ITFC and Pakistan Sign USD 1.1 Billion Annual Financing Plan Towards Oil Imports in 2021

International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, has signed a USD 1.1 billion Annual Financing Plan 2021 with the Government of Pakistan. The trade financing agreement was signed by Noor Ahmed, Secretary, Economic Affairs Division of Pakistan and Hani Salem Sonbol, Chief Executive Officer of ITFC.

Why it matters?

The financing provided through the facility will be utilised by Pakistan State Oil (PSO), Pak-Arab Refinery (PARCO) and Pakistan LNG (PLL) for the import of crude oil, refined petroleum products and liquefied natural gas (LNG) in 2021. This will help increase Pakistan’s foreign currency reserves and provide resources to meet the oil import bill. The financing facility also reflec...