Ufone and HBL Sign CNY/RMB Trade Finance Facility Agreement - Press Release issued by Ufone.

Islamabad -- October 11, 2019 (PPI-OT)

Following is the text of press release issued by Ufone

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Pak Telecom Mobile Limited, Ufone and HBL have signed an agreement, through which HBL has extended a bilateral Trade Finance in the Chinese Yuan (RMB/CNY) for the import of cellular network equipment through Huawei Technologies Co Ltd. The agreement is part of one of the largest RMB/CNY contracts in the history of Pakistan, between Ufone and Huawei Technologies, and it could be a breakthrough in the banking industry of the country.

The trade deal under this new model will set a precedent for different sectors and corporations in both friendly countries, China and Pakistan, who plan to take their working relationship to the next level through this currency swap agreement. This transaction will 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...