The ongoing syndication at the International Islamic Trade Finance Corporation (ITFC) is about to complete and $600 million will be available to Pakistan during this month, said ITFC CEO Hani Salem Sonbol.

In a meeting with Minister of Economic Affairs Omar Ayub on Monday, he emphasised that Pakistan was the top priority of the corporation with regard to investment in trade financing and meeting the country’s petroleum procurement requirements.

“Besides petroleum, Pakistan should include additional commodities in the fourth framework agreement to increase annual financing to $1.5 billion from $1.1 billion,” he said.

He recalled that in 2019 the ITFC arranged two warehouse receipt financing workshops in Islamabad and Karachi. He promised that the corporation would provide technical assistance for capacity building in the agriculture sector.

On the occasion, Ayub appreciated the corporation for arranging financing of $7 billion for petroleum imports from 2008 to 2021.

“Pakistan’s petroleum financing requirement is much higher, therefore, ITFC can get a bigger portion of financing compared to the existing $1.5 billion each year,” he highlighted.

Published in The Express Tribune, September 14th, 2021.

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