KARACHI, July 9: The International Finance Corporation (IFC), a member of the World Bank Group, on Wednesday announced that Meezan Bank Limited has become the first Islamic bank in Pakistan to join the IFC Global Trade Finance Programme as an issuing bank.

This move will boost access to trade finance for entrepreneurs and businesses, a release said.

The IFC global programme promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the programme, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.

Irfan Siddiqui, president and CEO Meezan Bank said, “We are pleased to join the IFC programme and build a foundation for a strong relationship with IFC.

Michael Essex, IFC director for the Middle East and North Africa, said the IFCs partnership with the bank demonstrated its commitment to expanding access to finance in Pakistan and building relationships with institutions that support the country’s international trade flows.—PPI