Pakistan to obtain $600m from ITFC


ISLAMABAD:

The continuing syndication on the Worldwide Islamic Commerce Finance Company (ITFC) is about to finish and $600 million can be obtainable to Pakistan throughout this month, mentioned ITFC CEO Hani Salem Sonbol.

In a gathering with Minister of Financial Affairs Omar Ayub on Monday, he emphasised that Pakistan was the highest precedence of the company with regard to funding in commerce financing and assembly the nation’s petroleum procurement necessities.

“Apart from petroleum, Pakistan ought to embrace further commodities within the fourth framework settlement to extend annual financing to $1.5 billion from $1.1 billion,” he mentioned.

He recalled that in 2019 the ITFC organized two warehouse receipt financing workshops in Islamabad and Karachi. He promised that the company would offer technical help for capability constructing within the agriculture sector.

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

“Pakistan’s petroleum financing requirement is way greater, subsequently, ITFC can get a much bigger portion of financing in comparison with the present $1.5 billion annually,” he highlighted.

Revealed in The Categorical Tribune, September 14th, 2021.

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