KARACHI, Sept 7: The Trade Development Authority of Pakistan (TDAP) will assist Pakistan Export Finance Guarantee Agency (PEFGA) to become full-fledged export credit agency.

This was decided in a PEFGA board meeting held here on Friday where Chief Executive of TDAP Tariq Ikram and executive director Sajjad H Malick were specially invited.

The commerce minister in the trade policy 2007-08 announced the setting up of export credit agency so that pro-active support and fund availability was ensured to export trade.

The objective of the trade policy initiatives is to provide a new energy and thrust to PEFGA through recapitalisation so as to cater to a larger number of exporters.

As a result of this decision the PEFGA would have to re-constitute its board with a new configuration of members and also have fresh memorandum of association.

This will enable the agency to significantly enhance the scope of its services and have a one window service for small and medium enterprises. It will also help to widen the offerings of financial services much needed by large exporters for risk management.

The government is ready to put in fresh equity so that it enables PEFGA to offer stronger financial services to the trade.