The International Islamic Trade Finance Corporation (ITFC) has signed the $1.2 billion Annual Plan for 2022 in favour of the government of Pakistan. This will provide integrated trade solutions to support the energy and agriculture sectors. The $1.2 billion agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing trade related technical assistance intervention to ensure trade development impact. However, interest rate will be negotiable. The Annual Plan was signed during a ceremony in the ITFC headquarters in Jeddah between the ITFC and a delegation of the Ministry of Economic Affairs (EAD), Islamic Republic of Pakistan.
Nazeem Noordali, COO, ITFC stated that this annual plan reflects the importance of the longstanding cooperation between the ITFC and the Government of Pakistan. As, ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that includes financing and capacity building tools that allows for maximizing the development impact of ITFC interventions. Despite a challenging year in due to the Covid-19 pandemic, the ITFC provided around US$1.1 billion of trade financing in 2021. With a mission to become a catalyst for trade development for OIC member countries and beyond, the corporation helps entities in member countries to gain better access to trade finance.