Mohammad Arshad Islamabad
Pakistan and International Islamic Trade Finance Corporation (ITFC), Monday, signed a 3-Year Framework Agreement for a cumulative amount of US$4.5 billion in order to provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea.
The Agreement will facilitate identification of other areas of cooperation at country and regional levels and to enhance and promote trade, trade capacities of relevant state authorities and financial institutions and trade cooperation in the Islamic Republic of Pakistan
Within the context of its trade integrated solutions approach, the Framework Agreement also covers ITFC’s support for trade related technical assistance projects in the Islamic Republic of Pakistan, which will be selected jointly by both parties according to the national economic priorities and development plan of Pakistan.
CEO ITFC Eng. Hani Salem Sonbol and Secretary Ministry of Economic Affairs Noor Ahmed signed the relevant documents virtually here while Minister of Economic Affairs Omar Ayub Khan was also present on the occasion.
The financing available through this facility will be utilized by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (PARCO), Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum products and LNG during the years 2021-2023.
Referring to the agreement, Eng. Hani Salem Son-bol, CEO, ITFC stated that this Framework Agree-ment 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 require-ments by providing integrated solutions that include financingand capacity building tools that allows for maximizing the development impact of ITFC inter-ventions.
We are delighted and we will continue to mobilize financial resources to support Pakistan in its endeavours to achieve its economic targets through the new Framework Agreement.”