By Karim Madad ISLAMABAD, March 23 (INP-WealthPK): The International Finance Corporation (IFC) is partnering with the Bank AL Habib Limited – a long-term client – to support the import of essential goods and equipment into Pakistan and foster a sustainable recovery from the Covid-19 pandemic. The IFC is enhancing its trade facility to the Bank AL Habib Limited in order to support the longer-term imports of capital goods — including vital equipment, machinery, and tools — under its Global Equipment Finance Facility (GEFF). Under the GEFF, the IFC extends guarantees up to five years to selected partners for capital goods imports with the focus on climate change. The project will enable the bank to issue a letter of credit for up to 37 months for the import of critical capital goods into Pakistan, which has been constrained because of the pandemic. “We are thankful to be a long-term partner of the IFC’s global trade finance program in Pakistan,” said Mansoor Ali Khan, CEO Bank AL Habib Limited, in a statement. “The IFC’s support will enhance our existing trade limits to accommodate higher volumes of trade finance and extend our capacity to support the deliveries of vital capital goods to meet our clients’ import and business needs.” Bank AL Habib Limited is a long-term partner in the IFC’s Global Trade Finance Program (GTFP), which supports trade in emerging markets by providing partial or full guarantees against underlying trade instruments and covering the payment risk of participating issuing banks. “Trade finance is essential to the flow of goods and services in and out of the country, which plays a vital role in supporting businesses and sustaining livelihoods,” said Khawaja Aftab Ahmed, IFC’s Incoming Regional Director for Middle East, Pakistan and Afghanistan. “IFC’s support will enable our longstanding partner Bank AL Habib Limited to better support its clients in importing critical goods during this challenging post-pandemic recovery period and help foster sustainable economic growth,” he added. The IFC has supported trade worth around $200 billion in developing economies since 2005. Its GTFP commitments in Pakistan stand at $4.77 billion, covering sectors including agriculture, chemicals, food and beverages, healthcare, energy, industrial products, telecoms, and textiles. IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. ‘’We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, we committed record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.”