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International Islamic Trade Finance Corporation (ITFC) Concludes Islamic Development Bank (IsDB) Group Annual Meetings with Strategic Agreements and Global Engagements
High-Level Discussions and Financial & Technical Assistance Agreements Highlight ITFC’s Commitment to Enhancing Economic Cooperation Among OIC Member Countries
During the meetings, ITFC signed several significant financing and trade development agreements that will positively impact socio-economic development in OIC member countries
During the final day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, held further high-level discussions with member countries including Guinea Conakry and Turkmenistan, and partner banks and financial institutions. The outcomes achieved during the various engagements during the Annual Meetings demonstrate ITFC’s commitment to advancing trade and enhancing economic cooperation across its member countries.
The final day also featured the signing of a US$20 million financing with Asakabank, Uzbekistan to enhance the Islamic financial services in Uzbekistan and support the private sector and SMEs.
Eng. Hani Salem Sonbol, CEO of ITFC, commented on the final day’s events: “The ITFC team was honored to be part of the 49th IsDB Annual Meetings where the Bank celebrated its 50th anniversary of promoting comprehensive human development. The Annual Meetings provided opportunities to put a spotlight on the ITFC role as a catalyst in facilitating trade development among OIC member countries and beyond. During the meetings, ITFC signed several significant financing and trade development agreements that will positively impact socio-economic development in OIC member countries. The results of the Annual Meetings were a resounding success.”
As the curtains fall on the 49th IsDB Group Annual Meetings, ITFC's impactful engagements and strategic agreements was manifested in delivering over US$5.6 billion of commitments, demonstrating the Corporation's dedication to boosting trade finance and fostering economic development. This reaffirms ITFC's role as a key player in promoting sustainable economic growth and trade cooperation among OIC member countries.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
International Islamic Trade Finance Corporation (ITFC) Concludes Islamic Development Bank (IsDB) Group Annual Meetings with Strategic Agreements and Global Engagements
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About the International Islamic 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 the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 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.