Senate Approves Bill to Establish Pakistan Export Import Bank

Senate Approves Bill to Establish Pakistan Export Import Bank

Senate approves bill to establish Pakistan Export Import Bank

The Senate on Friday approved a bill establishing the Export Import Bank of Pakistan (EXIM Bank) to boost international trade.

A motion to pass the draft law, entitled “The Export-Import Bank of Pakistan Bill 2022” was filed by Ayesha Ghous, Minister of State for Finance and Revenue, according to a statement.

The bank’s business model will be based on partnerships with commercial/international banks and multilateral development agencies and export credit agencies worldwide.

The government has made a policy decision to establish the EXIM Bank for Pakistan with a mandate to provide innovative products to support export growth and export-oriented foreign direct investment by reducing the risks involved.

The National Assembly of Pakistan passed this earlier on June 9, 2022. The approval of the EXIM bank will help improve the balance of payments.

Top 5 Trading Strategies

There are more than 60 such agencies in the world offering such products for their industry and Pakistan has launched such a product for the first time aiming to create a favorable environment and equal playing field for exporters based in Pakistan.

How to Keep Your Watches Safe When Not in Use?

The Asian Development Bank and the Islamic Development Bank will provide technical support to EXIM Bank.

EXIM Bank has its headquarter in Islamabad and plans to expand to all of the country’s provincial headquarters and export hubs.

Senate approves bill to establish Pakistan Export Import Bank