The Board of Directors of Pak-Libya Holding Company (Pte) Ltd has stressed the need to play a greater role in the bilateral trade between its two joint venture partners. In its 81st meeting, held last week in London, the Board of Pak-Libya showed great enthusiasm on the immense potential in the bilateral trade and related activities between Pakistan and Libya, especially in the post-sanctions scenario.
Taking cognisance of the unique position of Pak-Libya, as a joint venture financial institution having a successful track record of over 25 years, the Board realised the potential role that Pak-Libya can play as a vehicle to enhance the investment and trade-related activities between the two brotherly nations.
While approving an overall amount of Rs 660 million for financing, the Board also acknowledged the satisfactory operating performance of the company. These financing have been approved for a diverse set of highly credible clients among various industrial sectors, including textiles, cement, telecommunications, chemicals, oil & gas, financial & service sectors. Pak-Libya is a joint stock company, which commenced its operations in 1980, and is equally owned by the governments of Pakistan and Libya. The Company operates within the framework of banking laws of Pakistan, and its operations are routinely supervised by the State Bank of Pakistan, external auditors and credit rating agencies.-PR