Minister for Economic Affairs, Makhdum Khusro Bakhtyar, witnessed thesigning ceremony of the International Islamic Trade Finance Corporation’s(ITFC) Annual Financing Plan 2021 for the Government of Pakistan, amountingto $1.1 billion.
The document was signed by Secretary Economic Affairs Division, Noor Ahmed,and ITFC Chief Executive Officer, Eng. Hani Salem Sonbol.——————————
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ITFC is a subsidiary organization of Islamic Development Bank Group.According to the Annual Financing Plan, ITFC will mobilize trade financingof $1.1 billion during the year 2021.
The financing available through this facility will be utilized by PakistanState Oil (PSO), Pak-Arab Refinery Ltd (PARCO), and Pakistan LNG Ltd (PLL)for the import of crude oil, refined petroleum products, and LNG during theyear 2021.
This would help augment the foreign currency reserves of the country andprovide resources to meet the oil import bill.
Bakhtyar thanked and appreciated ITFC’s support for Pakistan and said thatthe financing commitments reflect the confidence of international financialinstitutions in Pakistan’s economy.
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The Minister underscored the importance of the partnership between ITFC andPakistan and highlighted that ITFC financing for the import of oil and LNGwas instrumental in the revival industrial sector of Pakistan economy.——————————
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He also appreciated ITFC’s role in the development of trade and financingin the OIC member countries.
Sonbol said that Pakistan and ITFC have long-standing cooperation since thecreation of the international corporation in 2008. He highlighted thatPakistan is the 2nd largest beneficiary of ITFC financing and assured thatITFC will continue its support to meet the financial needs of Pakistan forthe import of crude oil, petroleum products, and LNG.
