These loans are intended to support essential commodity purchases and infrastructure development. Specifically, $400 million is being requested from the ITFC to fund the acquisition of key commodities, while $350 million is being sought from the IDB for project financing.
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Additionally, Standard Chartered Bank has been approached for a $1 billion loan, primarily aimed at infrastructure projects. Sources indicated that these loans are expected to feature a long-term repayment schedule and an interest rate around 5%. This borrowing forms part of a broader plan to meet the critical financing requirements set by the International Monetary Fund (IMF) to unlock a new $7 billion loan program. The Finance Ministry has also shown a willingness to pursue higher-interest loans from commercial banks if necessary.
At the same time, efforts are being made to revive negotiations for a stalled oil loan facility with Saudi Arabia.
