ITFC signs $1.2bn annual plan for CY22 in favor of Pakistan

News Image

MG News | February 22, 2022 at 10:47 PM GMT+05:00

0:00

February 22, 2022: The International Islamic Trade Finance Corporation (ITFC) signs the Annual Plan for 2022 in favor of the Government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors.

The US $ 1.2 billion 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, said a news release issued here.

The Annual Plan was signed during a ceremony and a delegation of the Ministry of Economic Affairs (EAD), Islamic Republic of Pakistan.

Referring to the agreement, Nazeem Noordali, COO, ITFC stated that the annual plan reflects the importance of the longstanding cooperation between ITFC and the Government of Pakistan “ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that includes financing and capacity building tools that allows for maximizing the development impact of ITFC interventions. We are delighted and we will continue to mobilize financial resources to support Pakistan in it send eavours to achieve its economic targets through our existing Framework Agreement.”

From their side, the EAD delegation, Pakistan expressed their appreciation for the continued support and partnership with ITFC, and underlined the need for enhanced cooperation through more efficient processes to promote Islamic trade finance and trade development interventions in Pakistan.

Despite a challenging year in due to the COVID-19 pandemic, ITFC provided around US$1.1 billion of trade financing in 2021. ITFC has signed the 4th framework agreement with the Government of Pakistan in June 2021 for US $ 4.5 billion.

It is worth mentioning that, since 2008, ITFC has provided US $ 6.7 billion in favor of the government of Pakistan.

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 154,762.98
116.86M
0.21%
323.30
ALLSHR 94,803.57
458.20M
0.14%
135.42
KSE30 47,240.92
58.64M
0.26%
121.01
KMI30 225,931.41
60.76M
-0.09%
-194.30
KMIALLSHR 63,573.52
198.89M
0.01%
4.46
BKTi 41,756.68
21.17M
0.32%
133.86
OGTi 31,485.64
5.39M
-0.01%
-3.15
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 115,955.00 117,240.00
115,160.00
-1310.00
-1.12%
BRENT CRUDE 67.28 67.52
66.78
0.29
0.43%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-1.20
-1.41%
ROTTERDAM COAL MONTHLY 93.00 93.25
92.75
0.00
0.00%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 62.99 63.24
62.52
0.30
0.48%
SUGAR #11 WORLD 15.95 15.98
15.84
0.16
1.01%

Chart of the Day


Latest News

Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg