Islamabad, Sep 25: Faysal Bank Limited (FBL) announces a new strategic alliance under the International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP), a World Bank Group member. In order to improve the Bank’s trade financing program and better enable it to serve its expanding clientele, IFC will investigate the feasibility of setting up a trade finance guarantee facility for FBL as part of this collaboration.
The support of this trade financing guarantee facility, FBL will be able to assist more local businesses in conducting international trade safely and easily by increasing the scope of trade-related services that it offers. The use of IFC’s worldwide network and proficiency could facilitate the advancement of Pakistan’s commerce industry.
An engagement letter between FBL and IFC was signed at a signing ceremony on September 25, 2024, to commemorate this significant occasion. Mr. Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan, and Afghanistan at IFC, and his staff were a distinguished presence at the event.
The President and CEO of Faysal Bank Limited, Mr. Yousaf Hussain, expressed gratitude to the IFC for their ongoing support of the Pakistani market, saying, “We are happy to partner with IFC under their Global Trade Finance Program, further enhancing our capacity on trade financing.” The building will serve as a springboard for a complex strategic partnership with IFC.
Since 2005, IFC’s GTFP has been running in Pakistan. With $1.4 billion in FY23 and $6.6 billion in total GTFP pledges since the program’s launch, Pakistan is currently among its top markets.This partnership with IFC demonstrates FBL’s dedication to growing its capacity for international trade and providing creative, Shariah-compliant solutions to satisfy its clients’ changing needs.
