Ufone have signed huge agreement with HBL through which HBL has extended a bilateral Trade Finance in Chinese Yuan (RMB/CNY) for the import of cellular network equipment through Huawei Technologies Co Ltd.
This agreement is part of one of the largest RMB/CNY contracts in the history of Pakistan between Ufone and Huawei Technologies Co Ltd and in addition it would be a breakthrough in the banking industry of the country.
The trade deal under this new mode of transaction will set a precedent for different sectors and corporations in both friendly countries China and Pakistan who wants to take their working relationship to the next level through this currency swap agreement. This transaction would 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 various other mobile operators and traders in Pakistan to expand their businesses through this mode of trade finance facility.
The agreement was signed by Chief Financial Officer PTCL & Ufone Mohammad Nadeem Khan, and Head Corporate & Investment Banking, HBL Farhan Talib.
President and CEO PTCL & Ufone Rashid Khan, President & CEO HBL Muhammad Aurangzeb, CEO Huawei Pakistan Chi Linchun and Regional President Huawei Middle East Yang Yougui were also attended the ceremony.