Makhdum Khusro Bakhtyar, Minister of Economic Affairs, attended the signing ceremony for the 2021 annual financing plan of the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) for the Government of Pakistan, d ‘an amount of $ 1.1 billion. The document was signed by Mr. Noor Ahmed, Secretary, Economic Affairs Division and Eng. Hani Salem Sonbol, Managing Director, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of the Islamic Development Bank Group).
According to the 2021 Annual Funding Plan, ITFC will mobilize trade finance of US $ 1.1 billion during the year 2021. The funding available through this facility will be used by Pakistan State Oil (PSO), Pak- Arab Refinery Ltd. (PARCO) and Pakistan LNG Ltd. (PLL) for the import of crude oil, refined petroleum products and LNG during the year 2021. This will be useful to increase the foreign exchange reserves of the country and provide resources to meet the import bill of oil. These funding commitments reflect the confidence of international financial institutions in the Pakistani economy.
Eng. ITFC Director General Hani Salem Sonbol pointed out that Pakistan and ITFC have been cooperating for a long time since ITFC was established in 2008. He pointed out that Pakistan is the second largest recipient of ITFC funding. ITFC. He assured that ITFC will continue its support to meet Pakistan’s financial needs for importing crude oil, petroleum products and LNG.
Makhdum Khusor Bakhtyar, Minister of Economic Affairs, thanked and appreciated ITFC’s support in Pakistan. The Minister underlined the importance of the partnership between ITFC and Pakistan and underlined that ITFC finances the importation of oil and LNG. The Minister also appreciated the role of ITFC in the development of trade and finance in the OIC member countries.
During the ceremony, it was also discussed and agreed in principle to expand the scope of future cooperation for the financing of agricultural products, including fertilizers, and to help Pakistan develop a receipt financing system. warehouse. The two sides agreed to finalize a new framework agreement potentially by June 2021. The minister welcomed and encouraged ITFC to play a greater role in trade finance in Pakistan.
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