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EBRD opens new TFP line in Turkmenistan
Ashgabat branch of National Bank of Pakistan gets $500,000 of trade funding
The European Bank for Reconstruction and Development is making available
$500,000 a year to the Ashgabat branch of the National Bank of Pakistan in
Turkmenistan, NBPT, to guarantee the trading operations of private businesses.
The line under the EBRD’s Trade Facilitation Programme will guarantee trade
instruments issued by NBPT, such as letters of credit, guarantees, promissory
notes and bills of exchange, for up to 180-day periods.
NBPT actively supports small businesses in Turkmenistan, in line with the
EBRD’s strategy for the country which calls for the Bank’s support the private
sector. NBPT’s strategic goal is to develop its Turkmen trade finance
business, thus promoting trade between Turkmenistan and the rest of the world.
The Central Asia Risk Sharing Special Fund will guarantee up to half any
losses, thus limiting EBRD exposure. The parent bank of NBPT, the National
Bank of Pakistan Karachi, also guarantees its branch’s performance under the
facility.
The National Bank of Pakistan has branches and subsidiaries in 17 countries,
including Azerbaijan, Kazakhstan, the Kyrzyz Republic and Uzbekistan. Its
Turkmen branch opened in 1996.
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