Commonwealth signs MoU with International Islamic Trade Finance Corporation
The Commonwealth Secretariat (www.TheCommonwealth.org) and the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) have signed a Memorandum of Understanding (MoU) to collaborate in key areas of development.
The main areas of focus of the MoU include women’s economic empowerment, digital trade and e-commerce, private sector and small and medium enterprise development, climate change and environmental protection, capacity building for trade negotiations and trade finance.
The virtual signing ceremony took place during a high-level bilateral meeting between the Commonwealth Secretary General, The Rt Hon Patricia Scotland QC and ITFC CEO, Eng Hani Salem Sonbol.
During the signing ceremony, the Secretary General of Scotland said:
“The Commonwealth and the International Islamic Trade Finance Corporation share the goal of enhancing and supporting the economic and development aspirations of our Member States. Our collaboration will provide us with increased opportunities and better access to tap into our combined ideas, knowledge, skills and financial resources to meet the development needs of our joint members. The six agreed areas of cooperation and our combined power of advocacy and mobilization can provide vital support to the recovery of our small developing states that are most vulnerable to global economic disruptions.
ITFC CEO Eng Hani Salem Sonbol said:
Commenting on the signature, Eng. Hani Salem Sonbol, Managing Director of ITFC, said “really happy to see that ITFC’s partnership with the Commonwealth Secretariat is one of action. As we celebrate the signing of a new MoU, we are also formalizing the first two projects ready for implementation in Cameroon and Pakistan.
Recognizing the role of partnerships in furthering trade development, Eng. Hani Salem Sonbol said, “At ITFC, our goal is to work effectively with our partners to identify and deliver the best solutions, in all areas of trade finance and trade development, including seizing opportunities manifest themselves in emerging business issues such as digitalization, agriculture, technology and climate change to name a few.
There are twelve common Member States between the two organisations, which shows an important common interest. These countries include Cameroon, Gambia, Mozambique, Nigeria, Sierra Leone, Uganda, Guyana, Bangladesh, Pakistan, Maldives, Brunei and Malaysia.
A project highlighted in the Memorandum of Understanding between the Commonwealth Secretariat and ITFC includes a Trade Development Project in Pakistan which improves the country’s overall trade competitiveness by building the capacity of Pakistan’s Ministry of Commerce and improving its general business negotiation skills.
Another agreed initiative is a digital bootcamp to be held in Cameroon to support the government’s e-commerce strategy through capacity building programs that support women and SMEs. Around 100 women-owned SMEs are expected to benefit from this program.
Through this collaboration, the Commonwealth Secretariat and ITFC aim to help create decent jobs, increased trade and greener economies for the benefit of all, but especially women and SMEs.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) Group. It was established with the main objective of advancing trade among the OIC member countries, which would ultimately contribute to the overriding objective of improving the socio-economic conditions of people across the world. Commencing operations in January 2008, ITFC has provided $61 billion in financing to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation assists entities in member countries to gain better access to trade finance and provides them with the necessary capacity building tools. trade-related capabilities, which would enable them to compete successfully. in the world market.
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