International Islamic Trade Finance Corporation Signs US$ 1.2 billion Annual Plan for 2022 in favor of Pakistan

Adams Peter

Adams Peter

The Annual Plan will provide Integrated Trade Solutions to support Pakistan’s energy and agriculture sectors for sustained economic growth

The International Islamic Trade Finance Corporation (ITFC) signs the Annual Plan for 2022 in favor of the Government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors. The US$ 1.2 billion agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing  trade related technical assistance intervention to ensure trade development impact.

The Annual Plan was signed during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Ministry of Economic Affairs (EAD), Islamic Republic of Pakistan.

Referring to the agreement, Nazeem Noordali, COO, ITFC stated that this annual plan reflects the importance of the longstanding cooperation between ITFC and the Government of Pakistan “ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that includes financing and capacity building tools that allows for maximizing the development impact  of ITFC interventions. We are delighted and we will continue to mobilize financial resources to support Pakistan in its endeavours to achieve its economic targets through our existing Framework Agreement.”

From their side, the EAD delegation, Pakistan expressed their appreciation for the continued support and partnership with ITFC, and underlined the need for enhanced cooperation through more efficient processes to further promote Islamic trade finance and trade development interventions in Pakistan.

Despite a challenging year in due to the COVID-19 pandemic, ITFC provided around US$1.1 billion of trade financing in 2021. ITFC has signed the 4th framework agreement with the Government of Pakistan in June 2021 for US$ 4.5 billion. It is worth mentioning that, since 2008, ITFC has provided US$ 6.7 billion in favor of the Government of Pakistan.

Our motto is: ‘We stand for the truth, irrespective of who tells it’. Driven by this philosophy, our aim has been to create a platform where every voice, every narrative – provided they are decently expressed –  is allowed expression. Our belief is that by promoting unfettered competition of ideas, the truth will eventually emerge. Obviously, doing this while resisting any temptation to be captured by any special interest or tendency makes survival as an online newspaper more challenging. This is why we will appreciate any support from our readers:

Bank details:

Account Name: The News Chronicle
Bank: UBA
Account No.: 1022603956 (Naira)

Domiciliary Account  – dollar-denominated:
Bank:  UBA
Account Number: 3002835294 ($)

Please email details of your bank transfer to: or send them by WhatsApp to: 07058078841

Professor Jideofor Adibe


Leave a Reply

Your email address will not be published.

Follow Us For More

Related Posts


What's New?