Pakistan, IDB sign $4.5b oil deal
Three-year facility will provide financing for oil and gas imports
Brent crude futures were $0.26, or 0.4%, higher at $74.94 a barrel by 1220 GMT. PHOTO: FILE
ISLAMABAD:
Pakistan and the Islamic Development Bank (IDB) on Monday signed a $4.5 billion framework agreement for a commercial loan to finance oil and gas imports amid only 55% utilisation of a similar three-year facility.
The International Islamic Trade Finance Corporation (ITFC) signed the three-year framework agreement for a cumulative amount of $4.5 billion with Pakistan in order to provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea, the Ministry of Economic Affairs announced.
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