International Islamic Trade Finance Corporation Unveils Annual Development Effectiveness Report (RADD) titled “Towards Resilient Trade”

NNN: The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IDB) Group, has officially launched the Annual Development Effectiveness Report (ADER) of the society. , entitled “Towards resilient trade”.

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The main topics presented in the ADER report are as follows:

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Support critical supply chains in member countries, Foster inclusive trade by supporting MSMEs, smallholder farmers and women, Lay the foundations for sustainable and green trade.

Commenting on the official launch of the report, Mr. Hani Salem Sonbol, Executive Director of ITFC said, “At ITFC, achieving results in terms of development effectiveness or contribution to development is as crucial as the amount of trade we fund. This is why ITFC also focuses on ways to promote inclusive trade, meet the challenge of regional integration, foster partnerships to achieve the UN SDGs and continue to lay the foundations for sustainable trade. We are pleased to officially present a preview of the sixth edition of ITFC’s Annual Development Effectiveness Report in this context. The pandemic has shown that partnership and synergy offer the best path to address global emergencies, allowing us to have a greater impact that acts as a powerful catalyst for development.

ITFC’s role is to ensure that the Company’s resources are used where they play the greatest catalytic role in attracting private capital and filling market gaps. Despite the challenges posed by the current COVID-19 pandemic, ITFC and the Company’s strategic partners achieved impressive results in 2021, as highlighted in the ADER report:

ITFC’s approvals and disbursements in 2021 reached new highs at $6.5 billion and $5.1 billion, respectively. Disbursements to least developed member countries amounted to $1.5 billion, benefiting nine countries and increasing by 25% compared to 2020. Intra-ICO trade financed amounted to $4. billion, with cumulative approvals to support trade among OIC member countries reaching $44 billion since the establishment of the institution. The ability to raise funds exceeded targets and expectations as the Company raised a record $4.5 billion from union partners in the market, up 84% from 2020. For each tranche of US$5 approved by ITFC, US$4 was mobilized from external partners.

During times of disruption, ITFC has played a key role in keeping trade flowing smoothly and maintaining essential supply chains such as energy, food and healthcare:

US$810 million was disbursed to purchase 3.3 million tons of food commodities, enabling some 28 million households in OIC member countries to have access to affordable, safe and sufficient food More than 25,000 patients, 1,500 workers and 13 health centers benefited from medical equipment and pharmaceutical products purchased with ITFC funding USD 3.8 billion was disbursed to ensure energy supply to member countries, enabling about 11 millions of households to access a reliable electricity supply and supporting key sectors such as transport, agriculture and construction

To address trade finance gaps among underserved groups, ITFC provided SMEs, smallholder farmers and women-led businesses with access to finance and a unique network and platform to connect to markets .

Over 320 SMEs benefited from US$139 million in financing channeled through 18 partner banks In support of women empowerment, ITFC supported the implementation of the She Trades initiative Egypt and Morocco, benefiting more than 110 women entrepreneurs and women-led SMEs through skills. training creation In the agricultural sector, ITFC redistributed income worth USD 250 million to approximately 600,000 producers for the purchase of 500,000 tons of agricultural products. ITFC’s pre-export financing contributed to the $416 million in export earnings from African PMMAs.

Download the summary here (https://bit.ly/3uo8pSM)

Download the full report here (https://bit.ly/3aj05gv)

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