AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

ITFC to disburse USD 600 million to Pakistan in September

ITFC to disburse USD 600 million to Pakistan in September

admin-augaf by admin-augaf
September 13, 2021
in Business
Reading Time: 2 mins read
0
ITFC to disburse USD 600 million to Pakistan in September

ITFC to disburse USD 600 million to Pakistan in September

Share on FacebookShare on TwitterWhatsapp

Islamabad September 13, 2021 : A virtual meeting held today between Mr. Omar Ayub Khan, Minister for Economic Affairs and Eng. Hani Salem Sonbol, Chief Executive Officer (CEO), ITFC to discuss the scope of ITFC financing. It was discussed that how ITFC can arrange financing for broader trade activities in Pakistan under commodity financing.

The CEO, ITFC updated that the ongoing syndication is about to complete & US$ 600 million will be available to Pakistan during this month. ITFC further assured that Pakistan is the top priority for the Corporation to invest in trade financing & meet country’s POL procurement requirements.


A L S O || R E A D

CCOE directed Petroleum Division to revisit the upfront Incentive package to the existing refineries


The Minister for Economic Affairs appreciated ITFC who arranged financing of about US$ 7 billion for import oil & LNG from 2008 to 2021. It was highlighted that Pakistan’s POL financing requirement is much bigger, therefore, ITFC can get bigger portion of financing from the existing US$ 1.5 billion each year.

It also came under deliberations that how this financing facility may also be utilized for import of food related commodities. Eng. Hani Salem Sonbol, Chief Executive Officer (CEO), ITFC thanked the Minister for Economic Affairs and appreciated EAD’s interest in ITFC to meet the short-term trade financing needs.

He also encouraged to include other commodities in addition to POL under the 4th Framework Agreement to be commenced from January 2021 and to increase annual financing from US$ 1.1 billion to US$ 1.5 billion.

He further added that ITFC arranged two Warehouse Receipt Financing workshops in Islamabad and Karachi during 2019 in collaboration of EAD and State Bank of Pakistan and will provide technical assistance for capacity building in the Agriculture Sector.

admin-augaf

admin-augaf

Related Posts

Pakistan Witness 10% Increase In Companies Registration
Business

Pakistan Unveils New Measures to Strengthen Shariah-Compliant Market Intermediaries

May 19, 2025
S&P 500, Nasdaq eye weekly loss as rate-hike worries hit growth stocks
Business

‘Sell America’ Is Back as Moody’s Pushes 30-Year Yield to 5%

May 19, 2025
AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month
Business

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

May 17, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

Pakistan Witness 10% Increase In Companies Registration

Pakistan Unveils New Measures to Strengthen Shariah-Compliant Market Intermediaries

May 19, 2025
S&P 500, Nasdaq eye weekly loss as rate-hike worries hit growth stocks

‘Sell America’ Is Back as Moody’s Pushes 30-Year Yield to 5%

May 19, 2025
AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

May 17, 2025
Pakistan New Budget Will Tax Cars on Prices

Pakistan to Reduce Customs Duty to 15% and Phase Out Regulatory Duty in Five Years

May 17, 2025
IT

Pakistan Central Development Body Approves PKR 143 Billion for Projects Including Tech Industry and Laptop Scheme

May 17, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Pakistan Unveils New Measures to Strengthen Shariah-Compliant Market Intermediaries
  • ‘Sell America’ Is Back as Moody’s Pushes 30-Year Yield to 5%
  • AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Pakistan Witness 10% Increase In Companies Registration

Pakistan Unveils New Measures to Strengthen Shariah-Compliant Market Intermediaries

May 19, 2025
S&P 500, Nasdaq eye weekly loss as rate-hike worries hit growth stocks

‘Sell America’ Is Back as Moody’s Pushes 30-Year Yield to 5%

May 19, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.