Tuesday, August 16, 2022

International Islamic Trade Finance Corp lends Pakistan $3.285 billion


TUNIS: The International Islamic Trade Finance Corp has agreed to lend Pakistan $3.285 billion, its chief executive said on Thursday.

“We will supply Pakistan with $3 billion to finance trade activities for a period of three years,” Hani Salam Sonbol said, adding that the remaining $285 million would be to finance gasoline purchases.

Jeddah-based International Islamic Trade Finance Corp is the financing arm of the Islamic Development Bank for trade activities. It gave Islamic countries trade financing worth $40 billion in the past 10 years.

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“We will increase our funds to support trade activities and create job opportunities in the next 10 years”, Sonbol told Reuters on the sidelines of a conference in Tunis, without elaborating.

This week the International Islamic Trade Finance Corp agreed a $1.5 billion financing deal with Tunisia to purchase essential commodities for public companies.

It concluded a deal with Egypt worth $3 billion in January, Sonbol said.

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