The International Islamic Trade Finance Corporation (IITFC) has signed a 3-Year agreement with Pakistan worth $4.5 billion in order to provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG, and urea.
IITFC is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC deploys its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC member countries.
The signing took place at a virtual event, where Omar Ayub Khan, Minister of Economic Affairs witnessed the signing ceremony between Eng Hani Salem Sonbol, CEO, ITFC and Noor Ahmed, Secretary, Ministry of Economic Affairs, Pakistan. The financing available through this facility will be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO), and Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum products and LNG during the years 2021-2023.
Eng Hani Salem Sonbol, CEO, IITFC while commenting on the importance of the agreement said, “ITFC is continuously working closely with its member countries to meet their requirements by providing integrated solutions that include financing and capacity building tools that allows for maximising the development impact of ITFC interventions. We are delighted and we will continue to mobilise financial resources to support Pakistan in its endeavors to achieve its economic targets through the new Framework Agreement.”
