAD: The International Finance Corporation of the World Bank more than doubled its trade financing programme in Pakistan this year to support critical imports and foster a resilient post-pandemic recovery.
The IFC invested and mobilised about $680 million in Pakistan in short- and long-term financing between July 2021 and June 2022 which included a record $485m in commitments through IFC’s Global Trade Finance Programme to enable the import of essential goods and services, more than double the amount of the previous fiscal year, the IFC says.
The finance corporation also invested the equivalent of $25m in Pakistani rupee for an equity stake in leading fashion retailer to create jobs, promote gender equality and support the crucial textiles sector.
The trade financing came alongside other milestone engagements to boost financial inclusion, bolster key sectors, like agriculture and retail, structure groundbreaking public-private partnership projects, and promote gender diversity.
Published in Dawn, August 7th, 2022
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