Daily Times
July 31, 2021
The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) has signed an agreement with Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan.
ADB will provide guarantees to help DIBPL expand its trade finance business in Pakistan, said a press statement of the bank received here. TSCFP has been operating in the country since 2008 and the addition of DIBPL increases TSCFP’s Pakistan partner banks to 13 and makes Pakistan one of the program’s most promising markets, it added.
To date, the program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions. This support has predominantly been provided for steel, polypropylene, fertilisers, and machinery for garments and weaving. In 2020, TSCFP supported 650 transactions in Pakistan valued at $1.2 billion, with 51pc co-financed with commercial banks.