The electronic Business School International, in conjunction with the Institute of Bankers Pakistan held a seminar and Launch event in Lahore on 2 May 2008 as part of the launch of the IFC FIT Initiative in Pakistan.
At the launch in Lahore Mr Nadeem Siddiqui, Country Head for IFC in Pakistan explained “The ‘FIT Initiative’ has been developed with the support of the ‘IFC Global Trade Finance Program’ which itself, in a short period of time has proven to be a highly successful global trade finance support program for banks and their customers in emerging markets, including Pakistan”.
Traditionally a significant proportion of international trade from Pakistan has been undertaken by means of Documentary Credit or ‘Letter of Credit’ as it is more commonly known.
Notwithstanding the continued importance of Letters of Credit in financing such trade into and out of Pakistan, it has been identified that there is a need to apply other methods of payment and more advanced trade finance products to further accelerate the development of exports from Pakistan.
The ‘FIT Initiative’ will provide advanced skills in the ‘Finance of International Trade’ (FIT) to participants of the program. Successful participants will receive valuable certification in the Finance of International Trade from the Institute of Export in the United Kingdom as well as a certificate of achievement in Documentary Credits and UCP 600 from the International Chamber of Commerce in Paris.
The IFC FIT initiative was launched in Pakistan with the valuable assistance of the Institute of Bankers in Pakistan (IBP) who took the lead in organising these high profile events on international standard banking practice in trade finance both in Karachi and Lahore.
The launch at IBP was facilitated by Mr. Vincent O’Brien from Ireland. Mr O’Brien is a Member of the ICC Banking Commission in Paris and an award winning trade finance specialist who has undertaken technical assistance and trade finance training projects for the IFC in many emerging countries.
Mr. O’Brien is confident that this launch will prove to be the start of a very productive and positive global network of trade finance accredited professionals and looks forward to many other countries joining the IFC ‘FIT Initiative’ to facilitate international trade and development which can only bring benefit of all countries and participants involved.