Faysal Bank partners with IFC to establish trade finance guarantee facility

Faysal Bank Limited (FBL) has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to establish a trade finance guarantee facility for FBL.

This would enhance its trade finance program and meeting the growing needs of its clients.

The proposed facility will enable FBL to expand its trade-related services, facilitating local businesses in engaging in international trade with greater ease and security. Leveraging IFC’s global network and expertise, this initiative is expected to boost Pakistan’s trade sector.

A signing ceremony was held on September 25, where an Engagement Letter between FBL and IFC was signed. The event was attended by Mr. Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan & Afghanistan at IFC, along with his team.

Yousaf Hussain, President & CEO of Faysal Bank Limited, expressed his appreciation for IFC’s commitment to the Pakistan market, stating, “We are pleased to partner with IFC under their Global Trade Finance Programme, further enhancing our capacity in trade financing. This facility will act as a stepping stone into a multifaceted strategic engagement with IFC.”

IFC’s GTFP has been active in Pakistan since 2005, with total commitments of $6.6 billion since its inception and $1.4 billion in FY23. This partnership highlights FBL’s dedication to expanding its international trade capabilities and offering innovative, Shariah-compliant solutions to its clients.