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International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries – AfricaBusiness com
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International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries
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International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries
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Pakistan inks agreement with Islamic Development Bank
ANI
06 Jul 2021, 07:18 GMT+10
Islamabad [Pakistan], July 6 (ANI): A debt-ridden Pakistan has signed an agreement with Saudi Arabia-based Islamic Development Bank (IDB) to borrow USD 4.5 billion to alleviate oil and gas shortages that are crippling the economy and people s livelihoods through power cuts and fuel disruptions.
The loan, issued by IDB, will be used to pay for crude oil, refined petroleum products, liquefied natural gas (LNG) and industrial chemical urea over the next three years, Asia Times reported.
The agreement was reached with the International Islamic Trade Finance Corporation (ITFC), the trading arm of the Jeddah-based IDB.
A debt-ridden Pakistan has signed an agreement with Saudi Arabia-based Islamic Development Bank (IDB) to borrow USD 4.5 billion to alleviate oil and gas shortages that are crippling the economy and people s livelihoods through power cuts and fuel disruptions. The loan, issued by IDB, will be used to pay for crude oil, refined petroleum products, liquefied natural gas (LNG) and industrial chemical urea over the next three years, Asia Times reported. The agreement was reached with the International Islamic Trade Finance Corporation (ITFC), the trading arm of the Jeddah-based IDB. The opposition parties blame the crisis on lethargy and mismanagement by the Prime Minister Imran Khan-led PTI government. They have pointed to delays in buying furnace oil and say a vessel crucial to the distribution of LNG is inexplicably out of action in drydock when it is most needed.