International Islamic Trade Finance Corporation Signs USD 386 Million Financing Agreement with Pakistan

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB), recently signed a USD 386 million financing agreement with Pakistan to finance oil and liquefied natural gas (LNG) imports by December 2020.

The facility will be used by Pakistan State Oil Company Limited (PSOL), Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited (PLL), according to a statement issued by Pakistan’s Ministry of Economic Affairs. Funds will be used to purchase crude oil, petroleum products and LNG shipments.

The financing agreement will provide trade financing for a period of one year for the import of oil and LNG, with a further USD 100 million faci...