Dar expresses satisfaction over operationalization of EXIM Bank

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ISLAMABAD, Sep 22 (APP): The Federal Minister for Finance Senator Mohammad Ishaq Dar, Thursday expressed satisfaction over the progress regarding operationalization of the EXIM Bank of Pakistan.

He was chairing a meeting on operationalization of the Bank. The meeting was attended by the Governor State Bank, Ashraf Mehmood Wathra and senior officials of the Ministry of Finance.

The EXIM Bank of Pakistan has been incorporated with Securities and Exchange Commission of Pakistan (SECP) on June 11, 2015 under the Companies ordinance, 1984.

As per its Article of Association, the authorized Capital is Rs. 100 billion while the initial paid-up capital is Rs. 10 billion. The EXIM Bank of Pakistan is fully owned by Government of Pakistan.

To operationalize the bank the government has released Rs7 billion for the FY 2015-16, said the press statement issued by the Ministry of Finance.

The remaining amount of Rs3 billion will be released during the current FY/2016-17.

SBP has agreed to place the services of five SBP officers on deputation with EXIM Bank for a period of three years while the process of hiring of CEO and Company Secretary for the EXIM Bank on regular basis in under process, which will be completed shortly.