AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, HBL and the Export-Import Bank of Pakistan (EXIM) have entered into a Memorandum of Understanding (MoU) aimed at fostering the growth of Pakistan’s exports through the structuring and implementation of EXIM’s Trade Credit Insurance facilities. The collaboration, with a specific focus on Small and Medium Enterprises (SMEs) and emerging corporate/commercial tier exporters, introduces Export Receivables Discounting, a first-of-its-kind initiative in Pakistan.
According to Press Information Department, the MoU signifies a joint commitment to nurturing the SME sector by leveraging HBL’s extensive SME lending portfolio, valued at over Rs 100 billion, and EXIM’s pivotal role as the official Export Credit Agency (ECA) of Pakistan. The collaboration aims to enhance cash-flow-based lending and create a secure environment for exporters through the development and implementation of new products.
Muhammad Nassir Salim, President and CEO of HBL, expressed the significance of this collaboration in supporting Pakistan’s export growth, particularly for SMEs and emerging exporters. He emphasized the importance of providing innovative export credit insurance solutions to enhance security for exporters and unlock new financing opportunities, ultimately contributing to a more diversified and robust export sector.
Irfan Bukhari, CEO and President of EXIM, highlighted the partnership’s role in mitigating credit risks associated with export receivables, thereby safeguarding the financial stability of exporters and banks alike. He stressed the focus on enhancing SMEs’ access to financing, empowering them to expand their exports and play a crucial role in Pakistan’s economic growth.
The collaboration between HBL and EXIM represents a strategic effort to boost Pakistan’s export sector by providing tailored financial solutions and mitigating risks associated with export transactions, ultimately fostering economic growth and stability.