ITFC help sought for setting up Exim Bank

Azhar says proposal <br /> under consideration, will prop up exports

ISLAMABAD: International Islamic Trade Finance Corporation (ITFC) has been requested to set up Exim Bank in Pakistan, which will help prop up exports, said Federal Minister for Economic Affairs Hammad Azhar.

Addressing a press conference following a one-day seminar at ITFC in Jeddah, the minister said the proposal was under consideration, adding “ITFC finances our fuel requirements and it eases pressure on our foreign exchange.”

ITFC is an independent body working under the Islamic Development Bank (IDB) that aims to promote trade to improve economic conditions of the people of Muslim countries.

Earlier addressing the seminar, Azhar said Pakistan was one of the founding members of the IDB and “we highly appreciate the bank for its generous support for Pakistan’s development”.

He pointed out that since its inception the bank had approved financing worth $12.4 billion for Pakistan. “International trade helps in achieving sustainable development goals and positively impacts people’s lives,” he remarked.

“There is a need to increase trade amongst Muslim countries to achieve the objectives of sustainable development, bring positive change and improve the life of common man.”

He asked ITFC to develop training tools for Islamic banking as it was very popular in Pakistan. In response to questions, the minister said 40% of Pakistan’s economy was based on small and medium enterprises (SMEs), adding, “we are building an export-oriented economy.”

He emphasised the need for focusing on trade in the nearby region and amongst Muslim countries by exploring the opportunities.

The minister also interacted with economists, financial advisers and CEOs of banks from Muslim countries and discussed matters relating to development of bilateral trade and investment ties.

Published in The Express Tribune, December 6^th, 2019.

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