The International Islamic Trade Finance Corporation (ITFC) inked a USD 513 mn syndicated murabaha financing facility with Pakistan, according to a press release. The facility was oversubscribed, with the final amount raised more than double the initial target.

Where will the money go? The facility aims to support Pakistan’s critical energy sector needs, with the proceeds earmarked for the import of crude oil, petroleum products, and liquefied natural gas (LNG).

REMEMBER- The ITFC provided development funding to several countries over the past months, providing Senegal with EUR 2 bn to support its sustainable development efforts across the economic, health, and cultural sectors. It also gave USD 2.75 bn to Bangladesh to support energy security and agriculture in the country. Additionally, the ITFC earmarked USD 566 mn in on-lending facilities to 13 banks in Uzbekistan to support SMEs and job creation.

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