Pakistan to get $3.285 billion loan from Int’l Islamic Trade Finance Corp

  • Jeddah-based International Islamic Trade Finance Corp is the financing arm of the Islamic Development Bank for trade activities
Business

TUNIS – The International Islamic Trade Finance Corp will lend Pakistan $3 billion to finance trade activities for a period of three years, its chief executive said on Thursday.

Hani Salam Sonbol added that the remaining $285 million would be to finance gasoline purchases, the Reuters reported.

Jeddah-based International Islamic Trade Finance Corp is the financing arm of the Islamic Development Bank for trade activities. It gave Islamic countries trade financing worth $40 billion in the past 10 years.

“We will increase our funds to support trade activities and create job opportunities in the next 10 years,” Sonbol told the international news agency on the sidelines of a conference in Tunis, without elaborating.

This week the International Islamic Trade Finance Corp agreed a $1.5 billion financing deal with Tunisia to purchase essential commodities for public companies.

It concluded a deal with Egypt worth $3 billion in January, Sonbol said.