The Exim Bank Has officially began Its Operations In Pakistan

After the Senate adopted and ratified the bill demanding its establishment for the development of foreign trade, the Exim Bank of Pakistan officially began operating on Saturday. The Export-Import Bank of Pakistan Bill was adopted by the Senate on Friday as a result of a motion made by State Minister for Finance and Revenue Ayesha Ghous.

The National Assembly previously approved the bill on June 9, 2020, after it was introduced. In reality, the creation of Exim Bank will help to strengthen the position of the balance of payments. It is the responsibility of Pakistan’s Exim Bank to offer cutting-edge goods to promote the expansion of exports. Additionally, encourage foreign direct investment by reducing associated risks. Exporters based in Pakistan will benefit from a supportive environment and a level playing field as a result.

There are more than 60 such organizations in the world that offer services and goods related to their industry. The Islamic Development Bank and the Asian Development Bank are still offering technical assistance to the Pakistani Exim Bank. Its business strategy is centered on alliances with

  • Commercial banks/international banks
  • Multilateral development agencies
  • Export credit agencies around the world

“Approval from the upper house (Senate) has allowed the bank to operate formally under the bill, legal framework, rules, and regulations. It is very encouraging for the country’s exporters and importers,” comments an industrialist. Exim Bank of Pakistan is also a development organisation in addition to a financial one. It belonged entirely to the federal government. in order to expand and diversify the nation’s exports and help carry out plans for import replacement.

Recent News

Zong 4G, a leading telecom organization in Pakistan, has joined forces with BaKhabar Kisan to promote urban farming and agri-tech in the country. The collaboration aims to facilitate effective communication between farmers and agricultural experts, enabling informed decision-making for enhanced yield and financial benefits.

A group of engineers from the University of Pennsylvania has developed a revolutionary AI chip that operates using light waves instead of electricity. The chip, based on silicon photonics, combines silicon with the ability to manipulate light waves, resulting from research led by Professor Nader Engheta.

The European Commission is reportedly considering a €500 million ($539 million) fine for Apple, as per the Financial Times. The potential penalty is linked to allegations that Apple showed favoritism towards its own Apple Music over competitors like Spotify within the App Store. Spotify, a Swedish audio streaming service, filed a complaint in 2019, accusing Apple Music of not paying royalties to its parent company.