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ISLAMABAD: In a first, the International Finance Corporation (IFC), the World Bank’s commercial arm, and Bank Alfalah on Thursday signed a $100 million financing under the Diversified Payment Rights (DPR) Programme.
The financing agreement was signed at the Ministry of Finance by Momina Aijazuddin, the IFC’s Regional Industry Director, Financial Institutions Group for Middle East & Central Asia, and Atif A. Bajwa, President & CEO of Bank Alfalah Ltd. Finance Minister Muhammad Aurangzeb presided over the signing ceremony.
“The initial transaction envisages up to $100m of financing under the DPR structure. Subject to market conditions and the performance of the initial transaction, the programme may provide a platform for further financing and broader participation by international institutional and private investors,” the Ministry of Finance said.
The DPR Programme provides an innovative mechanism for mobilising long-term foreign currency financing through eligible future foreign-currency payment flows. The initiative aims to diversify sources of external financing and facilitate greater access to international capital markets.
