The International Islamic Trade Finance Corporation (ITFC) has approved a $1.2 billion loan under the yearly plan to provide Pakistan with structured trade solutions to boost the energy and agriculture sectors.
In addition to performing trade-related technical support interventions to assure trade development impact, the annual plan agreement for calendar 2022 includes finance for the import of critical commodities such as crude oil, refined petroleum products, LNG, food, and agricultural products.
The annual plan was signed during a ceremony between ITFC and a delegation from the Ministry of Economic Affairs at ITFC headquarters in Jeddah.
The annual plan, according to ITFC Chief Operating Officer Nazeem Noordali, COO, emphasizes the significance of ITFC’s long-standing cooperation with Pakistan. ITFC works in close collaboration with its member countries to address their needs by delivering comprehensive solutions that include financial and capacity-building instruments that allow ITFC initiatives to have the greatest possible development impact.
“Through our current Framework Agreement, we are thrilled and will continue to deploy financial resources to support Pakistan in its efforts to accomplish its economic ambitions,” he said.
The EAD team from Pakistan expressed gratitude for ITFC’s continuous assistance and partnership, and stressed the importance of increased cooperation through more streamlined operations in order to strengthen Islamic trade finance and trade development initiatives in Pakistan.
Despite a difficult year in 2021 due to the COVID-19 outbreak, the ITFC granted $1.1 billion in trade funding. In June 2021, the ITFC inked a $4.5 billion framework deal with Pakistan. It’s worth noting that the ITFC has given Pakistan $6.7 billion since 2008.
As regards to the agreement, Nazeem Noordali, COO, ITFC informed that this annual plan echoes the significance of the long-standing cooperation amid ITFC and the government of 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 allows for maximizing the development impact of ITFC interventions. We are delighted and we will continue to mobilize financial resources to support Pakistan in its endeavors to achieve its economic targets through our existing Framework Agreement.”