Karachi, Pakistan, February 10,
2012—IFC, member of the World Bank Group, and NIB Bank signed a trade
finance agreement today that will help Pakistan’s private sector access
global import and export markets, spurring trade, production, economic
growth, and job creation.
NIB Bank is the 12th bank in Pakistan
to join IFC’s Global Trade Finance Program, which promotes trade with
emerging markets by supporting the flow of goods and services to and from
developing countries. Under this agreement, IFC will support NIB Bank’s
trade finance business by providing partial or full guarantees for individual
trade transactions, which would support its client needs.
“IFC guarantees will help to solidify
trust between foreign banks and firms and their Pakistani counterparts,”
said Badar Kazmi, President of NIB Bank. “This trade finance agreement
will facilitate Pakistan’s private sector to access global markets, and
in turn contribute to our economic growth and jobs creation.”
Since the trade finance program’s inception
in Pakistan in 2006, IFC has provided trade finance guarantees worth almost
$1.4 billion to financial institutions in the country to help their client
businesses access global import and export markets, guarantees that help
drive trade and create jobs.
"Through IFC’s Global Trade Finance
Program bank network, local financial institutions can establish working
partnerships with a vast number of major international and regional banks,
scaling-up access to finance and enhancing their global reach,” said Khawaja
Aftab Ahmed, IFC’s Director of Financial Markets for Europe, Central Asia,
the Middle East and North Africa.
Pakistan is a priority country for IFC.
During the last three years, IFC has ramped up its investments and advisory
services work in the country, supporting the development of Pakistan’s
private sector. IFC has focused on mobilizing investments in power and
infrastructure, and providing access to finance for micro, small, and medium
enterprises through financial intermediaries.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector by helping developing countries achieve sustainable growth
through financing investment, providing advisory services to businesses
and governments, and mobilizing capital in the international financial
markets. In fiscal 2011, amid economic uncertainty across the globe, IFC
helped clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving its investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org
About NIB Bank
NIB Bank ranks amongst the fastest growing
emerging banks in Pakistan. It has a network of 179 on-line branches spread
all over the country. Fullerton Financial Holdings, a wholly-owned subsidiary
of Temasek Holding of Singapore, is the largest single investor (88.6%)
in NIB Bank. For more information, visit http://www.nibpk.com