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Karachi, Pakistan, February 10, 2012
—IFC, member of the World Bank Group, and NIB Bank signed a trade finance agreement today that will help Pakistan’s private sector access global import and export markets, spurring trade, production, economic growth, and job creation.
NIB Bank is the 12th 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’s 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, President of NIB Bank. “This trade finance agreement will facilitate Pakistan’s private sector to access global markets, and in turn contribute to our economic growth and jobs creation.”
Since the trade finance 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, IFC’s Director of Financial Markets for Europe, Central Asia, the Middle East and North Africa.
Pakistan is a priority country for IFC. During the last three years, IFC has ramped up its investments and advisory services work in the country, supporting the development of Pakistan’s private sector. IFC has focused on mobilizing investments in power and infrastructure, and providing access to finance for micro, small, and medium enterprises through financial intermediaries.
About IFC
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
NIB Bank ranks amongst the fastest growing emerging banks in Pakistan. It has a network of 179 on-line branches spread all over the country. Fullerton Financial Holdings, a wholly-owned subsidiary of Temasek Holding of Singapore, is the largest single investor (88.6%) in NIB Bank. For more information, visit
http://www.nibpk.com
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