The International Islamic Trade Finance Corp – the financing arm of Islamic Development Bank – has agreed to lend Pakistan $3.285 billion for a period three years.
$ 3 billion of the funds will finance trade activities in Pakistan, whereas, the remaining $ 285 million will be used to finance gasoline purchases.
“We will supply Pakistan with $3 billion to finance trade activities for a period of three years,” Hani Salam Sonbol said, adding that the remaining $285 million would be to finance gasoline purchases.
Jeddah-based International Islamic Trade Finance Corp is the financing arm of the Islamic Development Bank for trade activities. It gave Islamic countries trade financing worth $40 billion in the past 10 years.
“We will increase our funds to support trade activities and create job opportunities in the next 10 years,” Sonbol told Reuters on the sidelines of a conference in Tunis, without elaborating on the specifics.
This week the International Islamic Trade Finance Corp agreed to a $1.5 billion financing deal with Tunisia to purchase essential commodities for public companies. It concluded a deal with Egypt worth $3 billion in January, Sonbol said.