Pakistan to be granted major oil loan from Islamic Bank

28 January, 2019      56



(MENAFN) Pakistan is set to receive USD4.5 billion worth of oil as a loan from the Islamic Development Bank, as part of its Islamic Trade Finance Corporation plan.

The oil loan pact was unveiled by Khaqan Najeeb, advisor and spokesman for the Ministry of Finance, during an interview with Anadolu Agency.

According to the official, "the agreement between Pakistan and the Islamic Development Bank under its International Islamic Trade Finance Corporation already finalized and they will lend oil worth $4.5 billion to Pakistan in three years."

Najeeb further added that "now the agreement has been operationalized and we have received oil worth $100 million in the first phase."

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