UK triples credit financing for Pakistan business, says British HC
ISLAMABAD: The United Kingdom’s (UK) credit financing agency, UK Export Finance (UKEF) has increased its financing limit to three times for British businesses looking to export to and invest in Pakistan to £1.5 billion, ARY NEWS reported quoting British High Commissioner to Pakistan Dr. Christian Turner.
The high commissioner met with the Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood today to discuss trade ties and business potential between the two countries.
UK has tripled credit financing for 🇵🇰 business in 2 years to £1.5bn: a sign of economic confidence & potential for further 🇵🇰🇬🇧 business ties #UKPakDosti @MoCommercePk @SMQureshiPTI @UKEF https://t.co/5hUSczrVOp pic.twitter.com/e5nx6Y57Pr
— Christian Turner (@CTurnerFCDO) September 14, 2020
The commerce adviser welcomed the UKEF’s announcement of an increase of £500 million in the credit limit for business investment in Pakistan, especially at a time when the country is looking to expand its trade potential to mitigate the impacts of COVID19.
Speaking on the occasion, British High Commissioner Dr. Christian Turner said that UK credit financing for Pakistan has tripled in the last two years, and is key to achieving his ambition to double the trade between the two countries.
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“It is a sign of our confidence in Pakistan and the strength of the unique relationship between the two countries,” he said adding that he encourages all Pakistan businesses to look for opportunities to partner with the UK on their journey towards economic prosperity.
This announcement will boost trade partnerships between the two countries and unleash Pakistan’s growth potential. UKEF helps secure large contracts by providing attractive financing terms to buyers and supporting working capital loans.
The UK is Pakistan’s third-largest export partner. Between July 2019 and March 2020, Pakistan exported 7 percent 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.