International Islamic Trade Finance Corporation to Lend $3.285 Billion to Pakistan

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.

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“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.