ISLAMABAD: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country’s critical energy sector needs.
The signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan.
This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching $513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors.
The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan’s energy needs.
