Islamabad, Pakistan, June 29,2009
–IFC, a member of the World Bank Group, today announced that it will work with Pakistan’s United Bank Limited, as an issuing and confirming bank, to help increase trade finance for local businesses in Pakistan.
The partnership is part of the IFC Global Trade Finance Program, which supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries. IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks. This allows issuing banks to expand their trade finance transactions within an extensive network of countries and banks to enhance their trade finance coverage.
Atif Buhkari, President and CEO of United Bank Limited, said, “United Bank is one of the largest private sector banks in Pakistan that caters to the trade needs of small businesses. IFC’s Global Trade Finance Program will complement our efforts to expand our relationship with correspondent banks worldwide and allow us to continue supporting the growth of trade business in Pakistan.”
K. Aftab Ahmed, IFC's Regional Manager for Global Financial Markets for Middle East and North Africa, said, “Working with United Bank is in line with IFC's strategy in Pakistan to expand access of finance to the corporate sector with a special focus to small and medium enterprises. IFC expects to partner with United Bank on other products and initiatives in future."
IFC has provided guarantees worth more that $247 million (about 20 billion Pakistani rupees) to Pakistani banks so far in fiscal year 2009, its highest level of guarantees in the Middle East and North Africa.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC’s new investments totaled $16.2 billion in fiscal year 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
