The Federal Cabinet has approved the Export-Import Bank of Pakistan (EXIMBP) Bill.

The Bank will start its operations soon after enactment, informed Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood.

The objective of the EXIM Bank is to support exporters with facilities such as export credit guarantees, financing for working capital and capital goods, project financing together with bid bonds, etc.

“The EXIM Bank is another pillar being set up to support our exporters and hopefully, due to risk sharing by the Bank, it will enable us to move further with geographical diversification and various other goals enunciated in Strategic Trade Policy Framework,” said Dawood.

The EXIM Bank would serve as the national export credit agency for the promotion, expansion and diversification of international trade by providing, guarantee and insurance products as well as ancillary services to exporters and importers in terms of a statutory corporation that has the backing and support of the government as is customary for export credit agencies to achieve their desired potential and objectives.

As per details, the banks would maintain proper accounts and other records to reflect a true and fair view of its state of affairs and prepare quarterly, half yearly, and annual statement of accounts in accordance with the prudential regulations, and any regulations prescribed by the board.

The statement of accounts of the bank would be approved by the board and would be signed by the chairman and the president, or in absence of the chairman by the president or any two directors. The annual statement of accounts of the bank would be audited each financial year by an independent external auditor appointed in accordance with the directions of the State Bank of Pakistan as applicable to the bank and any regulations prescribed by the board. The board would appoint a dually qualified firm of chartered accountants.