The International Islamic Trade Finance Corporation (ITFC) signed a 3-Year Framework Agreement for a cumulative amount of US$4.5 billion with the Government of Pakistan in order to provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea, said a press release on Monday.
“Within the context of its trade integrated solutions approach, the Framework Agreement also covers ITFC’s support for trade related technical assistance projects in the Islamic Republic of Pakistan, which will be selected jointly by both parties according to the national economic priorities and development plan of Pakistan.
“The Agreement will facilitate identification of other areas of cooperation at country and regional levels and to enhance and promote trade, trade capacities of relevant state authorities and financial institutions and trade cooperation in the Islamic Republic of Pakistan.
“The signing took place virtually, where Omar Ayub Khan, Minister of Economic Affairs witnessed the signing ceremony between Eng. Hani Salem Sonbol, CEO, ITFC and Noor Ahmed, Secretary, Ministry of Economic Affairs, Islamic Republic of Pakistan. The financing available through this facility will be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO) and Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum products and LNG during the years 2021-2023.”