KARACHI: The Export-Import Bank of Pakistan (Pak EXIM) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a reinsurance agreement to enhance export credit insurance coverage for Pakistani exporters and strengthen their protection against payment risks, a statement said on Friday.
The agreement was signed during the ‘Partnerships That Power Progress’ event. Speaking on the occasion, President & CEO of Pak EXIM Bank Shahbaz H Syed said Pak EXIM, with the support of the government, is committed to supporting and promoting small and medium enterprises (SMEs).
“By bringing reinsurance support through ICIEC, we are taking an important step towards supporting SMEs, helping them overcome business challenges and providing financial security as they venture into international markets,” he added.
CEO ICIEC Dr Khalid Khalafalla described the agreement as an important step towards bringing real business opportunities to Pakistan. He said it will provide Pakistani exporters with an excellent opportunity to venture into new international markets.
Dr Khalid Khalafalla said the country possessed significant business potential that needed to be explored. As exports expanded, he said new business ventures will also enter Pakistan, creating greater financial opportunities. He added that ICIEC will provide its expertise to support EDF and Pak EXIM in promoting SMEs and the private business sector.
CEO Pakistan Business Council Javed Kureishi said that the Export Development Fund, revamped under Prime Minister Muhammad Shehbaz Sharif, is transitioning towards greater private-sector support and promoting export-led businesses by reducing payment risks.
CEO HBL Muhammad Nassir Salim termed the partnership and signing of the reinsurance agreement a historic milestone. He said the Maiden Bank Master Policy (BMP) will further support exporters in venturing into international markets and facilitate their access to relevant financial facilities.
