NBP signs MoU with Power China firm on financing and green banking

KARACHI: National Bank of Pakistan (NBP) has recently signed a memorandum of understanding (MoU) with the Chinese company Power China Integrity Energy Storage (Shanghai) Technology Company Limited. The signing took place at a ceremony held at its head office in Karachi.

The MoU aims to create a framework of cooperation for financing commercial and corporate sectors, including small and medium-sized enterprises (SMEs). It also covers identifying new business opportunities and potential customers, jointly promoting banking products and services, and exploring the prospects of environment-friendly financial facilities in future.

NBP President Imran Sarwar, Group Chief IDG Nushaba Shehzad, Group Chief CIBG Usman Shahid and RE-IDG Faisalabad Hamad Rasool attended the ceremony. Power China was represented by Global Chairman Xi Mingzhu and Chairman South Asia Cheng Yangyao.

Details of cooperation

Businesses working in renewable energy, energy storage and related sectors in particular will be linked with NBP’s banking and financial facilities. The two institutions will work together to identify viable business opportunities that support business growth as well as the promotion of industries related to sustainable energy.

Under the cooperation, NBP will be presented as the preferred bank for providing banking services to the entities that Power China proposes for financing. Opportunities to promote NBP’s various banking products and services will also be explored. This will help strengthen the bank’s relations with customers and widen its business reach.

The two institutions will also explore cooperation in green financing and other viable projects in line with NBP’s business priorities and objectives.

The MoU is an important step towards strengthening cooperation between NBP and Power China. Through it, the two institutions will look into new business opportunities of mutual interest. They will also assess the prospects of providing suitable financial facilities to businesses working in emerging sectors, especially industries linked to sustainable development.