ADB signs trade finance agreement with Dubai Islamic Bank Pakistan

Cars drive past the Manila headquarters of the Asian Development Bank on February 17, 2009. (AFP/ File Photo)
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Updated 30 July 2021
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ADB signs trade finance agreement with Dubai Islamic Bank Pakistan

  • To date, ADB program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions
  • DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities

ISLAMABAD: The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) on Thursday signed an agreement with Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan.

ADB will provide guarantees to help DIBPL expand its trade finance business in Pakistan, a statement from the bank said.

TSCFP has been operating in the country since 2008. The addition of DIBPL increases TSCFP’s Pakistan partner banks to 13 and makes Pakistan one of the program’s most promising markets.

To date, the program has supported more than $17.3 billion in trade in Pakistan through 5,891 transactions. This support has predominantly been provided for steel, polypropylene, fertilizers, and machinery for garments and weaving. In 2020, TSCFP supported 650 transactions in Pakistan valued at $1.2 billion, with 51 percent co-financed with commercial banks.

“This further demonstrates our commitment to supporting trade in Pakistan,” TSCFP Relationship Manager for Pakistan Nana Khurodze said in a statement. “We are delighted to work with DIBPL to support its initiatives with trading companies, including providing small and medium-sized enterprises with access to global trade.”

 “This agreement will further streamline and ease the process for trade finance giving a boost to business activities in Pakistan. Our partnership with ADB shows trust in Dubai Islamic Bank Pakistan as an entity. We aim to work toward increasing trade flows to the country,” Dubai Islamic Bank Pakistan CEO Junaid Ahmed said.   

Backed by ADB’s AAA credit rating, TSCFP provides loans and guarantees to more than 200 partner banks to support trade, creating import and export opportunities for enterprises across Asia and the Pacific.

DIBPL is the wholly owned subsidiary of Dubai Islamic Bank UAE. DIBPL has operated in Pakistan since 2006 with a network of 235 branches located in around 70 cities.


’Ugly’ England aim to spin their way to World Cup semis ahead of Pakistan clash 

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’Ugly’ England aim to spin their way to World Cup semis ahead of Pakistan clash 

  • England stuttered with the bat, finishing at 146-9 in their Super Eight clash against Sri Lanka last week
  •  A win over Pakistan today will be enough to see the 2010 and 2022 T20 World Cup champions into semis

SRI LANKA: England are yet to catch fire at the T20 World Cup, but they won’t mind one bit if another “ugly” win secures Harry Brook’s side a semifinal berth with a game to spare.

England bowled out Sri Lanka for 95 on Sunday to open their Super Eights campaign with a 51-run win.

With the Pakistan-New Zealand clash on Saturday being washed out, a win against Pakistan on Tuesday at the same stadium will be enough to see the 2010 and 2022 T20 World Cup champions into the last four.

England again stuttered with the bat and were restricted to 146-9 by Sri Lanka on Sunday.

“We know that we can play a lot better,” all-rounder Liam Dawson told reporters after the win, in comments only made public on Monday.

“But at the end of the day in tournament cricket, you just need to get the win, however ugly.”

England’s bowlers came to the rescue for the third time in the tournament, after also defending below-par totals against Nepal and Italy.

“The fight we’ve shown with the ball shows that this team is in a very good place,” said Dawson.

Pakistan possess a dangerous spin attack, featuring a unique weapon in Usman Tariq and his pronounced pause before he releases the ball.

But Dawson said England would fight fire with fire with their own potent slow-bowling arsenal.

England captain Brook also has speedster Jofra Archer, the hit-the-deck-hard Jamie Overton and left-arm swing bowler Sam Curran as the seam options.

England’s flexibility enabled Will Jacks to open the bowling with his off-spin on Sunday and destroy Sri Lanka’s top order.

He returned figures of 3-22 in tandem with Archer, who removed both opening batsmen, to leave Sri Lanka in tatters at 34-5 at the end of the six-over power play.

England’s variety offers Brook endless options, said Dawson who bowls left-arm spin, as does Jacob Bethell.

“We’re all very different types of spinners. Jacksy gets very good over-spin, very good bounce.

“Dilly (wrist spinner Adil Rashid) has all these variations and me, I’m probably more of a defensive spinner and that’s my role. I’m just trying to be consistent for the captain.

“Adil can use all of his tricks and he comes on to get wickets and get us back in games or put us ahead in games.

“Obviously, Jacks, he’s been brilliant. He’s exploited conditions here very well.

“And I think the way Brookie captained today was phenomenal, how he used us all differently.”

But Dawson cautioned that the wicket on Tuesday night could play very differently to the tacky slow track they encountered on Sunday, which had sweated under covers after days of rain in Kandy.

“Obviously, a different challenge on Tuesday at a night game. It could be a better wicket. We’ll have to wait and see what happens.”