KARACHI: Standard Chartered Bank Pakistan and the International Finance Corporation (IFC) on Tuesday announced a $400 million Risk-Participation Facility to support short-term trade and working capital facilities for major local corporates and exporters based in the country, said a statement, to help boost foreign exchange inflows and drive sustainable economic growth.
The IFC is a member of the World Bank Group that mobilizes private capital to support businesses in developing nations, create employment, reduce poverty and help the economy in general.
Its decision to offer a Risk-Participation Facility, whereby it shares a portion of the risk on a portfolio of assets with banks, helps these financial institutions extend more trade finance to clients.
“We are delighted to further solidify our enduring partnership with IFC through this groundbreaking agreement – a unique collaboration between IFC and Standard Chartered Pakistan,” Rehan Shaikh, CEO & Head of Coverage, Standard Chartered Pakistan, said in a statement.
“As a bank with a strong trade focus and a significant presence in 53 markets across Asia, Africa, and the Middle East, we are instrumental in enhancing access to capital and liquidity and promoting global trade,” he added. “This collaboration with IFC empowers us to better support our clients, helping them expand their businesses and enhance their growth potential.”
