UK credit financing for Pakistan tripled to £1.5 billion

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UK credit financing for Pakistan tripled to £1.5 billion

Karachi - British High Commissioner Christian Turner has said that the United Kingdom's credit financing for Pakistan has tripled and is key to achieving his ambition of doubling bilateral trade.

In an interview to a private news channel on Wednesday, Turner said that British government’s credit financing agency UK Export Finance (UKEF) has increased its financing limit to £1.5 billion for UK businesses looking to export and invest in Pakistan.

"This will help boost trade partnerships between the two countries and unleash Pakistan’s growth potential," he said. However, he highlighted that only £3 million out of £1.5 billion are being used for the purpose.

He said there is huge opportunity in Pakistan to avail investment and credit partnership with British government that will help provide jobs and lead to economic prosperity. He said, "UK is Pakistan's third largest trading partner. I think there is huge potential here."

To a question regarding resumption of British Airways flight operation in Pakistan, he said: "This is really good news because the global industry has been hit hard."