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ADB partners with DIBPL for trade finance in Pakistan

Friday 30 July 2021 11:46 CET | News

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. TSCFP has been operating in the country since 2008 and the addition of DIBPL increases TSCFP’s Pakistan partner banks to 13.

To date, the program has supported more than USD 17.3 billion in trade in Pakistan through 5,891 transactions. This support has predominantly been provided for steel, polypropylene, fertilizers, and machinery for garments and weaving. In 2020, TSCFP supported 650 transactions in Pakistan valued at USD 1.2 billion, with 51% cofinanced with commercial banks.

Backed by ADB’s AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade. DIBPL is the wholly owned subsidiary of Dubai Islamic Bank UAE. DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities.

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Keywords: trade finance, supply chain finance, transactions , lending
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Pakistan
This article is part of category

Banking & Fintech