ITFC to provide1.1 billion US $ for energy Import

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ISLAMABAD, Feb 24 (APP):The International Islamic Trade Finance Corporation (ITFC) on Wednesday pledged to provided 1.1 billion US Dollars to Pakistan through ITFC’s Annual Financing Plan 2021 for energy import.

According to the press release, Federal Minister for Economic Affairs, Makhdoom Khusro Bakhtyar witnessed the signing of the document by Secretary, Economic Affairs Division Noor Ahmed and Chief Executive Officer (CEO), International Islamic Trade Finance Corporation (ITFC) Eng. Hani Salem Sonbol.

According to Annual Financing Plan, ITFC will mobilize trade financing of 1.1 billion US Dollars during the year 2021.

The financing available through this facility will be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO) and Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum products and LNG during the year 2021.

This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill.

Minister for Economic Affairs, Makhdoom Khusro Bakhtyar, thanked and appreciated ITFC support for Pakistan and said that the financing commitments reflect confidence of international financial institutions in Pakistan’s economy.

The Minister underscored the importance of partnership between ITFC and Pakistan and highlighted that ITFC financing for import of oil and LNG which was instrumental in the revival industrial sector of Pakistan economy.

The Minister also appreciated ITFC’s role in the development of trade and financing in the OIC member countries.

Chief Executive Officer, International Islamic Trade Finance Corporation (ITFC) highlighted that Pakistan and ITFC has long standing cooperation since creation of ITFC in 2008.

He highlighted that Pakistan is the 2nd largest beneficiary of ITFC financing.

He assured that ITFC will continue its support to meet financial needs of Pakistan for import of crude oil, petroleum products and LNG.

Both sides agreed to enhance the portfolio including agricultural sector.