LONDON, Oct 26 (APP):Pakistan High Commissioner to the United Kingdom (UK) Moazzam Ahmad Khan held a detailed meeting with the team of UK Export Finance (UKEF) and Oxon Global at the high commission the other day and deliberated on ways and means to make optimal utilisation of the UKEF facility and boost bilateral trade and investment.
A statement of Pakistan High Commission (PHC) Statement issued here Monday said that in a recent announcement, the UK government has increased the credit financing facility for Pakistan from £ 400 million to £1.5 billion.
The facility is available for short-term as well as long-term financing, the statement said.
The statement of the high commission said the team members included Julian Lynn, Head of MEAP Region, UKEF; Steve Crosley, International Business Development Manager, UKEF; Gerard Newman, CEO, Oxon Global; and Ali Ehsan, Partner, Oxon Global. Shafiq A Shahzad, Trade and Investment Minister of the High Commission also attended the meeting.
The two sides deliberated on ways and means to make optimal utilisation of the UKEF facility and boost bilateral trade and investment. The UKEF officials briefed salient features of the lending facility for Pakistan, its modalities of financing and operational mechanism.
It was explained that the facility was available for both Public and Private Sector projects and can be spread across all industry sectors.
However, green growth and renewable projects were the priority sectors with attractive financing facility extended for a longer period. Moazzam Ahmad Khan on the occasion, underlined the need for effective dissemination of information about the credit facility and concerted and coordinated efforts by all the stakeholders to effectively utilise the facility for various projects.
He thanked the officials of UKEF for their visit and Oxon Global for making efforts to reach out to various stakeholders in Pakistan for identification of projects under the facility,the statement said.