KARACHI: Pak Telecom Mobile Limited – Ufone and Habib Bank Limited (HBL) have signed a landmark agreement, through which HBL has extended a bilateral Trade Finance in Chinese Yuan (RMB/CNY) for the import of cellular network equipment through Huawei Technologies Co Ltd, a statement said on Friday.
The Landmark agreement is part of one of the largest RMB/CNY contracts in the history of Pakistan between Ufone and Huawei Technologies Co Ltd., and it would furthermore be a breakthrough in the banking industry of the country.
The trade deal under this new mode of transaction will set a precedent for different sectors and corporations in both friendly countries—China and Pakistan—which plan to take their working relationship to the next level through this currency swap agreement.
This transaction would also ease off the pressure of import bills in terms of dollars for Pakistan.
The business deal being carried out by Ufone, Huawei and HBL will be the first of its kind in the telecom sector, and will also pave the way for various other mobile operators and traders in Pakistan to expand their businesses through this mode of trade finance facility.
The agreement was signed by Mohammad Nadeem Khan, Chief Financial Officer PTCL & Ufone and Farhan Talib, Head Corporate and Investment Banking, HBL.
The ceremony was witnessed by Rashid Khan, President and CEO PTCL & Ufone, Muhammad Aurangzeb, President & CEO HBL, Chi Linchun, CEO Huawei Pakistan and Yang Yougui, Regional President Huawei Middle East.