EX-IM BANK, PAKISTAN ENTER AGREEMENT TO SUPPORT PURCHASES OF U.S. PRODUCTS BY PAKISTANI BUSINESSES
The Export-Import Bank of the United States (Ex-Im Bank) announced Pakistan's Minister of Finance Shaukat Aziz today signed a Letter of Awareness facilitating Ex-Im Bank's opening of its Letter of Credit Program in Pakistan. Ex-Im Bank's letter of credit insurance policies are available to cover letters of credit issued by three banks in Pakistan.
Pursuant to the Letter of Awareness the Ministry of Finance will guarantee that the approved Pakistani Banks will receive all requisite permits to obtain the foreign exchange necessary to fulfill their dollar obligations under letters of credit. The participating Pakistani banks are National Bank of Pakistan Ltd., United Bank of Pakistan Ltd., and Muslim Commercial Bank Ltd.
We are delighted to strengthen our relationship with Pakistan, said Ex-Im Bank Vice Chairman Eduardo Aguirre. This signing marks the culmination of a long process of cooperation. We're hopeful this will help facilitate U.S. exports to Pakistan and illustrate our confidence in the strength of Pakistan's major banks to the international financial community.
Ex-Im Bank is an independent federal agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.