Jeddah, 24 February 2022 (TDI): The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank has approved a $1.2 billion funding for Pakistan.
The funding falls in the category of the yearly plan to deliver cohesive trade solutions in order to support the agricultural as well as the energy sectors in Pakistan.
The annual plan agreement for the year 2022 comprises financing for the import of essential merchandise. These include LNG, crude oil, refined petroleum products, agricultural and food goods.
Likewise, it will also assist in the implementation of trade-related technical support intervention. This will be to safeguard the growth impact of trade.
The annual plan was signed during a ceremony in ITFC headquarters in Jeddah between a delegation of the Ministry of Economic Affairs and ITFC on Monday.
According to the International Islamic Trade Finance Corporation Chief Operating Officer, Nazeem Noordali, the plan reflects the importance of the long-lasting cooperation between Pakistan and the ITFC.
International Islamic Trade Finance Corporation is incessantly working thoroughly with its member states to meet their necessities through providing cohesive solutions.
These solutions are comprised of financing and capacity-building tools that allow for the exploitation of the growth impact of ITFC interventions.
The delegation of the Economic Affairs Division (EAD) of Pakistan articulated their gratitude for the continued backing and corporation with International Islamic Trade Finance Corporation.
Moreover, they emphasized the need for boosted collaboration through more effective processes to further promote Islamic trade finance and trade progress interventions in Pakistan.
Despite a trying year due to the Covid-19 pandemic, the International Islamic Trade Finance Corporation is providing around $1.1 billion of trade financing in 2021.
Pakistan had signed the fourth framework agreement with ITFC in June 2021 for $4.5 Billion. It is worth mentioning that, since 2008, International Islamic Trade Finance Corporation has provided roughly $6.7 billion to Pakistan.
