Pakistan signs $4.5bn deal with ITFC to finance oil, fertiliser import
Published 29 Jun,2021 via Dawn ISLAMABAD - Pakistan and the International Islamic Trade Finance Corporation (ITFC) — a subsidiary of the Islamic Development Bank — on Monday signed a $4.5 billion new framework agreement to finance oil, LNG and fertiliser imports over the next three years (2021-23).
The new framework agreement will “provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea”, announced the Ministry of Economic Affairs (MEA) soon after the signing of the agreement.
The agreement was formally signed by ITFC Chief Executive Officer (CEO) Engineer Hani Salem Sonbol and Economic Affairs Division (EAD) Secretary Noor Ahmed in the presence of Minister for MEA Omar Ayub Khan.
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