The Industrial Development Bank of Pakistan (IDBP) was established in 1961 as one of Pakistan's oldest development financing institutions, created to provide term financing for investments in manufacturing. It is wholly government-owned, providing medium and long-term financing in local and foreign currencies for new industrial projects and expansions. In addition to development banking, IDBP also engages in commercial banking activities like deposits, remittances, bills, and foreign exchange, as well as merchant banking including underwriting public shares issues and leasing.