Islamic Trade Finance Corporation to provide $600m for commodity financing

The International Islamic Trade Finance Corporation (ITFC) — a subsidiary of the Islamic Development Bank — would make available this month about $600 million of syndicated loan for commodity financing.

An official statement said this was conveyed to Pakistan during a virtual meeting between Minister for Economic Affairs Omar Ayub Khan and ITFC Chief Executive Officer Hani Salem Sonbol. “The CEO ITFC updated that the ongoing syndication is about to complete and $600m will be available to Pakistan during this month,” the statement said.

This is part of the $4.5bn new framework agreement signed by the two sides in June this year to finance oil, LNG and fertiliser imports over the next three years (2021-23).