ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar has expressed satisfaction over the progress regarding operationalization of the EXIM Bank
The Finance Minister stated this while chairing a meeting on operationalization of EXIM Bank here on Thursday. Governor State Bank of Pakistan (SBP), Mr. Ashraf Mehmood Wathra besides officials of the Finance Ministry attended the meeting.
The EXIM Bank 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 is fully owned by government of Pakistan.
To operationalize the bank, the government had released Rs. 7 billion for the fiscal year 2015-16. The remaining amount of Rs. 3 billion will be released during the current FY/2016-17.
The SBP has agreed to place the services of five SBP officers on deputation with EXIM Bank for a period of three years. Process of hiring of Chief Executive Officer (CEO) & Company Secretary for the EXIM Bank on regular basis was underway which will be completed shortly.
