IFC’s Global Trade Finance Program Expands in Pakistan, Broadening Access to Trade Finance
IFC, a member of the World Bank Group, today announced that Pakistan’s Bank Alfalah has joined its Global Trade Finance Program as an issuing bank, boosting access to trade finance for entrepreneurs and businesses in Pakistan.
The Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the program, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
Sirajuddin Aziz, Chief Operating Officer, Bank Alfalah, said, “We are delighted to join the Global Trade Finance Program and build a strong relationship with IFC. Through the program, we will be able to enhance our trade product offering, extend our relationship with correspondent banks worldwide, and structure trade finance solutions to meet the needs of our clients, especially small and medium enterprises, helping them increase their business in new markets around the globe. The trade line will enhance Bank Alfalah’s credibility substantially through its association with a reliable and trustworthy partner of global stature and repute. This partnership should lead to augmented trade transactions and assistance in product expansion.”
Michael Essex, IFC Director for the Middle East and North Africa, said, “IFC’s partnership with Bank Alfalah demonstrates our commitment to expanding access to finance in Pakistan under the Global Trade Finance Program, with institutions supporting the country’s growing international trade flows and enhancing their ability to respond to the needs of their clients, especially small and medium enterprises.”
Priyamvada Singh, IFC’s trade specialist in the Middle East, North Africa, and Asia, said, “Bank Alfalah’s participation in the IFC Global Trade Finance Program will help expand the bank’s trade capacity with a wider network of correspondent banks, providing the flexibility to respond to the evolving global environment for Pakistan’s trade flows.”
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