The Export-Import Bank of Pakistan ("EXIM" or "the Bank") was established in 2023 as a state-owned enterprise (SOE) under the Export-Import Bank of Pakistan Act, 2022. On February 13, 2023, the Federal Government, through notification No. F.4. IF/2016-199 published in the official Gazette, declared EXIM a financial institution under Section 3A of the Banking Companies Ordinance, 1962 (LVII of 1962), in line with Section 4 of the Export-Import Bank of Pakistan Act, 2022.

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 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. EXIM Bank commenced formal operations in December 2023, marking the beginning of its role as the Country’s official export credit agency.

EXIM serves as the Country's official export credit agency, mandated to support, develop, and promote international trade and enhance the Islamic Republic of Pakistan’s competitiveness in global markets and has following core objectives:

(a) To support, promote, and develop international trade, trade-related investments, and export-oriented or import-substituting businesses and industries, in line with the provisions of the Export-Import Bank of Pakistan Act and the national trade policies and programs of the Federal Government.

(b) To administer, operate, and manage international trade-related schemes that may be transferred or outsourced to the Bank by the Federal Government, its agencies, or the State Bank of Pakistan, in the capacity of a trustee, agent, or service provider, under terms and conditions prescribed by rules established under the Act.

(c) To perform any additional functions assigned by the Federal Government that further the objectives of the Bank, in accordance with the provisions of the Act and subject to specified terms and conditions.

EXIM is a wholly owned entity of the GoP and operates under the regulatory oversight of the State Bank of Pakistan (SBP). As a state-owned financial institution, EXIM plays a strategic role in advancing the government’s trade and economic objectives, while adhering to the regulatory framework and prudential standards set by SBP.

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

The GoP strategic decision to establish the 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 EXIM Bank, 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 significantly strengthens the Bank’s financial position and underscores the government's long-term commitment to its stability and mandate.

Pursuant to the provisions of the governing Act, the Federal Government has established a seven-member Board of Directors for EXIM Bank. 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 EXIM Bank comprises seasoned professionals with diverse expertise spanning finance, banking, and policymaking. Mr. Naeem Iqbal is the Chairman of the Board and currently serves as an Independent Director on the Board of PIA Holding Company Limited. With a distinguished career in banking, he brings extensive experience from senior leadership roles in both domestic and international financial institutions across the Middle East. His previous positions include serving as the Chairman and Managing Director of the Industrial Development Bank of Pakistan, where he played a key role in steering strategic initiatives. He has also held board-level positions as an Independent Director at Islamabad Electric Supply Company (IESCO) and GENCO Holding Company Limited, further reflecting his breadth of experience and leadership across the public sector and financial services. Mr. Iqbal is a Fellow of the Chartered Institute of Bankers, London (since February 1985), and holds a Diploma in Banking from the same institution. He also holds a Bachelor of Arts degree from the University of Punjab. Other distinguished board members include: Ms. Ayesha Aziz, an expert in investment banking. Mr. Imran Maqbool, former President and CEO of MCB Bank Ltd., with nearly four decades of banking experience. Dr. Shujat Ali, a retired civil servant with extensive public sector experience. Mr. Qumar Sarwar Abbasi, who has held various key government positions. Mr. Jawad Paul Khawaja, the Federal Secretary of Commerce and  Mr. Abdul Hafeez, a fellow member of the Institute of Chartered Accountants of Pakistan (ICAP), with over 23 years of experience. This collective expertise equips the Board to effectively steer EXIM in fulfilling its mandate.

The Board serves a supervisory role, providing strong oversight of the Bank’s operations and strategic policymaking. 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.

The Bank prepares quarterly, half-yearly, and annual financial statements in compliance with prudential regulations and any additional requirements prescribed by the Board. Grant Thornton Anjum Rahman serves as the external auditor for EXIM. The auditor expressed an unqualified opinion on the CY24 financial statements.

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.

Mr. Abdul Hafeez is currently serving as the Acting CEO & President of EXIM Bank, while also holding the position of Chief Financial Officer. He brings extensive expertise in planning and strategy, regulatory compliance, financial and treasury management, operations, corporate affairs, and taxation. Since joining EXIM Bank in November 2021, Mr. Hafeez has played a key role in the enactment of the EXIM Bank legislation, institutional establishment, policy development, and the strategic transition of the Export Refinance Scheme from the State Bank of Pakistan (SBP) to EXIM Bank, in alignment with the conditions of the IMF’s Stand-By Arrangement (SBA).

Supporting the leadership, Mr. Muhammad Muzammil Khan serves as Head of Operations. Mr. Mubashir Ali Shahani leads the Internal Audit function, while Mr. Bilal Tahir is currently serving as Acting Head of Risk Management. Mr. Yaser Ali Devjiani oversees Treasury operations, and Mr. Urhan Anwar serves as the Company Secretary. Additionally, Mr. Muhammad Asghar is serving as Acting Head of Compliance. The Bank is actively working to fill permanent leadership positions, with appointments expected in the near future.

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. MANCOM oversees several key subcommittees, including the Asset Liability Committee (ALCO), the Compliance & Control Committee, and the Risk Management Committee, all of which play vital roles in managing the Bank’s day-to-day operations.

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, EXIM is currently in the process of procuring an advanced Treasury Management System (TMS).

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 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, EXIM operates as a state-owned, Specific Objective DFI, focused exclusively on facilitating and promoting Pakistan’s international trade.

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, EXIM seeks to address critical financing gaps by offering trade credit, guarantees, and insurance products. The Bank 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, EXIM remains committed to strengthening its operational framework, enhancing risk management capabilities, and leveraging digital tools to streamline underwriting and credit assessment processes.

As CY24 marked EXIM’s first year of operations, the Bank is gradually and cautiously expanding its portfolio. During this initial phase, its income base is primarily driven by returns on its investment portfolio, which amounted to PKR 3,244 million (1QCY25: PKR 727mln). In comparison, service income from service charges under the Export Finance Scheme (EFS) stood at PKR 10 million (1QCY25: PKR 10.9 million), while trade credit insurance premiums contributed PKR 4.3 million (1QCY25: PKR 3.5 million).

In line with its mandate to promote exports and diversify both regional markets and industrial sectors, EXIM is gradually progressing toward its strategic objectives. In its early years, the Bank is focusing on established markets and carefully underwriting transactions to build market confidence before expanding its reach. During CY24, EXIM underwrote policies with an aggregate limit of approximately USD 8.2 million, with no claims reported to date—demonstrating prudent risk management. To further enhance risk-sharing capacity and broaden its operational reach, EXIM has entered into a Trade Credit Quota Share Reinsurance Treaty with Pakistan Reinsurance Company Limited (PRCL). The treaty also includes provisions for special importer limits and annual review of terms based on underwriting performance. Furthermore, under the IMF’s Structural Benchmark set in the 6th review of the Extended Fund Facility (EFF) for Pakistan, the State Bank of Pakistan’s Export Refinance Schemes (ERF)—comprising the short-term Export Finance Scheme (EFS) and Long-Term Finance Facility (LTFF)—are to be gradually transitioned to EXIM Bank over a four-years period (FY2024-2027). Under the new modalities, Participating Financial Institutions (PFIs) will extend subsidized financing to eligible exporters using their own liquidity, while the GoP will provide the rate subsidy through EXIM.

The sustainability of the EXIM is anchored in its strategic mandate, sovereign ownership, and its pivotal role in fostering export-led economic growth.  EXIM’s long-term sustainability is reinforced by its prudent and gradual expansion strategy. The Bank is carefully growing its portfolio to ensure risk-managed growth while building institutional credibility. A key strength lies in the diversification of its income streams. While investment income currently forms the major portion of its earnings, the increasing contribution from trade credit insurance premiums, and service charges on the EFS is expected to strengthen revenue stability. Operational sustainability is also a priority, with the EXIM investing in digital infrastructure to support efficient underwriting, credit assessment, and risk management. This technology-driven approach is critical for scaling operations while maintaining strong governance, compliance, and internal controls. To ensure phased and sustainable market engagement, EXIM has adopted a three-phase strategy for introducing its product portfolio:

Phase One: Already launched and under this phase EXIM is offering short-term credit insurance products to exporters and commercial banks.

Phase Two: Will introduce a comprehensive suite of lending solutions, including direct loans, tendering bonds, and advisory services to support exporters across the trade lifecycle.

Phase Three: Will focus on the development and launch of Shariah-compliant (Islamic) financial products.

Additionally, the EXIM’s designated role in administering EFS, as part of the government's policy shift aligned with the IMF's Extended Fund Facility (EFF), further enhances its institutional relevance and financial continuity. By managing rate subsidies and acting as a key intermediary between the government and participating financial institutions, EXIM ensures a stable source of service-based income while facilitating broader access to export finance. Through this structured and phased approach—combined with strategic alignment, revenue diversification, digital innovation, and strong institutional backing—EXIM is well-positioned to grow as a sustainable, impactful, and development-focused financial institution in Pakistan’s export ecosystem.

The Bank offers credit insurance to local businesses, protecting them against the risk of non-payment by foreign buyers. By assuming credit exposure on international counterparties, EXIM supports exporters in mitigating payment risks, thereby enhancing their confidence in cross-border trade. To date, no claims have been reported, reflecting the Bank's prudent underwriting approach. The current portfolio includes well-established international buyers primarily located in developed regions. However, as business volumes grow and reinsurance arrangements are in place, 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.

EXIM Bank is currently exposed to a limited level of market risk, reflecting its conservative investment strategy and early-stage operations. As a significant portion of the Bank’s income is derived from its investment portfolio, market risk—particularly interest rate risk and price volatility in fixed-income securities—remains an area of close monitoring. As of March 2025, the Bank’s investment portfolio stood at PKR 25,915 million (CY24: PKR 27,892 million), primarily comprising government securities. Asset allocation decisions are made by the Asset and Liability Committee (ALCO), based on liquidity assessments and risk-return considerations. The Bank predominantly invests in floating-rate, high-quality instruments, while discouraging exposure to fixed-rate or low-rated securities. The investment-to-equity ratio stood at 128.5% as of March 2025 (CY24: 142.1%). Foreign exchange risk remains minimal, as most transactions are denominated in local currency. However, as EXIM expands into cross-border trade finance, currency risk is expected to increase, and the Bank is proactively developing appropriate risk assessment and hedging capabilities.

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 and returns from its investment portfolio, which remains the principal source of income. On the funding front, EXIM currently operates without external borrowings, reflecting its early-stage development and strong financial backing from government capital injections. As the Bank's operations expand, a broader funding strategy may be adopted. Liquidity risk is managed through well-defined internal policies and governance frameworks, ensuring the availability of funds for insurance claims, operational expenditures, and future financing needs. The Treasury function plays a central role in maintaining financial stability by prudently aligning the maturity profiles of assets and liabilities, enabling effective liquidity management.

The Bank’s total equity increased to PKR 20,163 million as of March 2025, up from PKR 19,631 million in CY24 and PKR 13,778 million in CY23, primarily driven by equity injection and returns on its investment portfolio, reflecting strong financial performance and continued capital growth. The Capital Adequacy Ratio (CAR) remained exceptionally high at 359.32% as of March 2025 (CY24: 346.93%), underscoring the Bank’s early stage of operations, limited portfolio exposure, and conservative risk profile. 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, in line with SBP requirements. This prudent capital management supports the Bank’s long-term financial resilience and its ability to achieve strategic objectives.