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ITFC approves $1.2bn plan for Pakistan

ITFC approves $1.2bn plan Pakistan

The International Islamic Trade Finance Corporation (ITFC) has signed the annual plan for 2022 in favour of Pakistan to provide integrated trade solutions for supporting 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, said a press statement.

The annual plan was signed during a ceremony and a delegation of the Ministry of Economic Affairs (EAD), Islamic Republic of Pakistan.

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Referring to the agreement, ITFC COO Nazeem Noordali stated that the annual plan reflects the importance of the long-standing cooperation between ITFC and the Government of Pakistan. “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.”

“We are delighted and we will continue to mobilise financial resources to support Pakistan in its endeavours to achieve its economic targets through our existing framework agreement,” he added.

The EAD delegation expressed appreciation for the continued support and partnership with ITFC, and underlined the need for enhanced cooperation through more efficient processes to promote Islamic trade finance and trade development interventions in Pakistan.

Despite a challenging year due to the Covid-19 pandemic, ITFC provided around $1.1 billion of trade financing in 2021. ITFC has signed the 4th framework agreement with the government of Pakistan in June 2021 for US $ 4.5 billion. It is worth mentioning that, since 2008, ITFC has provided $6.7 billion in favour of the government of Pakistan.

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