Islamabad, Pakistan, June 29,2009–IFC,
a member of the World Bank Group, today announced that it will work with
Pakistan’s United Bank Limited, as an issuing and confirming bank, to
help increase trade finance for local businesses in Pakistan.
The partnership is part of the IFC Global Trade Finance Program, which
supports trade with emerging markets worldwide and promotes the flow of
goods and services between developing countries. IFC provides partial or
full guarantees against underlying trade instruments and covers the payment
risk of participating issuing banks. This allows issuing banks to expand
their trade finance transactions within an extensive network of countries
and banks to enhance their trade finance coverage.
Atif Buhkari, President and CEO of United
Bank Limited, said, “United Bank is one of the largest private sector
banks in Pakistan that caters to the trade needs of small businesses. IFC’s
Global Trade Finance Program will complement our efforts to expand our
relationship with correspondent banks worldwide and allow us to continue
supporting the growth of trade business in Pakistan.”
K. Aftab Ahmed, IFC's Regional Manager for Global Financial Markets for
Middle East and North Africa, said, “Working with United Bank is in line
with IFC's strategy in Pakistan to expand access of finance to the corporate
sector with a special focus to small and medium enterprises. IFC expects
to partner with United Bank on other products and initiatives in future."
IFC has provided guarantees worth more
that $247 million (about 20 billion Pakistani rupees) to Pakistani banks
so far in fiscal year 2009, its highest level of guarantees in the Middle
East and North Africa.
IFC, a member of the World Bank Group, creates opportunity for people
to escape poverty and improve their lives. It fosters sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. IFC’s new investments totaled
$16.2 billion in fiscal year 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.