960402

IFC approves

$10m credit

line for AIB

KARACHI: The International Finance Corporation (IFC), subsidiary of World Bank, has approved a credit line of $10 million for Atlas Investment Bank (AIB). The credit line which will be in two parts i.e. $7.5 million directly from IFC and $2.5 million through a consortium of leading international banks and leading agencies formed by IFC.

This recently approved line will be an impetus for growth of new projects in the country and will provide the much needed funding that the new entrepreneur finds difficult to come by. This line is specifically meant for project financing in the private sector and will allow AIB to reinforce the project financing activities. This will enable the bank to fund projects of established as well as of the new entrepreneurs.