ISLAMABAD – The UK’s credit financing agency, UK Export Finance (UKEF) has enhanced its financing ceiling for UK businesses looking to export to and invest in Pakistan to £1.5 billion.
The declaration appeared after a meeting between British High Commissioner to Pakistan Dr. Christian Turner and Federal Minister of Commerce for Pakistan Razaq Dawood. Both officials also discussed trade ties and business potential between the two countries.
An increase in the finance limit will boost trade partnerships between the two countries and give a free rein to Pakistan’s growth potential.
UKEF assists secure large contracts by providing attractive financing terms to buyers and supporting working capital loans.
The Commerce Minister warmly welcomed the UKEF’s declaration of an increase of £500 million in the credit limit for business investment in Pakistan, especially at a time when Pakistan is searching to expand its trade potential to diminish the impacts of Coronavirus, told a press release.
Turner apprised UK credit financing for Pakistan has tripled in the last two years and is key to attaining my goal to double the trade between the UK and Pakistan. It is a good sign of our confidence in Pakistan and the strength of the unique relationship between the two countries. I give confidence to all Pakistan businesses to look for opportunities to partner with the UK on their journey towards economic prosperity.
The UK is Pakistan’s 3rd largest export partner forever. Between July 2019 and March 2020, Pakistan exported 7% of its total exports to the UK, and the increase in the credit financing limit will help turbo-charge trade relations between the two countries.