To support exporters of Pakistan, the Federal Cabinet approved the Export-Import Bank of Pakistan (EXIMBP) Bill.
The Bank will soon start its operations just after the process of passing legislation is completed.
The objective of the Bank is to support exporters with facilities such as export credit guarantees, financing for working capital and capital goods, project financing together with bid bonds, etc.
The EXIM Bank is another pillar being set up to support our exporters and hopefully, due to risk sharing by the Bank, it will enable us to move further with geographical diversification and various other goals enunciated in Strategic Trade Policy Framework,Abdul Razak Dawood – Advisor to Prime Minister on Trade and Investment
The Export-Import Bank of Pakistan would serve as the national export credit agency for the promotion, expansion, and diversification of international trade by providing a guarantee and insurance products. It will also provide ancillary services to exporters and importers in terms of a statutory corporation that has the backing and support of the government as is customary for export credit agencies to achieve their desired potential and objectives.
As per the information, the banks would maintain proper accounts and other records to reflect a true and fair view of its state of affairs. The banks would also prepare quarterly, half-yearly, and annual financial statements in accordance with the prudential regulations, and any other regulation prescribed by the board.
These statements would then be approved by the board and would be signed by the chairman and the president. In the absence of the chairman. the statements would be signed by the president or any two directors.
The annual statements of the bank would be audited each financial year by an independent external auditor appointed in accordance with the directions of the State Bank of Pakistan as applicable to the bank and any regulations prescribed by the board. The board would appoint a dually qualified firm of chartered accountants.