ISLAMABAD: The launch of the Export-Import Bank of Pakistan (EXIM) will support the government’s vision to enhance exports and investment in Pakistan, Caretaker Minister for Finance, Revenue and Economic Affairs, Dr Shamshad Akhtar said on Thursday.
During the launching ceremony of EXIM Bank, she underscored its imminent operational focus on providing crucial Trade Credit Insurance products to exporters and commercial banks.
She further stressed the pivotal role that the EXIM Bank’s model will play in shaping the nation’s trade finance infrastructure, emphasizing its paramount importance in fostering economic development and facilitating both imports and exports.
Dr. Shamshad Akhtar expressed the government’s recognition of the significant potential of initiatives like the EXIM Bank in advancing economic development and strengthening trade relationships for Pakistan. The core emphasis of EXIM Bank’s functions will be on safeguarding the financial stability of exporters, executed by a team of competitive professionals offering credit insurance and guarantee services to Pakistani exporters.
The primary objective of this initiative is to safeguard the balance sheets of exporters and create a level playing field through national Export Credit Agencies (ECAs) or EXIM support. One of EXIM Bank’s flagship offerings includes tailored export credit insurance products designed to prevent defaults on foreign receivables, ensuring the financial resilience of exporters and facilitating smoother trade operations.
Furthermore, the establishment of EXIM Bank is not only a significant boost to the export industry but also a catalyst for job creation. The availability of export credit and trade finance facilities is expected to stimulate economic growth, create job opportunities, and strengthen the employment sector in Pakistan.
The introduction of the Export Finance Scheme (EFS), administered by EXIM Bank and monitored by the State Bank, aims to further fortify the export sector.
