Pakistan and International Islamic Trade Finance Corporation (ITFC), asubsidiary of the Islamic Development Bank (IsDB) Group, have signed afinancing agreement amounting to USD386 million for the import of oil andLiquified Natural Gas (LNG).
As per details, the facility will be utilized by Pakistan State Oil CompanyLimited (PSO), Pakistan Arab Refinery Limited (PARCO), and Pakistan LNGLimited.
During the signing ceremony, both sides expressed the commitment to workclosely with each other for the socio-economic development of the country.
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Back in April 2019, Pakistan and the ITFC signed a trade financing facilityagreement amounting to US$ 551 million for the import of oil and LNG. Theagreement was between EAD, ITFC and representatives of Pakistan State Oil(PSO), Pak Arab Refinery Limited (PARCO), and Pakistan LNG Limited. Underthe financing, the Agreement provides trade financing amounting to $551million for a period of one year for the import of oil and LNG.
