ITFC delegation to visit Pakistan to discuss Annual Financing Plan

ITFC had earlier approved $1.2bn financing under the annual plan for Pakistan

ISLAMABAD: A five member delegation of International Islamic Trade Finance Corporation (ITFC) headed by its Chief Operating Officer (COO) will visit Pakistan from October 3 to 5, 2022 to discuss Annual Financing Plan and operational and technical issues with stakeholders.

As per details, ITFC mission will consist of Nazeem Noordali, COO, Abdul Aleem Mohamed, Division manager Trade Finance, Athar Khalil Division manager Financial Institutions, Ahmed Ali Mohamoud Senior manager Trade Finance and Bilal Tipoo Senior manager Credit Review Risk.    

During this three day visit of ITFC delegation to Pakistan, the delegation will hold meetings with EAD, State Bank of Pakistan (SBP), Finance Division, Petroleum Division, PSO, PARCO and PLL.   

Economic Affairs Division (EAD) in a letter dated September 26, 2022 has requested the petroleum division to kindly make it convenient to hold a meeting with ITFC mission on October 4, 2022 at 10:00 hrs. The dealing officials of Pakistan State Oil (PSO), Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited may also be advised to participate in the meeting.

It is pertinent to mention that the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank had earlier approved a $1.2 billion financing under the annual plan to provide Pakistan integrated trade solutions to support the energy and agriculture sectors.

The annual plan was signed in February 2022 during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Ministry of Economic Affairs.

The ITFC annual plan agreement with Pakistan for calendar year 2022 includes financing for the import of essential commodities such as crude oil, refined petroleum products, Liquefied Natural Gas (LNG), food and agricultural products in addition to implementing trade-related technical assistance intervention to ensure trade development impact.

 

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Ahmad Ahmadani
The author is a an investigative journalist at Profit. He can be reached at [email protected]

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