Monitoring Report
ISLAMABAD:
A five-member delegation of the International Islamic Trade Finance Corporation (ITFC) will visit Pakistan in the month of October 2022 to discuss an already approved $ 1.2 billion Annual Financing Plan and operational & technical issues with the stakeholders.
As per details, ITFC mission will be headed by Nazeem Noordali, Chief Operating Officer (COO), while Abdul Aleem Mohamed, Division manager Trade Finance, Athar Khalil Division manager Financial Institutions, Ahmed Ali Mohamoud Senior manager Trade Finance and Bilal Tipoo Senior manager Credit Review Risk will be part of the ITFC delegation. The delegation will visit Pakistan from October 3 to 5, 2022.
During this three day visit of ITFC delegation to Pakistan, the delegation will hold meetings with EAD, State Bank of Pakistan (SBP), Finance Division, Petroleum Division, PSO, PARCO and PLL.
Economic Affairs Division (EAD) in a letter dated September 26, 2022 has requested the petroleum division to kindly make it convenient to hold a meeting with ITFC mission on October 4, 2022 at 10:00 hrs. The dealing officials of Pakistan State Oil (PSO), Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited may also be advised to participate in the meeting.
It is pertinent to mention that the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank had earlier approved a $1.2 billion financing under the annual plan to provide Pakistan integrated trade solutions to support the energy and agriculture sectors.
The annual plan was signed in February 2022 during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Ministry of Economic Affairs.
The ITFC annual plan agreement with Pakistan for calendar year 2022 includes financing for the import of essential commodities such as crude oil, refined petroleum products, Liquefied Natural Gas (LNG), food and agricultural products in addition to implementing trade-related technical assistance intervention to ensure trade development impact.
