ISLAMABAD: The government has sought assistance from the Asian Development Bank (ADB) to operationalise EXIM Bank of Pakistan which will provide much-needed trade financing facilities to help exporters trade competitively, Dawn learnt on Saturday.

Responding to a request of the Ministry of Finance, the ADB president has approved technical assistance worth $0.5 million on a grant basis for promoting investments and economic growth through international trade. A document released by the ADB revealed that Pakistan is likely to ask ADB to capitalise Exim Bank in the future.

Under the assistance plan, ADB will formulate a business plan that articulates EXIM Bank of Pakistan’s short- and medium-term objectives and strategies. Based on a market assessment, the plan will focus on supporting key sectors and industries that will benefit from the service offering and will contribute significantly to the country’s export diversity and economic growth.

Standard documentation on various product offerings and corresponding operational policies and manuals will also be developed.

Published in Dawn, September 30th, 2018