International Islamic Trade Finance Corporation approves $1.2bn for Pakistan

To Support Energy and agricultural sectors and also to provide Pakistan integrated trade solutions, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank, has approved a $1.2 billion financing under the annual plan.

The annual plan agreement for calendar 2022 includes financing for 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.

The annual plan was signed during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Ministry of Economic Affairs on Monday.

According to the ITFC Chief Operating Officer, Nazeem Noordali, COO, the annual plan reflects the importance of the longstanding cooperation between ITFC and Pakistan. ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that include financing and capacity-building tools that allow for maximizing the development impact of ITFC interventions.