Pakistan, Aug. 21 -- 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.

The agreement was signed by Momina Aijazuddin, Regional Industry Director, Financial Institutions Group, Middle East & Central Asia, IFC, and Atif A. Bajwa, President & CEO, Bank Alfalah Limited, as per a statement issued by the Finance Division.

The DPR Programme, being pursued under the direction of the prime minister, provides an innovative mechanism for mobilising long-term foreign currency financing through eligible future foreign-currency payment fl...