UBL, IFC sign accord

KARACHI: International Finance Corporation (IFC), a member of the World Bank Group, signed an advisory services agreement with the United Bank Limited (UBL) to help boost access to finance for small and medium enterprises (SMEs) and spur economic growth, a statement said on Wednesday.

The statement said this agreement is part of ongoing efforts by the World Bank Group to boost financial inclusion globally and achieve universal financial access by 2020. 

It said the agreement will help UBL design a new SME banking business model and supply chain finance program. This will further assist the bank strengthen its capacity in the sector and offer better financial services and new products to smaller enterprises. 

“UBL leads the banking and financial services industry in Pakistan. Given the bank’s extensive footprint across Pakistan, UBL is perfectly placed to service the SME segment,” said Zia Ijaz, Group Executive Retail Banking of UBL.