Pakistan signs loan agreement worth $ 551 mln with ITFC for Oil & LNG import
Economic Affairs Division has signed a loan agreement worth 551 million dollars with the International Islamic Trade Finance Corporation for import of oil and LNG.
The signing ceremony was held in Islamabad on Monday, which was also witnessed by Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh.
The loan facility will be utilized by Pakistan State Oil Company Limited, Pak Arab Refinery Limited and Pakistan LNG Limited.
It is part of the 1.3 billion dollars trade financing which the ITFC has agreed to provide this year. A Framework Agreement was signed with ITFC in April last year for a total envelop of 4.5 billion dollars over a period of three years.
The facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country.