Islamic Trade Finance Corporation to give $600m for commodity financing

The International Islamic Trade Finance Corporation (ITFC) — an auxiliary of the Islamic Development Bank — would make accessible this month about $600 million of syndicated loans for commodity financing. 

An authority articulation said this was passed on to Pakistan during a virtual meeting between Minister for Economic Affairs Omar Ayub Khan and ITFC Chief Executive Officer Hani Salem Sonbol. “The CEO ITFC updated that the ongoing syndication is going to finish and $600m will be accessible to Pakistan during this month,” the assertion said. This is part of the $4.5bn new structure agreement signed by the two sides in June this year to finance oil, LNG and fertiliser imports throughout the following three years (2021-23).

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