The Ministry of Economic Affairs has signed Annual Plan 2022, an agreement worth $1.2 billion, with the International Islamic Trade Finance Corporation (ITFC), under which the latter will provide integrated trade solutions to support the energy and agriculture sectors of Pakistan. The Annual Plan signing ceremony was held at ITFC headquarters in Jeddah.
The agreement encompasses financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food, and agricultural products, besides implementing trade-related technical assistance intervention to ensure trade development impact.
Referring to the agreement, Chief Operating Officer ITFC, Nazeem Noordali, stated that this Annual Plan 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 requirements through providing integrated solutions that include financing and capacity building tools that allow for maximizing the development impact of ITFC interventions,” she said. She 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.
It is worth mentioning here that ITFC provided around US$1.1 billion of trade financing in 2021. ITFC had signed the 4th framework agreement with the Government of Pakistan in June 2021 for US$4.5 billion. Since 2008, ITFC has provided US$6.7 billion in favor of the Government of Pakistan.
