ITFC signs US$600M Annual Plan to bolster economic development in Pakistan

The collaboration aims to provide vital financial resources to facilitate the importation of essential commodities crucial for Pakistan's economic well-being.

The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group signed a US$600 million Annual Plan with the Government of Pakistan. The Plan reflects the longstanding cooperation between ITFC and the Islamic Republic of Pakistan and demonstrates the ITFC steadfast commitment to bolstering trade and economic development in Pakistan.

 

The collaboration aims to provide vital financial resources to facilitate the importation of essential commodities crucial for Pakistan's economic well-being. These commodities include crude oil, refined petroleum products, liquefied natural gas (LNG), food, and agricultural products, among others. Furthermore, ITFC remains committed to fostering trade development in Pakistan by providing capacity building programs designed for enhancing the capacity of the Ministry of Commerce (MoC) in specific trade related areas.

This agreement was signed during an official visit of delegation from Economic Affairs Division of the Government of Pakistan to the ITFC Headquarters, between Mr. Nazeem Noordali, Chief Operating Officer of ITFC and Mr. Muhammad Humair Karim Additional Secretary, Economic Affairs Division, Ministry of Economic Affairs.

Since its inception in 2008, ITFC has approved over US$ 7.15 billion for the Government of Pakistan to support the country’s energy and agriculture sectors. It is hoped that this financing will help reduce the cost of energy imports and support the country’s economic growth.

(With Inputs from APO)