Saudi’s ITFC signs $1.2bn 2022 Annual Plan with Pakistan

By Arya M Nair, Official Reporter
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Mr. Nazeem Noordali and EAD official at the signing ceremony

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed the $1.2 billion Annual Plan for 2022 in favor of the Government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors.

The agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products, in addition to implementing trade-related technical assistance intervention to ensure trade development impact.

The Annual Plan was signed during a ceremony in ITFC headquarters in Saudi Arabia between a delegation of the Ministry of Economic Affairs (EAD), the Islamic Republic of Pakistan.

The EAD delegation expressed their appreciation for the continued support and partnership with ITFC and stressed the need for enhanced cooperation through more efficient processes to further strengthen Islamic trade finance and trade development interventions in Pakistan.

Nazeem Noordali
Nazeem Noordali

“ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that include financing and capacity building tools that allow for maximizing the development impact of ITFC interventions. We are delighted and we will continue to mobilize financial resources to support Pakistan in its endeavors to achieve its economic targets through our existing Framework Agreement.”

Despite a challenging year due to the COVID-19 pandemic, ITFC provided around $1.1 billion trade financing in 2021. ITFC signed the 4th framework agreement with the Government of Pakistan in June 2021 for $4.5 billion. It is worth mentioning that, since 2008, ITFC has provided $6.7 billion in favor of the Government of Pakistan.

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