The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed an Annual Plan worth US$600 million with the Government of Pakistan. The Plan represents the ITFC's long-standing partnership with the Islamic Republic of Pakistan, as well as the ITFC's unwavering commitment to boosting Pakistan's trade and economic development.
The alliance intends to provide vital financial resources to support the importation of essential commodities critical to Pakistan's economic well-being. These commodities include crude oil, refined petroleum products, liquefied natural gas (LNG), food, and agricultural products, among others. ITFC has also reaffirmed its commitment to fostering trade development in Pakistan by providing capacity-building programs designed to enhance the capacity of the Ministry of Commerce (MoC) in specific trade-related areas.
This agreement was signed during an official visit of the delegation from the Economic Affairs Division of the Government of Pakistan to the ITFC Headquarters, between Mr. Nazeem Noordali, Chief Operating Officer of ITFC and Mr. Muhammad Humair Karim Additional Secretary, Economic Affairs Division, Ministry of Economic Affairs.
Since its inception in 2008, ITFC has approved over US$ 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.
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