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Meezan Bank signs Trade Accord with Asian Development Bank

May 28th, 2009

Meezan Bank Limited (MBL) and Asian Development Bank (ADB) recently signed a Trade accord in order to facilitate the opening of Letters of Credits. Under the agreement the Asian Development Bank would indirectly confirm Meezan Bank Letter of Credit. ADB would effectively act as a guarantor for import LC’s established by Pakistani businessmen, thereby facilitating Pakistani trade transactions. The facility would provide much needed support to Pakistani ‘importers’ in these challenging times for the global economy.

The agreement was signed by Mr. M. Saleem Khan, Regional Manager-North and Mr. Mustafa Rabbani, Area Manager, Islamabad on behalf of MBL and Mr. Rune Stroem, ADB’s Country Director signed on behalf of ADB.