Pakistan signs loan agreement worth $551 million dollars

Pakistan signs loan agreement worth $551 million dollars
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ISLAMABAD - Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh witnessed the signing a trade financing facility amounting to 551 million dollars with the International Islamic Trade Finance Corporation, a subsidiary of Islamic Development Bank Group, for import of oil and LNG .

This facility will be utilized by Pakistan state oil company limited, Pak Arab Refinery Limited and Pakistan LNG Limited.

The agreement was signed among the economic affairs division and ITFC and the representatives of PSO, PARCO and Pakistan LNG Limited. The financing agreement provides trade financing amounting to 551 million dollar for a period of one year for import of oil and LNG .

ITFC has agreed to provide trade financing of 1.3 billion dollar during the year 2019 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited. It may be recalled that this facility is a part of framework agreement signed with ITFC in April 2018 for a total envelop of 4.5 billion dollar over for a period of three years 2018-2020.

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