ISLAMABAD: The Federal Government has approved the enactment of the Export-Import Bank of Pakistan (EXIMBP) for the promotion, expansion, and diversification of international trade.
Under the aegis of stakeholders’ steering committee comprising officials of Finance Division, Commerce Division, State Bank of Pakistan (SBP) and Securities & Exchange Commission of Pakistan (SECP) and with the support of International legal experts of IFCL, Canada, the EXIM Bank of Pakistan Act titled “The Export-Import Bank of Pakistan Act, 2020” had been drafted.
The EXIMBP had been set up by the government for the promotion, expansion, and diversification of international trade by providing credit, guarantee, and insurance products as well as ancillary services to exporters and importers, in the form of a statutory corporation that had the backing and support of Government of Pakistan as was customary for export credit agencies to achieve their desired potential and objectives.
The EXIM Bank was declared a Development Finance Institution (DFI) on June 9, 2015, and incorporated in SECP under Companies Ordinance 1984 as a company limited by shares on June 11, 2015.
International Financial Consulting Limited (IFCL), Canada, would also provide deliverables under the said technical assistance. One of the components of this grant was to graft the EXIM Bank of Pakistan Act giving necessary powers to the Bank to be able to deliver on its mandate by providing necessary financing and insurance products to the exporters of the country and promoting Foreign Direct Investment (FDI).