KARACHI: Dubai Islamic Bank Pakistan Ltd (DIBPL) has signed an issuing bank agreement with the International Finance Corporation (IFC) to support international trade in Pakistan.

The IFC’s Global Trade Finance Programme (GTFP) has been operating in Pakistan since 2005. Pakistan is now one of the top markets for the programme with total GTFP commitments of $6.6 billion since its inception and $1.4bn for FY23. With the recent joining of DIPBL, IFC has now 10 partner issuing banks in Pakistan, which will benefit from the programme.

Under the agreement, IFC will guarantee payment of DIBPL obligations to support their trade finance transactions with tenors of up to one year. This will strengthen DIBPL’s strategic plan to boost its international trade business and enhance correspondent banking relationships focused on international trade within the country.

“This agreement will further streamline and ease the trade finance process in Pakistan. DIBPL remains committed to supporting businesses focused on international trade. We believe this partnership with IFC will be instrumental in achieving this goal,” said Junaid Ahmed, CEO of DIPBL.

Published in Dawn, May 8th, 2024