Karachi, Pakistan, February 10, 2012—IFC, member of the World Bank Group, and NIB Bank Limited signed a trade finance agreement that will help Pakistan’s private sector access global import and export markets, spurring trade, production, economic growth, and generating employment.
NIB Bank Limited is the twelfth bank in Pakistan to join IFC’s Global Trade Finance Program, which promotes trade with emerging markets by supporting the flow of goods and services to and from developing countries. Under this agreement, IFC will support NIB Bank trade finance business by providing partial or full guarantees for individual trade transactions, which would support its client needs.
“IFC guarantees will help to solidify trust between foreign banks and firms and their Pakistani counterparts,” said Badar Kazmi, the newly appointed President of NIB Bank Limited. “This trade finance agreement will facilitate Pakistan’s private sector to access global markets, and in turn contribute to our economic growth and jobs creations.”
Since the program’s inception in Pakistan in 2006, IFC has provided trade finance guarantees worth almost $1.4 billion to financial institutions in the country to help their client businesses access global import and export markets, guarantees that help drive trade and create jobs.
“Through IFC’s Global Trade Finance Program bank network, local financial institutions can establish working partnerships with a vast number of major international and regional banks, scaling-up access to finance and enhancing their global reach,” said Khawaja Aftab Ahmed, Director Financial Markets & PE Funds for Europe, Central Asia & MENA.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector by helping developing countries achieve sustainable growth through financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, IFC helped clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving its investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org
About NIB Bank Limited
NIB Bank Limited is a 2nd tier private sector bank of Pakistan. Fullerton Financial Holdings, wholly owned subsidiary of Temasek Holding of Singapore is the largest single investor (88.6%) in NIB Bank, with 179 online branches spread all over Pakistan, it is one of the fastest growing Banks in Pakistan. For more information, visit www.nibpk.com