State Bank of Pakistan (SBP) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Monday signed a Memorandum of Understanding (MoU) to cooperate in promoting trade and investment in the country. ICIEC is a member of the Islamic Development Bank (IDB) Group. The MoU, which was signed by Yaseen Anwar, Governor State Bank of Pakistan and Dr Abdul Rehman Taha, Chief Executive Officer (CEO) ICIEC, here at SBP, is aimed at establishing a basis for the exchange of information between the two entities on banking industry’s condition and operating performance and ICIEC exposures on the banks operating in the country.
Under the MoU, both the parties shall cooperate for the purpose of promoting and supporting the flow of trade and investment to and from Pakistan in accordance with the prevalent laws and regulations. SBP shall endeavour to provide/share banking industry wide, not of individual bank, information and its reports, papers, etc on foreign investment environment in Pakistan with ICIEC as and when desired by the corporation.