The International Islamic Trade Finance Corporation (ITFC) announces its financing agreements totaling US$7 billion at the conclusion of the 47th Annual Meetings of the Islamic Development Bank Group in Egypt

The recent Annual Meetings of the Islamic Development Bank (IDB) Group saw the signing of 12 agreements by the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) with total funding of US$7 billion. Four agreements were concluded in favor 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 the Member Countries: Burkina Faso, Mauritania and Uzbekistan. These agreements aim to support food resources and commodities, as well as the economic empowerment of women in these countries.

The first agreement with the government of Burkina Faso includes an annual financing plan of €238 million for 2022 to finance Burkina Faso’s import and export industry as part of the country’s long-term cooperation with ITFC. This agreement will also support basic products, such as energy supply and cotton. The financing plan was signed during the IDB Annual Meeting by HE. Dr Seglaro Abel Somé, Minister of Economy, Finance and Perspective of Burkina Faso, and Eng. Hani Salem Sonbol, CEO, ITFC.

The second agreement for a financing of 50 million dollars was signed HE Mr. Isselmou O. Mohamed M’Bady, Minister of Finance, Governor of the IDB for Mauritania in favor of Mauritania for the purchase of raw materials and products , SOMELEC being the executing agency. Finally, ITFC signed a US$100 million condition letter for the Murabaha Agreement to support the trade finance needs of women entrepreneurs and the private sector in Uzbekistan. The terms letter was signed by the Acting Alternate Governor on behalf of HE Mr. Shuhrat Vafaev, Deputy Minister, Ministry of Investments and Foreign Trade, IDB 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 47e The IsDB Group Annual Meetings were held in Sharm el-Sheikh, Arab Republic of Egypt from June 1-4, 2022. ITFC held a number of important meetings with delegations from member countries and participating international organizations. He also thanked 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).

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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.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

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