The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$600 million Annual Plan with the Government of Pakistan. This partnership reaffirms the strong cooperation between ITFC and the Islamic Republic of Pakistan and highlights ITFC’s dedication to enhancing trade and economic development in Pakistan.
The collaboration aims to provide essential financial resources to facilitate the importation of vital commodities that are critical for Pakistan’s economic well-being. These commodities include crude oil, refined petroleum products, liquefied natural gas (LNG), food, and agricultural products. Additionally, ITFC is committed to supporting trade development in Pakistan through capacity building programs tailored to enhance the Ministry of Commerce’s capabilities in specific trade-related areas.
This agreement was signed during an official visit of a delegation from the Economic Affairs Division of the Government of Pakistan to the ITFC Headquarters, with Mr. Nazeem Noordali, Chief Operating Officer of ITFC, and Mr. Muhammad Humair Karim, Additional Secretary of the Economic Affairs Division, Ministry of Economic Affairs, representing their respective parties.
Since its establishment in 2008, ITFC has approved over US$7.15 billion in financing for the Government of Pakistan to bolster the country’s energy and agriculture sectors. It is anticipated that this funding will help reduce the cost of energy imports and support Pakistan’s economic growth.
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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established to promote trade among OIC member countries and improve the socioeconomic conditions of people globally. Since its inception in 2008, ITFC has provided US$75 billion in financing to OIC member countries, positioning it as a leading trade solutions provider. With a mission to catalyze trade development for OIC member countries and beyond, ITFC helps entities in member countries access trade finance and acquire the necessary tools for successful global market competition.