International Islamic Trade Finance Corporation (ITFC) Announces its Financing Agreements Totalling US$7 Billion at the End of the 47th Annual Meetings of the Islamic Development Bank Group in Egypt
The last day of the annual meetings saw the signing of the last 3 strategic agreements for cooperation with the Member Countries
These agreements are geared towards supporting the food resources and commodities, as well as women's economic empowerment in these countries
The recently held Annual Meetings of the Islamic Development Bank (IsDB) Group witnessed 12 agreements signed by the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) with total financing of US$7 billion. Four agreements were concluded in favour of the Arab Republic of Egypt and seven agreements with member countries in Asia and Africa.
During the final press conference which marked the last day of the Annual Meetings, three cooperation agreements were signed with the public sector of Member Countries: Burkina Faso, Mauritania, and Uzbekistan. These agreements are geared towards supporting the food resources and commodities, as well as women's economic empowerment in these countries.
The first agreement with the Government of Burkina Faso includes an EUR 238 million annual financing plan for 2022 to finance the imports and exports industry of Burkina Faso as part of the country’s long-term cooperation with ITFC. This agreement will also support commodities, such as energy supply and cotton. The Financing Plan was signed by IsDB Annual Meeting by HE. Dr. Seglaro Abel Somé, Minister for Economy, Finance & Perspective of Burkina Faso, and Eng. Hani Salem Sonbol, CEO, ITFC.
The second agreement which entailed US$50 million in financing was signed H.E. Mr. Isselmou O. MohamedM'Bady, Minister of Finance, IsDB Governor for Mauritania in favor of Mauritania for the purchase of commodities and products, with SOMELEC being the executing agency. Finally, ITFC signed a US$100 million Terms Letter for Murabaha Agreement to support trade finance needs of women entrepreneurs and the private sector in Uzbekistan. The Terms Letter was signed by the Acting Alternat Governor on behalf of H.E. Mr. Shuhrat Vafaev, Deputy Minister, Ministry of Investments and Foreign Trade, IsDB Alternate Governor for Uzbekistan and Eng. Hani Salem Sonbol, CEO of ITFC.
On this occasion, Eng. Hani Salem Sonbol, CEO of ITFC expressed his gratitude for the impressive results achieved during the 47th Annual Meetings of the IsDB Group held in Sharm el-Sheikh, the Arab Republic of Egypt from 1-4 June 2022. ITFC held a number of important meetings with delegations from Member Countries and participating international organizations. He also extended his appreciation to the Government and people of Egypt for their efforts in hosting this event.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$61 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.