ISLAMABAD: The IFC is working with Bank Al Habib Limited to help Pakistan recover from the COVID-19 epidemic.
The IFC is expanding its Global Equipment Finance Facility to assist with longer-term imports of capital items, including key equipment, machinery, and tools (GEFF).
In Pakistan, the CEO of BAHL, Mansoor Ali Khan, said that the company was happy to be a long-term partner of the IFC’s global trade financing program.
This will allow us to do more business and make it easier for us to get important capital items to our customers so they can import and do business with us.
Bank AL Habib Limited has been part of the IFC’s Global Trade Finance Program (GTFP) for a long time. This program helps people in developing countries buy and sell things by covering the risk of payment for participating issuing banks.
Khawaja Aftab Ahmed, IFC’s new Regional Director for the Middle East, Pakistan, and Afghanistan, said: “Trade financing is critical to permit the movement of commodities and services into and out of the country.”
He said our long-standing partner, Bank AL Habib Limited, would benefit from IFC’s assistance in importing crucial items during the difficult post-pandemic recovery phase, he said.
If you want to buy capital goods that help fight climate change, the International Finance Corporation will give you up to five years of money.
BAHL will be able to offer up to 37-month letters of credit for the import of key capital items into Pakistan because of a pandemic that has spread across the country.
It has supported roughly $200 billion in commerce since 2005. There are now 4.77 billion dollars’ worth of GTFP commitments to Pakistan in the areas of food and beverage production, energy, industrial goods, telecommunications, and textiles.
It is the biggest global development organisation focusing on developing nations’ private sectors. It works in more than 100 countries, using money, experience, and power to open new markets and opportunities.
After a record year of commitments to private enterprises and financial institutions in developing nations, the IFC pledged $31.5 billion in fiscal 2021 to help economies cope with the COVID-19 epidemic.