UAE bank arranges finance of $1bn for Pakistan

Dubai: The Dubai Islamic Bank (DIB) has arranged $1 billion in financing for Pakistan.

According to the Finance Minister of Pakistan, UAE will be providing Pakistan with financing as a loan over the course of 5 years.

The Finance Ministry stated that the bank arranged the financing with the assistance of international investors. While, the other banks of UAE also partnered with the relevant bank.

It was added that the Asian Development Bank (ADB) guaranteed the policy for financing, and 89 percent of financing was acquired according to Islamic Sharia. 

In accordance with that, Finance Minister Muhammad Aurangzeb, said, “The provision of financing is affirmation of international investors’ confidence in Pakistan’s economy,” and that the acquisition of finance according to sharia law will result in success.