Karachi, March 27, 2023 (PPI-OT):Standard Chartered Bank (Pakistan) Limited (SCBPL) has launched Pakistan’s First Sustainable Trade Export LC Programme. SCBPL is supporting Louis Dreyfus Company (LDC) export cotton sourced through the world’s leading cotton sustainability certification programme, the Better Cotton Initiative (BCI).
With Standard Chartered’s focus on helping companies accelerate to net-zero and closing funding
gaps for sustainable and green finance in emerging markets, SCBPL was the bank of choice for
LDC, given LDC’s own commitment to work towards a safe and sustainable future in Pakistan.
Arslan Nayeem, Head of Client Coverage, CCIB, Standard Chartered Pakistan, said, “Whilst we
strive towards our sustainable financing goals at a global level, we find it key to support local exports
not only as an economically viable venture but also to integrate sustainability and climate resilience
in a manner that the Better Cotton Initiative encourages.
We are delighted to partner with Louis Dreyfus Company in this joint pursuit of our sustainability
goals through this Sustainable Export LC Programme. Sustainability and transition finance have
become the need of the hour and a priority for many of our clients. Pakistan is a prime market for
green and transition financing and the Bank is here to support clients cover funding gaps for such
initiatives.”
Bilal Yousuf Chabra, Country Head of LDC Pakistan, said, “Sustainable agriculture and production
remain amongst the world’s most pressing challenges. As a leading merchant and processor of
agricultural goods, we are driven by our purpose of a safe and sustainable future. We are proud to
be working closely with Standard Chartered Bank to build and strengthen our commitment in
Pakistan, where we have been part of the community since 2015.”
“The partnership will also see LDC Pakistan aligning our environmental goals with our financial
model, while supporting the growth and development of the local cotton industry. Initiating the first Sustainable Trade Export LC Programme for LDC in Pakistan is another pioneering milestone achieved by SCBPL.
The underlying commodity is BCI certified cotton which is grown in a sustainable more pest and drought resilient manner allowing improved livelihoods for nearly 1.5 million smallholder cotton farmers. Pakistan is now the second largest producer of BCI cotton and through this Sustainable Trade Export LC programme will export to buyers in Bangladesh, Vietnam, and other countries.
A sustainable-goods certification issued and approved by a third party will form a part of each transaction and documentation for this Programme. This is a key initiative to embrace sustainable exports which will encourage local and global sustainability measures while supporting Pakistan’s economy.
For more information, contact:
Head of Corporate Communications,
Standard Chartered Bank (Pakistan) Limited
1st Floor, New Jubilee Insurance Building,
I.I. Chundrigarh Road, Karachi, Pakistan
Tel: +92-21-32450239
Cell: +92-334-3239399
Email: Farhan.ahmed@sc.com
Website: www.sc.com