The Ministry of Economic Affairs has signed a $1.2 billion agreement with the International Islamic Trade Finance Corporation (ITFC) under which the latter will provide integrated trade solutions to Pakistan’s energy and agriculture sectors. The signing ceremony for the Annual Plan took place at the ITFC headquarters in Jeddah.
The agreement includes funding for the import of essential commodities such as crude oil, refined petroleum products, LNG, food, and agriculture products, as well as trade-related technical assistance interventions to ensure trade development impact.
In reference to the agreement, ITFC Chief Operating Officer Nazeem Noordali stated that this Annual Plan reflects the importance of ITFC’s longstanding collaboration with the Government of Pakistan.
“ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that include financing and capacity building tools that allow for maximizing the development impact of ITFC interventions,” he said
He said ITFC will continue to mobilize financial resources to support Pakistan in its endeavors to achieve its economic targets through the existing framework agreement.
The Pakistani delegation expressed appreciation for the partnership with ITFC, stressing the need for enhanced cooperation through efficient processes to further promote Islamic trade finance and trade development interventions in Pakistan.
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