Established under the Export-Import Bank of Pakistan Act, 2022, which received presidential assent in October 2022 and was notified in the Official Gazette shortly thereafter, Export-Import Bank of Pakistan (“Pak EXIM” or “the Bank”), is a statutory Development Financial Institution (DFI) operating as the country's official Export Credit Agency (ECA). In February 2023, the Federal Government formally declared Pak EXIM a financial institution under Section 3A of the Banking Companies Ordinance, 1962, solidifying its regulatory standing. The Bank formally commenced operations in December 2023, marking the beginning of its role as Pakistan's premier export credit institution.

The EXIM Bank Limited was initially incorporated in June 2015 and was designated as a Development Finance Institution (DFI) by the Government of Pakistan (GoP). Subsequently, with the enactment of the Export-Import Bank of Pakistan Act, 2022, the formal establishment of the Pak EXIM took place. Under this framework, the entire undertaking, assets, and liabilities of EXIM Bank Limited were transferred to the newly formed statutory entity, and the predecessor organization was officially dissolved. The Bank commenced formal operations in December 2023, marking the beginning of its role as the Country’s official export credit agency.

Pak EXIM serves as the country's official export credit agency, mandated to support, promote, and develop international trade while enhancing Pakistan's competitiveness in global markets. In line with the Export-Import Bank of Pakistan Act and national trade policies, the Bank pursues three core objectives: to support trade-related investments and export-oriented industries; to administer international trade-related schemes transferred by the Federal Government or State Bank of Pakistan as a trustee or agent; and to perform any additional functions assigned by the Federal Government that further the Bank's mandate. Currently, Pak EXIM's operational activity is centered on two streams. The first and most active is Trade Credit Insurance (TCI), the Bank's sole insurance product, through which it underwrites export receivables to mitigate commercial and political risks for Pakistani exporters. The second stream is the Bank's role as the designated disbursement agent for the Government of Pakistan's export finance subsidy schemes under the IMF-mandated Extended Fund Facility. In this capacity, Pak EXIM manages the legacy State Bank of Pakistan refinance book, which is scheduled for phased completion, alongside a separately originated Long-Term Finance Facility portfolio that the Bank directly administers. The Bank disburses significant mark-up subsidies to Participating Financial Institutions following a structured two-tier verification process, while assuming no principal credit risk as the underlying lending exposure remains with the PFIs. Looking ahead, the Bank is in the process of finalizing a quota-share reinsurance treaty with a multilateral Shariah-compliant institution, ICIEC, to enhance risk-bearing capacity, a strategic initiative yet to be operationalized.

Pak EXIM is a wholly-owned entity of the Government of Pakistan (GoP), operating under the dual regulatory oversight of the State Bank of Pakistan (SBP) for prudential matters and the provisions of the State-Owned Enterprises (Governance and Operations) Act, 2023.

In accordance with its governing legislation, the Federal Government is, and will continue to be, the sole shareholder of Pak EXIM at all times. This exclusive ownership structure ensures long-term institutional stability and alignment with national strategic objectives. Furthermore, the Bank's designation as an essential State-Owned Enterprise (SOE) by the Cabinet Committee on State-Owned Enterprises underscores its critical role in the country's economic framework and reinforces the government's ongoing commitment to its operational and financial stability.

The Government of Pakistan's strategic decision to establish Pak EXIM reflects its strong commitment to fostering sustainable economic growth and enhancing the nation's competitiveness in the global marketplace. As the sole shareholder, the GoP demonstrates not only its policy resolve but also its institutional foresight and business acumen, recognizing the vital role of a dedicated export credit agency in driving trade development, supporting exporters, and strengthening Pakistan's position in international trade.

The Ministry of Finance has allocated dedicated financial resources to Pak EXIM, signaling a strong likelihood of continued state support. This commitment is further reinforced by the provisions outlined in Chapter VI, Clause 25, read in conjunction with Clause 43 of the Export-Import Bank of Pakistan Act, 2022, which collectively establish a high propensity for government backing. Such legislative and financial support provides a solid foundation for the Bank's operations, ensuring that it has the necessary capital base to fulfill its mandate.

Pursuant to the provisions of the governing Act, the Federal Government has established a seven-member Board of Directors for Pak EXIM. The Board is led by a chairman and includes one executive director, two ex-officio directors, and three independent directors, providing a balanced governance framework with representation from both the public sector and independent members.

The current Board of the Bank comprises seasoned professionals with diverse expertise spanning finance, banking, and policymaking. Mr. Naeem Iqbal serves as the Chairman, a Fellow of the Chartered Institute of Bankers, London, with extensive leadership experience in domestic and international banking, including previous roles as Chairman and Managing Director of the Industrial Development Bank of Pakistan. Mr. Imran Maqbool, an independent director, is the former President and CEO of MCB Bank Ltd., bringing nearly four decades of banking experience. Ms. Ayesha Aziz, an independent director, is an investment banking expert and former CEO of Pak Brunei Investment Company. Dr. Shujat Ali, an independent director, is a retired civil servant with extensive public sector experience. Mr. Qumar Sarwar Abbasi, an ex-officio director and Additional Secretary, Finance, has held various key government positions. Mr. Jawad Paul Khawaja, an ex-officio director, serves as the Federal Secretary of Commerce. Mr. Shahbaz H. Syed, CFA, FRM, the President and CEO, brings decades of global ECA experience from leadership roles at Saudi EXIM Bank, Export Development Canada, ICIEC, and the Islamic development bank Group. This collective expertise equips the Board to effectively steer Pak EXIM in fulfilling its mandate.

The Board serves a robust supervisory role, providing strong oversight of the Bank's operations and strategic policymaking. It actively guides the institution's long-term direction and has resultantly formally approved the Bank's Strategic Plan 2026–2030, along with the accompanying Strategy Implementation Plan. To enhance governance and monitoring, the Board has established four dedicated subcommittees: (i) Audit, (ii) Human Resources & IT, (iii) Risk Management, and (iv) Finance & Procurement. In accordance with the governing Act, the Board is mandated to convene a minimum of one meeting every quarter to review performance and ensure compliance with regulatory and operational standards. Attendance records demonstrate consistently high participation from all members, reflecting strong engagement and commitment to the Bank's strategic objectives.

The Bank prepares quarterly, half-yearly, and annual financial statements in compliance with IFRS as applicable in Pakistan, prudential regulations, and any additional requirements prescribed by the Board. For the fiscal year ended December 31, 2025, Grant Thornton Anjum Rahman served as the external auditor and expressed an unqualified opinion on the financial statements, affirming that they give a true and fair view of the Bank's financial position and its financial performance and cash flows for the year then ended in accordance with accounting and reporting standards as applicable in Pakistan. The auditor's report also confirmed compliance with the requirements of the Banking Companies Ordinance, 1962, and directives issued by the State Bank of Pakistan.

The Bank operates under a well-defined organizational structure consisting of eight key departments: (i) Information Technology, (ii) Internal Audit, (iii) Risk Management, (iv) Corporate & Financial Institutions, (v) Commercial & SME, (vi) Strategy & Business Excellence, (vii) Operations, and (viii) Finance. Each department is led by a qualified head who reports directly to the CEO.

The current Board of Pak EXIM comprises seven seasoned professionals with diverse expertise spanning finance, banking, public policy, and international trade. This collective breadth of experience provides the Bank with strategic guidance across its core operational and governance domains. Mr. Shahbaz Hussain Syed serves as President & CEO, bringing extensive global ECA experience from leadership roles at Saudi EXIM Bank, Export Development Canada, ICIEC, and the Islamic development bank Group, and holding the prestigious CFA and FRM designations. Mr. Abdul Hafeez, who previously served as Acting CEO, continues as Group Head Finance, providing critical institutional continuity and playing a key role in the enactment of the EXIM legislation and the strategic transition of export refinance schemes from SBP. Mr. Urhan Anwar holds the position of Company Secretary. Mr. Muhammad Muzammil Khan serves as Head of Operations. Mr. Yaser Ali Devjiani is Head of Treasury, based at the Regional Office in Karachi. Mr. Arif Ullah is Head of Human Resource & Administration. Mr. Sarmad Pretu is Chief Risk Officer. Mr. Zahid Hussain Gokal is Head of Compliance, based at the Regional Office in Karachi. Mr. Muhammad Abid Khan is Head of Internal Audit. This collective expertise equips management to effectively advance the Bank's mandate.

The Management Committee (MANCOM) has been established to provide comprehensive oversight, ensuring that the Board's directives are effectively implemented through sound business strategies and that the Bank meets its corporate objectives. The Asset Liability Committee (ALCO), the Compliance & Control Committee, and the Management Risk Committee (MRC) have been constituted and functional and al are playing vital roles in managing the Bank's day-to-day operations. The MRC is specifically tasked with embedding a risk-aware culture, recommending new credit policies, and guiding the future direction of the Bank's portfolio. To drive execution of the Strategic Plan 2026–2030, the President & CEO has established six cross-functional project teams, each with time-bound deliverables and bi-monthly progress reporting to the CEO. These teams cover: (i) Regulatory Licensing & New Product Development, (ii) Reinsurance and Risk Transfer, (iii) Insurance Business Scale-up, (iv) GOP Sovereign Guarantee & Subsidy Structuring, (v) On-lending Mechanisms through Bilateral Support, and (vi) ESG & Climate Risk. A consolidated quarterly progress report is submitted to the Board, ensuring alignment between strategy execution and governance oversight.

Pak EXIM has successfully acquired and implemented an Enterprise Resource Planning (ERP) system and a Credit Insurance solution, aimed at enhancing operational efficiency and strengthening risk management capabilities. Additionally, the Bank has deployed a Human Resource Information System (HRIS) to streamline HR processes and improve workforce management. To further strengthen its financial operations, optimize liquidity management, and support strategic decision-making, the Bank is currently in the process of procuring an advanced Treasury Management System (TMS). These systems collectively enhance the Bank's ability to monitor performance, generate timely reports, and support management oversight. These MIS capabilities provide critical inputs to the Management Committee (MANCOM) enabling informed decision-making and effective monitoring of the Bank's operational and strategic performance.

The Bank has established a strong underwriting policy framework to assess and approve risk limits in accordance with its operational guidelines. The Risk Management Department is responsible for managing underwriting and risk assessments for corporations and banks, conducting risk analytics, and maintaining comprehensive buyer credit information. Additionally, specialized software, including the Tinubu Credit Insurance System, has been procured and deployed to support the risk assessment process, providing analytical tools and generating reports on the creditworthiness of counterparties.

In Pakistan, Development Finance Institutions (DFIs) are classified into two categories: Broad Objective DFIs and Specific Objective DFIs. Broad Objective DFIs, also known as Joint Venture Financial Institutions (JVFIs), are predominantly owned by national governments and primarily focus on implementing government-led foreign development policies. In contrast, Specific Objective DFIs are established to support the development of particular sectors. Within this framework, the Bank operates as a state-owned, Specific Objective DFI, focused exclusively on facilitating and promoting Pakistan's international trade.

Pak EXIM enjoys sovereign ownership, positioning it as a key institution in promoting and supporting Pakistan's international trade. Operating in a specialized segment of the financial sector, the Bank seeks to address critical financing gaps by offering trade credit and insurance products. It is also aligned with the government's agenda to diversify the export base, with targeted support for non-traditional sectors such as IT, pharmaceuticals, engineering goods, and agri-based products. As it continues to evolve, Pak EXIM remains committed to strengthening its operational framework, enhancing risk management capabilities, and leveraging digital tools to streamline underwriting and credit assessment processes.

The Bank’s business model envisages generating income primarily from trade credit insurance premiums charged to customers and fee-based income earned through its role as the administrator of the Export Finance Scheme (EFS), under which it receives an administrative fee of 0.1% of the subsidy processed. As the Bank remains in the early stages of operations and is gradually expanding its business footprint, the insurance portfolio is still developing and has yet to achieve meaningful scale. Consequently, Pak Exim's current earnings profile is predominantly supported by returns from its investment portfolio, comprising Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs). During FY25, the Bank reported net mark-up income of PKR 2.50bln from its government securities portfolio, which remained the principal contributor to profitability. Meanwhile, income from trade credit insurance is expected to gain traction as underwriting activities expand, with premium income budgeted at PKR .9Mln for CY26. The EFS administration function continues to provide a stable ancillary revenue stream through fee income.

In line with its mandate to promote exports and diversify both regional markets and industrial sectors, Pak EXIM is gradually progressing toward its strategic objectives. The Bank's Trade Credit Insurance portfolio grew from approximately PKR 4 billion in December 2025 to around PKR 8 billion by April 2026, with a full-year target of PKR 22 billion for CY2026. In its early years, the Bank has focused on established markets and carefully underwritten transactions to build market confidence, with no claims reported to date. To further enhance risk-sharing capacity, the Bank is in the process of finalizing a quota-share reinsurance treaty with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral Shariah-compliant institution and member of the Islamic Development Bank Group. This arrangement will enable Pak EXIM to cede a portion of its TCI exposure, freeing up statutory capital and aligning its risk management framework with globally accepted ECA best practices. Furthermore, under the IMF's Structural Benchmark, the SBP's Export Refinance Schemes (ERF) are being gradually transitioned to the Bank over a four-year period (FY2024-2027), with Participating Financial Institutions extending subsidized financing using their own liquidity while the GoP provides the rate subsidy through Pak EXIM. Looking ahead, the Bank's future performance will be shaped by the disciplined execution of the Board-approved Strategic Plan 2026–2030, which will progressively diversify the insurance portfolio, deepen market penetration, expand SME participation, and transform Pak EXIM into a modern, catalytic ECA, marking a decisive evolution from its current foundational phase toward a more expansive and impactful operational mandate.

The sustainability of  Pak EXIM is anchored in its strategic mandate, sovereign ownership, and its pivotal role in fostering export-led economic growth, reinforced by a prudent and gradual expansion strategy that carefully grows its portfolio while building institutional credibility. The Board-approved Strategic Plan 2026–2030 provides a disciplined, three-phased roadmap, Foundation, Scale & Expansion, and Maturity, ensuring phased and sustainable market engagement, while the establishment of a Special Reserve (initial PKR 500 million with 10% of annual profit after tax to be added until the reserve reaches PKR 2 billion) strengthens financial resilience. Operational sustainability is supported by significant investment in digital infrastructure, including the ERP system, Tinubu Credit Insurance System, and the recently launched E-EFS portal, with a dedicated ESG/Sustainability team developing a green policy framework aligned with SBP's green taxonomy. To ensure sustainable market engagement, Pak EXIM has adopted a three-phase product strategy: Phase One offers short-term credit insurance; Phase Two will introduce lending solutions and advisory services; Phase Three will focus on Shariah-compliant products. Additionally, the Bank's designated role in administering EFS under the IMF's Extended Fund Facility further enhances its institutional relevance and financial continuity.

The Bank offers credit insurance to local businesses, protecting them against the risk of non-payment by foreign buyers, thereby supporting exporters in mitigating payment risks and enhancing their confidence in cross-border trade. To date, no claims have been reported, reflecting the Bank's careful underwriting approach, with the current portfolio comprising well-established international buyers primarily located in developed regions. For its Trade Credit Insurance business, the Bank has introduced a matrixed risk-based limit structure linking Obligor Risk Ratings (ORR) and Country Risk Ratings, with single buyer and country limits subject to Management Risk Committee approval and Board oversight for deviations. Under the IMF Structural Benchmark, the Bank is managing the phased transition of SBP's Export Refinance Schemes (EFS and LTFF) over FY2024-2027, assuming no principal credit risk as Participating Financial Institutions retain the underlying lending exposure while the Bank administers subsidies. Looking ahead, as business volumes grow and the reinsurance treaty with ICIEC is finalized, Pak EXIM plans to diversify its exposure across new regions and counterparties while maintaining a cautious and risk-aware approach to ensure portfolio quality and sustainability.

The Bank is currently exposed to a limited level of market risk, reflecting its conservative investment strategy and early-stage operations. It's market risk, particularly interest rate risk, arises primarily from its investment portfolio, which comprises high-quality Federal Government Securities (Pakistan Investment Bonds and Market Treasury Bills) with a carrying value of PKR 21.26 billion as of March 31, 2026. Asset allocation decisions are made by the Asset and Liability Committee (ALCO) based on liquidity assessments and risk-return considerations, with the Bank predominantly investing in floating-rate instruments while discouraging fixed-rate or low-rated securities. Foreign exchange risk remains minimal, as most transactions are denominated in local currency; however, as the Bank expands into cross-border trade finance and international reinsurance arrangements, currency risk is expected to increase, and the Bank is proactively developing hedging capabilities and foreign exchange risk assessment frameworks. The Bank's Capital Adequacy Ratio of 333% provides substantial buffer against any market volatility, with the investment-to-equity ratio carefully monitored by ALCO to maintain alignment with the Bank's risk appetite.

Pak EXIM maintains a strong liquidity position, underpinned by a substantial capital base and a conservative approach to asset deployment in its formative years. Liquidity is primarily supported by equity contributions (paid-up capital of PKR 13.0 billion) and returns from its investment portfolio of highly liquid government securities, which serve as High Quality Liquid Assets (HQLA) for regulatory liquidity requirements including the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR). On the funding front, Pak EXIM currently operates without external borrowings, reflecting its early-stage development and strong financial backing from government capital injections, though the Bank plans to develop a multi-source funding model under its Strategic Plan 2026–2030, including multilateral credit lines from ADB, IsDB, and IFC, as well as domestic bond issuance in later phases. The Bank manages ERF subsidy funds as an agent of the Government of Pakistan, temporarily investing undisbursed amounts in government securities until required for disbursement to PFIs, with such amounts presented as liabilities. Liquidity risk is managed through well-defined internal policies and governance frameworks overseen by ALCO, which monitors maturity profiles of assets and liabilities, reviews stress testing scenarios, and approves contingency funding plans. The Treasury function plays a central role in maintaining financial stability by carefully aligning the maturity profiles of assets and liabilities, ensuring the availability of funds for insurance claims, operational expenditures, and future financing needs. The Bank's strong liquidity position is further evidenced by cash and bank balances of PKR 746 million as of March 31, 2026, with no short-term borrowing requirements.

The Bank's total equity has demonstrated strong growth, primarily driven by equity injections and returns on its investment portfolio, reflecting strong financial performance and continued capital growth. As of December 31, 2025, the Bank reported total equity of PKR 21.58 billion, with a paid-up capital of PKR 13.0 billion supported by reserves of PKR 4.07 billion and unappropriated profit of PKR 4.47 billion. The Capital Adequacy Ratio (CAR) stands at 333%, vastly exceeding SBP's minimum regulatory requirement of 12.5%. While the CAR is expected to gradually normalize as the portfolio expands, the Bank remains committed to maintaining a strong capital position with a healthy buffer above the regulatory minimum. This disciplined capital management supports the Bank's long-term financial resilience and its ability to achieve strategic objectives.