960402

IFC okays $10m

credit line for

Atlas Bank

KARACHI: The International Finance Corporation (IFC), a subsidiary of the World Bank, has approved a credit line of US$10 million for Atlas Investment Bank (AIB).

This was stated in an announcement here on Tuesday by the Atlas Group of Companies.

It said the credit line would 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 credit line will be an impetus for growth of new projects in the country and will provide much needed funding that the new entrepreneur finds so difficult to come by.

This credit 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 new entrepreneurs.-APP