International Islamic Trade Finance Corporation (ITFC) signs 12 agreements with OIC member countries and regional partners totaling more than US$750 million Agreement on Day 3 of 2023 Islamic Development Bank Group (IsDB) Annual Meeting in Jeddah sign the

Finance


International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), Member of Islamic Development Bank Group (IsDB) signed 12 major agreements. Algeria, Cameroon, Tajikistan, Republic of Togoand Uzbekistan. The ITFC has also signed agreements with regional partners. Aflexim Bank and ECOWAS Investment and Development Bank (EBID) will support investment and development, and the Memorandum of Understanding with OCP Africa will establish an innovative financing mechanism for farmers.

The agreement will facilitate private sector development and provide access to financial resources to stimulate economic growth. It also addresses the development of a more efficient and effective trading system that enables more efficient and safe imports and exports.

Agreement

In addition, a memorandum of understanding was signed with the ITFC. People’s Democratic Republic Algeria’s signature is Mr Raaziz FayedMinister of Finance, Algeriaand Eng. Hani Salem Sombor, CEO of ITFC. The agreement aims to increase exports to the OIC countries, support Algeria’s Islamic banking sector, expand into other OIC countries, and provide assistance to private and state-owned companies in Algeria. .

Murabaha Trade Finance Facility US$15 million Signed with ITFC. Republic of Cameroon Partnership with Compagnie Camerounaise d’Aluminium (ALUCAM) Executing agency. The loan is in line with the Government of Cameroon’s plan to support the strategic development of the bauxite industry and strengthen Cameroon’s industrial sector by securing the supply of alumina and other raw materials for aluminum production by ALUCAM. become.

Ann AATB Country Program for Cameroon Agreements have been signed that focus on capacity building in trade facilitation, promotion of export value chains, Islamic finance, e-commerce and private sector development efforts over the next three years. The agreement was signed by HE Aramin Usman MeiMinister of Economic Planning Regional developmentand Eng. Hani Salem SomborCEO of ITFC.

three-year framework agreement for US$100 million It was also signed with the ITFC. Republic of Tajikistan Ensure close cooperation and coordination of efforts between governments. Tajikistan and ITFC. The agreement was signed by H.E. Mr. Zabkizoda Zabki Amin, Minister of Economic Development and Trade. Republic of TajikistanIsDB Governor, and Engineer. Hani Salem SomborCEO of ITFC.

The ITFC is US$250 million framework agreement with Republic of Togo Paving the way for expanded strategic partnerships into three new major sectors, including energy, agriculture and the private sector.

As part of this, an agreement has also been concluded AATB Togo Country ProgramThe content covers building the country’s capacity in trade facilitation, promotion of export value chains, Islamic finance, e-commerce and private sector development activities over the next three years. Two agreements were signed by Eng. Hani Salem SomborITFC CEO, and Minister of Public Works Madam Zolehatu Kassa Traoré Republic of Togo.

To develop and expand Shariah compliant banking, the ITFC and ICD have signed the following memorandum of understanding. Al Salam Bank of Algeria It will explore opportunities for cooperation. The agreement was signed by Mr. Hoider Nasser, Al Salam Bankand Eng. Hani Salem SomborCEO of ITFC and Acting CEO of ICD.

under the framework of US$10 million ITFC, a trade finance institution, signed a trade financing agreement with Agrobank. Uzbekistan To meet the trade finance needs of SMEs operating in the food and agriculture sector. Murabaha’s funding agreement was signed by Executive Chairman Rustam Mamatkulov. Agrobank Board of Directorsand Eng. Hani Salem SomborCEO of ITFC.

Additional Trade Finance Agreement US$25 million loan has been extended Orient Finans Bank, Uzbekistan To meet the trade finance needs of the bank’s private sector customers. This funding will also support and promote women’s entrepreneurship and green finance. The agreement was signed by Chairman of the Board Mr. Tkir Junaydulaev. Orient Finans Bank, UzbekistanITFC CEO, Eng. Hani Salem Sombor.

In addition, the syndicated Murabaja Trade Finance Facility will: US$325 million Signed between ITFC and Afreximbank to support Afreximbank. US$4 billion UKAPFA (Ukraine Crisis Adjustment Trade Finance Program) Africa) aims to help member countries mitigate the impact of conflict-induced commodity price increases and to support the trade finance needs of the private sector and state-owned enterprises. The agreement was signed by Professor Benedict Orama, President of Afreximbank, and Doctor of Engineering. Hani Salem SomborCEO of ITFC.

ITFC and ECOWAS Investment and Development BankLtd. Strategic Regional Bank West Africasigned to 25 million euros The Murabaha Financing Facility addresses the trade finance needs of the bank’s private sector customers. Dr. Mahbooba Diagne, Vice President of Finance, Management of EBIDs and Eng. Hani Salem Sombor signed the agreement.

ITFC and OCP Africa will provide farmers with access to customized solutions and establish a holistic solution that goes beyond just fertilizer access to improve agricultural production yields and the livelihoods of smallholder farmers in Africa. signed a memorandum of understanding aimed at establishing an innovative funding mechanism for An agreement was signed with Dr. Mohammed Anuar JamaliCEO of OCP Africa, and Eng. Hani Salem SomborCEO of ITFC.

Distributor APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

inquiry:
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Phone: +966 12 646 8337
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Email: ITFC@itfc-idb.org

regarding International Trade Finance Corporation (ITFC):
International Islamic Trade Finance Corporation (ITFC) is Islamic Development Bank (IsDB) Group. It was established with the primary purpose of facilitating trade between OIC member countries, ultimately contributing to the overarching goal of improving the socio-economic conditions of people around the world.started operations in January 2008provided by the ITFC US$69 billion It has a proven track record of financing to OIC member countries and is a leading provider of trade solutions that meet the needs of these member countries. With a mission to be a catalyst for trade development in OIC member countries and beyond, the Corporation helps member country companies gain better access to trade finance and provides the resources they need to compete successfully. We provide comprehensive trade-related capacity-building tools. in the world market.

© African Press, sources press release



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