Karachi: Building on the success of the existing USD 200 million PKR equivalent programme Risk-Participation Facility, Standard Chartered Bank Pakistan and the International Finance Corporation (IFC) are looking to enhance the programme size to USD 400 million.
The enhanced facility will enable SC Pakistan to continue to support short term-trade and working capital facilities for key large local corporates and exporters based in Pakistan.
A key milestone of IFC’s and Standard Chartered’s global collaboration, this programme will leverage their long-standing relationship with export-based and large-scale manufacturing industries in Pakistan through the enhanced availability of trade and working capital loan facilities, including supply chain financing and sustainable finance product suites. This will enable the generation of foreign exchange inflows – a key driver of sustainable economic growth in the country.
Rehan Shaikh, CEO & Head of Coverage, Standard Chartered Pakistan said, “We are proud to deepen our longstanding relationship with IFC through the enhancement of this pioneering agreement – a first of its kind between IFC and SC Pakistan. As a trade focused bank with an extensive presence across 52 markets in Asia, Africa and the Middle East, we play a vital role in expanding access to capital and liquidity and facilitating global trade. This collaboration with IFC enables us to support our clients in growing their businesses and strengthening their growth potential.”
Momina Aijazuddin, Regional Head of Industry of IFC’s Financial Institutions Group for the Middle East, Türkiye, Central Asia, Pakistan, and Afghanistan stated, “SMEs contribute 40% to Pakistan’s GDP, yet less than 200,000 out of an estimated 3.2 million SMEs have access to formal credit in the country. By strengthening our collaboration with Standard Chartered Pakistan and by looking into enhancing its Risk Participation Facility, we will aim to advance efforts to support SMEs and export-driven sectors with the working capital they need to grow and succeed.”
