Multinational assistance boosts Pakistan
Qatar Airways used a delivery flight of a new B777-300ER to partner with Boeing and AmeriCares to deliver 15.8 tonnes of relief supplies to Pakistan.
"This is the second time in four months that Boeing has partnered with Qatar Airways and AmeriCares to help the people in Pakistan where the need is still great," said Liz Warman, director of Global Corporate Citizenship Northwest Region, Boeing. "Providing timely medical care is critical; though the floods have receded, the after-effects, such as sickness and disease, continue to affect the people in these disaster zones."
Pakistan is to receive further assistance following a deal by the Asian Development Bank (ADB), International Finance Corp. (IFC), Citibank and Pakistan's MCB Bank to boost the country's textile industry, which accounts for more than 60 percent of industrial activity.
The four banks are providing trade finance coverage of up to €110 million ($146 million) for Ibrahim Fibers Limited to import German machinery to produce polyester staple fiber and polyester chips. This will raise production from 650 tonnes to 1,250 tonnes a day.
Steven Beck, head of trade finance in ADB's Private Sector Operations Department, said: "Cooperating with IFC, Citibank and MCB was key to closing this challenging deal, a transaction that will support businesses and create jobs in Pakistan."
Last year, ADB's trade finance program supported more than $600 million of cross-border trade in the country. During the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase over the same period last year.