EXIM Bank of Pakistan (EXIM Bank) is committed to empower the exporters of Pakistan and support priority export sectors by leveraging its local and international partnerships and introducing development-focused and impact-driven financial interventions in the market.
EXIM Bank, upholding its vision to strengthen Pakistan’s export base, has inked a tripartite MOU with The Bank of Punjab (BOP) and Pakistan Software Export Board (PSEB) under the Software Export Expansion Program (SWEEP), to provide Export Credit Insurance among other Financing and Banking facilities to software exporters. The program is envisaged to expand its scope from lending only, to offering facilities in all banking requirements of the exporters.
This tripartite MOU, under the SWEEP initiative envisions to achieve the following:
- Bridge the gap between Software Exporters and Commercial Lenders,
- Introduce Credit Insurance backed Export Finance facilities to enhance their global competitiveness by providing a level playing field in international markets, and
- Enable tailored Trade and Consumer Banking services to facilitate the exporters’ operations and growth plans.
The synergistic collaboration based on a building-block methodology, outlines the position for each entity as under:
- EXIM Bank will provide Export Credit Insurance facilities against export orders.
- PSEB will facilitate in building a financial and performance rating methodology for Software & IT Services in partnership with an accredited Rating Entity.
- Bank of Punjab will extend Export Finance along with customized Trade and Consumer Finance Services to all segments of the sector including freelancers.
SWEEP will have an important signaling effect as a contributor in the growth of software exports. It aims to unlock Commercial Funding for software exporters, embedded with EXIM Bank’s Credit Insurance product and will enable software exporters to focus on expansion, create jobs in the Software and IT Services sector and promote entrepreneurship in Pakistan.