Published August 21, 2026 Updated about an hour ago By Press Release ISLAMABAD: In a significant development for Pakistan’s external financing landscape, a Project Agreement between the International Finance Corporation (IFC) and Bank Alfalah Limited (BAFL) for Pakistan’s first Diversified Payment Rights (DPR) Programme was signed on Thursday at the Finance Division, Islamabad, in the presence of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The Project Agreement was signed by Momina Aijazuddin, Regional Industry Director, Financial Institutions Group, Middle East and Central Asia, IFC, and Atif A. Bajwa, President and CEO, Bank Alfalah Limited. The DPR Programme, being pursued under the direction of the Prime Minister, provides an innovative mechanism for mobilizing long-term foreign currency financing through eligible future foreign-currency payment flows. The initiative aims to diversify sources of external financing and facilitate greater access to international capital markets. The initial transaction envisages up to USD 100 million of financing under the DPR structure. Subject to market conditions and the performance of the initial transaction, the programme may provide a platform for further financing and broader participation by international institutional and private investors. Speaking on the occasion, Senator Muhammad Aurangzeb appreciated the close coordination among the Ministry of Finance, State Bank of Pakistan, IFC and Bank Alfalah in developing the transaction. He noted that the initiative involved significant regulatory, policy and technical work and described its successful progression as an important first step that could pave the way for similar market-based financing structures in the future. The Finance Minister emphasized the importance of diversifying Pakistan’s sources of foreign currency financing and developing innovative financing mechanisms to support investment and…