Local currency financing: SBP, IFC sign agreement

The State Bank of Pakistan (SBP) has partnered with the World Bank Group, through its private sector arm, the International Finance Corporation (IFC), to expand local currency financing and support private sector growth in Pakistan. According to SBP, through an ISDA agreement, the partnership will enable IFC to manage currency risks more effectively and increase its investments in Pakistani rupees. This is an important step towards unlocking financing for critical sectors of the economy and creating jobs across the country. “Promoting private sector growth in Pakistan is paramount to successful, sustainable economic development of the country,” said Jameel Ahmad, the Governor State Bank of Pakistan.