- OFID participates in trade finance facility to support trade activities growth in Pakistan
OFID participates in trade finance facility to support trade activities growth in Pakistan
May 22, 2018, Vienna, Austria. OFID is participating in a trade finance facility arranged by the International Islamic Trade Finance Corporation (ITFC) to support the Islamic Republic of Pakistan's purchase of crude oil and refined petroleum products.
The total facility provided to Pakistan is US$282.5 million, of which OFID is contributing US$40 million. The remaining amount is provided by the ITFC and other financial institutions.
OFID has long supported partner countries by facilitating their import and export requirements, helping with inventory and working capital needs and supporting cross-border trade. This facility is expected to help reduce Pakistan's growing petroleum products supply deficit and support economic growth by enabling the import of feedstock for industrial use and electric power generation.
OFID has a long track record of working with Pakistan. Since 1976, the organization has extended more than US$668 million of financing under its different facilities, nearly half of which has supported energy sector operations.