The Islamic Trade Finance Corporation (ITFC) will extend a $3 billion loan to Pakistan, the Pakistani government has announced.
The announcement followed Finance Minister Muhammad Aurangzeb’s meeting in Washington with an ITFC delegation. ITFC, a member of the Islamic Development Bank (IsDB) Group, aims to promote trade among countries within the Organization of Islamic Cooperation (OIC).
Aurangzeb is in the United States for the annual meetings of the World Bank and International Monetary Fund (IMF), where global finance leaders are addressing issues like slow international growth, debt management, and funding the shift to green energy.
The Pakistani government’s Press Information Department (PID) noted that Aurangzeb acknowledged ITFC’s commitment to commodity financing under a $3 billion framework agreement for the next three years. This includes an immediate provision of $269 million through a mix of direct financing and syndicated loans.
During the meeting, the ITFC delegation, led by CEO Eng. Hani Salem Sonbol, expressed interest in diversifying its investments in Pakistan, with Aurangzeb affirming his government’s support for this initiative.
