KARACHI: Faysal Bank Limited (FBL) has announced a new strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group, under IFC’s Global Trade Finance Program (GTFP).
As part of this partnership, IFC will explore the possibility of establishing a trade finance guarantee facility for FBL, aimed at significantly enhancing the Bank’s trade finance programme and strengthening its ability to meet the growing needs of its clients.
This trade finance guarantee facility would enable FBL to expand its capacity for providing trade-related services to local businesses, helping them engage in international trade with greater ease and security. By leveraging IFC’s global network and expertise, this facility also has the potential to promote further growth in Pakistan’s trade sector.
To mark this milestone, a signing ceremony took place on September 25, 2024, where an Engagement Letter between FBL and IFC was signed. The event was graced by the esteemed presence of Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan & Afghanistan at IFC, along with his team.
On the occasion, Yousaf Hussain, President and CEO of Faysal Bank Limited, appreciated IFC’s continued commitment to the Pakistan market and said Faysal Bank is pleased to partner with IFC, under their Global Trade Finance Programme, further enhancing our capacity on trade financing. The facility will act as a stepping stone into a multifaceted strategic engagement with IFC, he added.
IFC’s GTFP has been operating in Pakistan since 2005. Pakistan is now one of the top markets for the programme with total GTFP commitments of $6.6 billion since its inception and $1.4 billion in FY23.
This collaboration with IFC underscores FBL’s commitment to expanding its international trade capabilities and offering innovative, Shariah-compliant solutions to meet the evolving demands of its clients.
Copyright Business Recorder, 2024
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