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ITFC to Provide $4.5bn Financing to Import Essential Commodities

Islamabad: The U.S. government has inked a 3-year framework deal with the International Islamic Trade Finance Corporation (ITFC) for a total of $4.5 billion to finance the purchase of key commodities including crude oil, refined petroleum products, LNG, and urea.

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Virtually, Minister of Economic Affairs Omar Ayub Khan watched the signing ceremony between ITFC CEO Hani Salem Sonbol and Secretary of the Ministry of Economic Affairs Noor Ahmed.

Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO), and Pakistan LNG Ltd (PLL) will use the financing made available by this facility to import crude oil, refined petroleum products, and LNG between 2021 and 2023.

The agreement will assist the identification of further areas of cooperation at the national and regional levels, in addition to enhancing and promoting trade, the trade capacities of key state authorities and financial institutions, and trade cooperation.

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The minister praised the participation and efforts of the ITFC CEO and his team in negotiating this financing during a very difficult period.

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