KARACHI, September 25, 2024 – Faysal Bank Limited (FBL) has announced a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group, under IFC’s Global Trade Finance Program (GTFP). This collaboration marks a significant step forward in enhancing FBL’s trade finance capabilities, as both institutions explore the establishment of a trade finance guarantee facility.
The proposed facility will enable FBL to significantly expand its capacity to offer trade-related services to local businesses, facilitating smoother and more secure engagement in international trade. By leveraging IFC’s extensive global network and expertise, the partnership aims to drive further growth in Pakistan’s trade sector, supporting businesses in navigating the complexities of cross-border commerce.
The milestone was celebrated with a signing ceremony on September 25, 2024, where an Engagement Letter was signed between FBL and IFC. The ceremony was attended by Mr. Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan & Afghanistan at IFC, along with key members of his team.
Mr. Yousaf Hussain, President & CEO of Faysal Bank Limited, expressed his appreciation for IFC’s ongoing support of the Pakistan market. “We are delighted to partner with IFC under their Global Trade Finance Program, which will not only enhance our trade financing capacity but also lay the foundation for a broader strategic relationship with IFC,” said Mr. Hussain.
IFC’s GTFP has been active in Pakistan since 2005, with the country becoming one of the top markets for the program. To date, the program has facilitated $6.6 billion in trade finance commitments in Pakistan, including $1.4 billion in FY23 alone.
This partnership further underscores FBL’s commitment to expanding its international trade offerings and delivering innovative, Shariah-compliant solutions to meet the evolving needs of its clients.
