The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group signed a US$600 million Annual Plan with the Government of Pakistan. The Plan reflects the longstanding cooperation between ITFC and the Islamic Republic of Pakistan and demonstrates the ITFC steadfast commitment to bolstering trade and economic development in Pakistan.
The collaboration aims to provide vital financial resources to facilitate the importation of essential commodities crucial for Pakistan’s economic well-being. These commodities include crude oil, refined petroleum products, liquefied natural gas (LNG), food, and agricultural products, among others. Furthermore, ITFC remains committed to fostering trade development in Pakistan by providing capacity building programs designed for enhancing the capacity of the Ministry of Commerce (MoC) in specific trade related areas.
This agreement was signed during an official visit of delegation from Economic Affairs Division of the Government of Pakistan to the ITFC Headquarters, between Mr. Nazeem Noordali, Chief Operating Officer of ITFC and Mr. Muhammad Humair Karim Additional Secretary, Economic Affairs Division, Ministry of Economic Affairs.
Since its inception in 2008, ITFC has approved over US$ 7.15 billion for the Government of Pakistan to support the country’s energy and agriculture sectors. It is hoped that this financing will help reduce the cost of energy imports and support the country’s economic growth.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.