Makhdum Khusro Bakhtyar, Minister for Economic Affairs witnessed the signing ceremony of International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) Annual Financing Plan 2021 for the Government of Pakistan, amounting to US$ 1.1 billion. The document was signed by Mr. Noor Ahmed, Secretary, Economic Affairs Division and Eng. Hani Salem Sonbol, Chief Executive Officer, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of Islamic Development Bank Group).
According to Annual Financing Plan 2021, ITFC will mobilize trade financing of US$ 1.1 Billion during the year 2021. The financing available through this facility will be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd. (PARCO) and Pakistan LNG Ltd. (PLL) for import of crude oil, refined petroleum products and LNG during the year 2021. This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill. Such financing commitments reflect confidence of international financial institutions in Pakistan’s economy.
Eng. Hani Salem Sonbol, Chief Executive Officer, ITFC highlighted that Pakistan and ITFC have long standing cooperation since the creation of ITFC in 2008. He highlighted that Pakistan is the 2nd largest beneficiary of ITFC financing. He assured that ITFC will continue its support to meet financial needs of Pakistan for import of crude oil, petroleum products and LNG.
Makhdum Khusor Bakhtyar, minister for Economic Affairs, thanked and appreciated ITFC support for Pakistan. The Minister underscored the importance of partnership between ITFC and Pakistan and highlighted that ITFC financing for import of oil and LNG. The Minister also appreciated ITFC’s role in the development of trade and financing in the OIC member countries.
During the ceremony, it was also discussed and agreed in principle to expand the scope of future cooperation for financing of agricultural commodities including fertilizers, and assisting Pakistan for developing a system of warehouse receipt financing facility. The both sides agreed to finalize a new framework agreement potentially by June, 2021. The Minister welcomed and encouraged ITFC to play a bigger role in trade financing in Pakistan.
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
