Islamabad: March 21, 2022

International Islamic Trade Finance Corporation Signs US$ 1.2 billionAnnualPlan for 2022 in favor of the Islamic Republic of Pakistan

The Annual Plan will provide Integrated Trade Solutions to supportPakistan’s energy and agriculture sectors for sustained economic growth..

Jeddah, 21 February 2022:The International Islamic Trade Finance Corporation (ITFC) signs the Annual Plan for 2022 in favor of the Government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors. The US$ 1.2 billion agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing trade related technical assistanceintervention to ensure trade development impact.

The Annual Plan was signed during a ceremonyin ITFC headquarters in Jeddahbetween ITFC and a delegation of the Ministry of Economic Affairs (EAD), Islamic Republic of Pakistan.

Referring to the agreement, Nazeem Noordali, COO, ITFC 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 includes financing and capacity building tools that allows for maximizing the development impact of ITFC interventions. We are delighted and wewill continue to mobilize financial resources to supportPakistan in itsendeavours to achieve its economic targets through our existing Framework Agreement.”

From their side, the EAD delegation, Pakistan expressed their appreciation for the continued support and partnership with ITFC, and underlined the need for enhanced cooperation through more efficient processestofurther promote Islamic trade finance and trade development interventions in Pakistan.

Despite a challenging year in due to the COVID-19 pandemic, ITFC provided around US$1.1 billion of trade financing in 2021. ITFC has signed the 4th framework agreement with the Government of Pakistan in June 2021 for US$ 4.5 billion. It is worthmentioning that, since 2008, ITFC has providedUS$ 6.7 billion in favor of the Government of Pakistan.