OFID signs participation agreement with ITFC

May 15, 2019. OFID is contributing US$50m to support energy security and economic growth in Pakistan via a participation agreement with the International Islamic Trade Finance Corporation (ITFC). The ITFC and other financial institutions will provide the remaining balance of the syndicated amount that will enable Pakistan’s Ministry of Finance, Revenue and Economic Affairs to purchase crude oil, refined petroleum products and liquefied natural gas.

OFID has a long track record of supporting Pakistan. Since 1976 when OFID supported Pakistan with Balance of Payments, the organization has committed more than US$1,672 million in Public & Private Sector lending in support of development operations in the country as well as in Trade Finance and guarantees.