Wednesday , April 21 2021
Breaking News
Home / Breaking News / Govt, ITFC sign annual financing plan amounting to US$1.1b
Govt, ITFC sign annual financing plan amounting to US$1.1b

Govt, ITFC sign annual financing plan amounting to US$1.1b

ISLAMABAD: Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony of ITFC’s Annual Financing Plan 2021 for government of Pakistan, amounting to US$ 1.1 billion.

The document was signed by Economic Affairs Division Secretary Noor Ahmed and Chief Executive Officer Eng Hani Salem Sonbol, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of Islamic Development Bank Group).

According to Annual Financing Plan, ITFC will mobilize trade financing of US$ 1.1 billion during the year 2021.

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 year 2021. This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill.

Makhdum Khusro Bakhtyar, Minister for Economic Affairs thanked and appreciated ITFC support for Pakistan and said that the financing commitments reflect confidence of international financial institutions in Pakistan’s economy.

The minister underscored the importance of partnership between ITFC & Pakistan and highlighted that ITFC financing for import of oil and LNG which was instrumental in the revival industrial sector of Pakistan economy. The Minister also appreciated ITFC’s role in the development of trade and financing in the OIC member countries.

Eng. Hani Salem Sonbol, Chief Executive Officer, International Islamic Trade Finance Corporation highlighted that Pakistan and ITFC has long standing cooperation since creation of ITFC in 2008. He highlighted that Pakistan is the 2nd largest beneficiary of ITFC financing. He assured that ITFC will continue its support to meet financial needs of Pakistan for import of crude oil, petroleum products and LNG.

Both sides agreed to enhance the portfolio including agricultural sector.