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ITFC committee to visit Pakistan to discuss Annual Financing Plan

The ITFC a subsidiary of the Islamic Development Bank had previously authorized a $1.2 billion financing

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From October 3 to October 5, 2022, a five-person delegation from the International Islamic Trade Finance Corporation (ITFC), led by its Chief Operating Officer (COO), will visit Pakistan to consult with stakeholders. Regarding the organization’s annual financing plan as well as operational and technical issues.

According to details, the ITFC mission will be led by COO Nazeem Noordali and include the following individuals:

Athar Khalil, Division Manager Financial Institutions; Abdul Aleem Mohamed, Division Manager Trade Finance; Ahmed Ali Mohamoud, Senior Manager Trade Finance; and Bilal Tipoo, Senior Manager Credit Review Risk.

Meetings will be held with the EAD, State Bank of Pakistan (SBP), Finance Division, Petroleum Division, PSO, PARCO. And PLL during the ITFC delegation’s three-day visit to Pakistan.

Economic Affairs Division (EAD) has asked the petroleum division to kindly make it convenient to attend a meeting with the ITFC delegation on October 4, 2022 at 10:00 a.m. In a letter dated September 26, 2022. It may also be suggested that the dealing representatives of Pakistan State Oil (PSO), Pak Arab Refinery Limited (PARCO), and Pakistan LNG Limited attend the meeting.

The ITFC a subsidiary of the Islamic Development Bank, had previously authorized a $1.2 billion financing. As part of an annual plan to offer Pakistan integrated trade solutions to support the country’s agriculture and energy sectors.

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

In addition to implementing trade-related technical assistance interventions to ensure trade development impact. The ITFC annual plan agreement with Pakistan for the 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.

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