The MCB Bank, Asian Development Bank, International Finance Corporation and Citibank have announced that they have completed a trade transaction that will help boost the textile industry in Pakistan, a sector that accounts for over 60 percent of the country’s industrial activity, said a press release, posted on the website of the ADB.
It is to be noted that last year, ADB’s Trade Finance Program supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors.
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