STO receives USD 15 Million credit facility from ITFC

The Islamic Trade Finance Corporation (ITFC) has issues USD 15 Million credit facility to the State Trading Organization(STO).

The line of credit would assist in getting stable food, medicine and medical equipment for the COVID-19. STO has stated that it would receive additional loans from ITFC will also grant to support sourcing of emergency medical equipment.

These funds would be used to procure stable foods, medicine and critical personal protective equipment for the use of frontline workers. The Managing Director of STO has stated that this would help in the government efforts to combat the COVID-19.

The funds provided from ITFC are under Rapid Response Facility of USD 300 million is part of the wider envelope of USD 2.3 billion pledged by the Islamic Development Bank under its 3Rs Response Package, ‘Respond, Restore, Restart.’

Until now the government is getting more and more loans to combat the COVID-19 as cases grows day by day.

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