March 11, 2009—In a ground-breaking agreement, IFC will provide Pakistan's Allied Bank with guarantees for sustainable finance and energy-efficient trade deals. Allied is the first bank to join the IFC Global Trade Finance Program with a dedicated sustainable finance component.
Lars Thunell, IFC Executive Vice President and CEO, signed the agreement in Dubai on Tuesday during his visit to the Middle East. The move is part of IFC's strategy to promote energy efficiency and climate change mitigation, including renewable energy, in finance.
This innovative product is expected to be replicated with other banks in the IFC Global Trade Finance Program network within the Middle East and North Africa and globally. The agreement will also provide Allied, the sixth-largest bank in Pakistan, with a general trade guarantee line.
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For more information contact:
Riham Mustafa
Phone: +202 24 619 140
E-mail: RMustafa@ifc.org
