Pakistan began the operations of Export-Import Bank of Pakistan (EXIM) Bank on Thursday, caretaker Finance Minister Shamshad Akhtar has said as the country looks to boost trade.

“This has not been an easy mission that has been launched because there never has been an EXIM institution in Pakistan,” she said while addressing a ceremony in Islamabad on Thursday. “So I have to say it’s a proud moment for me because there were lots of skeptics of this institution.”

The operationalisation was described as a “major milestone” for the country. She stressed the need for accompany it by streamlining export policy frameworks further as together they would be able to contribute to balance of payment sustainability that has been “hurt” in the past by low-level of export earnings.

She highlighted the bank’s operational focus on providing crucial Trade Credit Insurance products to exporters and commercial banks.

“The government recognizes the immense potential of initiatives like EXIM Bank in advancing economic development and bolstering trade relationships for Pakistan,” she said.