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Pakistan inks $551mn loan agreement with Islamic Trade Finance for Oil, LNG import

ISLAMABAD: The Economic Affairs Division here on Monday signed a trade financing facility amounting to $551 million with the International Islamic Trade Finance Corporation (ITCF) for import of oil and liquefied natural gas (LNG).

According to a statement issued from the ministry, the signing ceremony was held in Islamabad today, which was also witnessed by Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh.

On the occasion, Dr. Abdul Hafeez Shaikh thanked and appreciated ITFC support for Pakistan.

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The facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country, the statement said and added that the loan facility would be utilized by Pakistan State Oil Company Limited, Pak Arab Refinery Limited and Pakistan LNG Limited.

The statement further said that the ITFC had agreed to provide trade financing of US$ 1.3 billion during the year 2019 for import of oil and LNG.

 It is pertinent to mention here that this facility was a part of Framework Agreement signed with ITFC in April 2018 for a total envelop of $4.5 billion over for a period of three years (2018-2020).

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