Pakistan Will Get A Loan From International Islamic Trade Finance Corporation
Pakistan Will Get A Loan From International Islamic Trade Finance Corporation: The International Islamic Trade Finance Corp (ITFC) has agreed to give Pakistan $3.285 billion out of which $3 billion would be used to finance trade activities for a period of three years. Chief Executive Hani Salam Sonbol of International Trade Finance Corp said that the remaining $285 million would be for financing the gasoline purchases.
Islamic Trade Finance Corp has given Islamic countries trade financing worth $40 billion in the past 10 years. It is the financing arm of the Islamic Development Bank for trade activities.
For Tunisia & Egypt
International Islamic Trade Finance Corp agreed a $1.5 billion financing deal with Tunisia to purchase essential commodities for public companies. “We will increase our funds to support trade activities and create job opportunities in the next 10 years”, CEO IITFC told media sources in a conference while $3 billion in January will be given to Egypt.
Trade Finance Basics
Trade finance signifies financing for trade, and it concerns both domestic and international trade transactions. Banks and financial institutions can facilitate these transactions by financing the trade. Today, trade finance is going through a revolution with new technologies and development that is energizing the trade into the 21st century.
About International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation is an independent body within the Islamic Development Bank Group. The purpose of IITFC is to advance the trade to improve the economic condition and livelihood of people across the Islamic world.
As a leader in trade finance, ITFC organizes its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC member countries. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.
Vision of ITFC
“ITFC is to be a recognized provider of trade solutions for OIC member countries’ needs”.