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Islamic Trade Finance Corporation to give $600m for commodity financing - Newspaper

$4.5bn deal signed with ITFC to finance oil, fertiliser import - Newspaper


The new framework agreement will “provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea”. Reuters/File
ISLAMABAD: Pakistan and the International Isla­mic Trade Finance Corpo­ration (ITFC) a subsidiary of the Islamic Develop­ment Bank on Monday signed a $4.5 billion new framework agreement to finance oil, LNG and fertiliser imports over the next three years (2021-23).
The new framework agreement will “provide financing for the import of essential commodities such as crude oil, refined petroleum products, LNG and urea”, announced the Ministry of Economic Affairs (MEA) soon after the signing of the agreement. ....

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Pakistan, IDB sign $4.5b oil deal


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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