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Islamic Bank offers soft-term finance to TCP for sugar export

KARACHI (May 21 2003) : Islamic Development Bank (IDB) has offered soft-term financing facilities to the Trading Corporation of Pakistan (TCP) to fund its sugar export.

A TCP spokesman said here on Tuesday the IDB offer was made during a detailed meeting between the visiting IDB's four-member delegation led by its Assets Management Department Adviser In-charge Nabil A. Nassief and the TCP Chairman Syed Masood Alam Rizvi.

The delegation held a detailed discussion with the TCP officials regarding the export business of the corporation with special focus on export of sugar.

The TCP chairman briefed the delegation about the activities of the corporation, particularly its role in the economic development.

The IDB delegation appreciated the performance of the TCP in export sector and offered funding for sugar export at very nominal financial charges.

The TCP chairman appreciated the delegation offer and suggested another round of meeting for working out the modalities as well as details of the financing.

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