JPMorgan and IFC Join Forces to Boost Trade Finance in Asia and the Pacific
Hong Kong.- JPMorgan and IFC, a member of the World Bank Group, today announced that they have jointly launched an innovative trade finance structure in Asia and the Pacific to help facilitate and boost trade activities in the region.
The funded trade advance, a component of the IFC Global Trade Finance Program, provides cost-effective pre-export and post-import financing to banks. It combines several trade transactions into a single trade facility and provides an innovative approach to raising funds through risk-mitigated avenues. It is also flexible and can be easily replicated in other regions.
Habib Bank Limited, Pakistan’s largest privately owned bank, will be the first to benefit from this solution. It raised a $55 million trade advance to support its corporate clients’ international trade activities. This will help the bank expand its financing options as trade flows in Pakistan continue to grow.
“This innovative structure attests to our strategy to partner with multilaterals like the World Bank Group and introduce viable and cost-effective solutions to help customers cope with increasing international trade activities. We are excited about this first transaction with Habib Bank Limited and committed to supporting financial institutions in the region,” said Asif Raza, Managing Director, Asia Pacific Head of Trade Services and Logistics Management, JPMorgan Treasury Services.
“In an environment where liquidity is scarce, we are thrilled to work with IFC and JPMorgan on this trade solution. We remain committed to our clients and constantly look for alternative sources of funding to facilitate trade,” said Tariq Mateen Khan, General Manager for Financial Institutions International Banking, Habib Bank Limited.
“Creating and delivering this structure demonstrates our leadership in providing world-class solutions tailored to our clients’ needs. We plan to expand our capabilities in Pakistan and look forward to working closely with clients to implement new financing ideas,” said Reza Rahim, Senior Country Officer of JPMorgan Pakistan.
“We are pleased to partner with JPMorgan to support Habib Bank Limited’s expanding trade business. We will continue to look for innovative ways to boost trade in emerging markets,” said Priyamvada Singh, IFC Regional Head for Trade, Asia and the Middle East.
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