Islamabad: The International Islamic Trade Finance Corporation (ITFC) has approved funds of USD 1.2 billion for the provision of integrated trade solutions to support agriculture and energy sectors in the country, according to news published on Wednesday (February 23).
An agreement was signed between the Ministry of Economic Affairs and ITFC on Monday (February 21) at the headquarters in Jeddah. Under the annual plan, funds will be utilised for the import of essential items like refined petroleum products, crude oil, Liquefied natural gas (LNG), and food and agricultural products. Also, the financing will be used to implement trade-related technical assistance intervention for trade development impact.
Moreover, ITFC is working closely with its member states to meet their requirements by providing integrated solutions for maximizing the development impact of ITFC intervention. ITFC Chief Operating Officer (COO) Nazeem Noordali stated that they are delighted to help Pakistan achieve its economic targets through the existing Framework Agreement. According to Economic Affairs Division (EAD) delegation (whose name was not disclosed) lauded the efforts of ITFC for enhanced cooperation to promote Islamic trade finance and trade development interventions in the country.
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