Islamic Development Bank (IDB) on Saturday indicated interest in resuming line up credit to Pakistan Industrial Credit and Investment Corporation (Picic) for onward disbursement to private sector in Pakistan.
This willingness was expressed by the head of visiting IDB delegation led by Mubarak El-Tayeb El-Amiri, chief of asset management department of the Bank, at a meeting with managing director Picic Mohammad Ali Khoja and senior executives from both sides.
El-Amin said that IDN wants to maintain a good future relationship based on mutual co-operation beneficial for both sides.
He said that 1DB was willing to channelise financing to private sector in Pakistan through Picic.
1DB delegation also talked about the investment plan for Pakistan, but did not disclose the amount of funding for this purpose.
The delegation also briefed Picic team about its financing to private and public sector in Pakistan.
The Picic chief said that his institution was enjoying a credit line facility from IDB in the past, but it was discontinued and the Islamic Bank started providing credit to Pakistani private sector directly.
Khoja said that total assets of Picic have grown from Rs 17.786 billion in March 2003 to Rs 27.59 billion in March 2004, showing a rise of 55 percent.
Similarly, investment has also shown a growth of 183 percent to Rs 14.137 billion in March 2004 over the same period in 2003.
Net profits of Picic also surged to Rs 374 million, in 2004, indicating a rise of 833 percent over last year.
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