International Islamic Trade Finance Corporation (ITFC) signs six agreements with Côte d’Ivoire, Egypt, Uzbekistan and Kingdom of Saudi Arabia totaling US$101 million on the sidelines of the 2023 Islamic Development Bank Group (IsDB) Annual Meeting in Jeddah sign the agreement

Finance


The International Islamic Trade and Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), has signed a total of six major agreements with Côte d’Ivoire, Egypt, Uzbekistan and Saudi Arabia. US$101 million on the second day of the 2023 IsDB Group Annual Meeting at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

The agreement addresses the trade finance needs of the private sector, enabling businesses to purchase necessary inputs, secure raw materials and develop global supply chains, thereby fostering stronger economic growth. .

Agreement

ITFC signed a US$25 million loan facility with Uzbekistan’s Invest Finance Bank. The agreement is intended to support the import and pre-export financing needs of private sector customers, especially SMEs.

The ITFC also renewed a US$15 million credit facility in favor of the Uzbekistan Industrial Construction Bank of Uzbekistan to meet the Islamic trade finance needs of the bank’s private sector customers, especially SMEs.

In addition, a partnership agreement was signed between ITFC and Expolink under the AfTIAS 2.0 program. The agreement paves the way for the establishment of specialized export development capacity building and training centers that will benefit new and existing exporters in Africa and the Arab world. The agreement was signed by Egyptian Exporters Association (Expolink) President Mohammed Qassem, Foreign Trade Training Center (FTTC) Secretary General Mary Kamel and Engineer Mary Kamel. ITFC CEO Hani Salem Sombor.

The €20 million Murabaja Loan Facility was signed between the ITFC and Bridge Bank Group Cote d’Ivoire (BBGCI) to meet the trade finance needs of the bank’s private sector customers, with a particular focus on essential commodities such as petroleum products and staple imports. was targeted. . The funding will be carried out under a US$250 million framework agreement between the ITFC and Côte d’Ivoire.

ITFC has also extended a €40 million letter of credit (LC) confirmation facility to the Bank of Africa, Côte d’Ivoire, to meet the unfunded trade finance needs of the bank’s private sector clients. It is worth noting that Bank of Côte d’Ivoire Africa is the ITFC’s new partner bank in Côte d’Ivoire.

Within the framework of the Saudi SME Export Enhancement Programme, an agreement between the ITFC and the Saudi Export-Import Bank for cooperation to enhance the competitiveness of Saudi SMEs and institutions in expanding into international markets signed. This is done by providing credit facilities to international financial institutions in countries importing goods from the Kingdom of Saudi Arabia.

The purpose of these lines is to provide financing to importers importing goods from Saudi exporters to small businesses. This financing option will allow exporters to grant longer credit terms, which will increase exports to existing customers of Saudi SMEs and attract new importers of Saudi goods.

Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).

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About the International Trade Finance Corporation (ITFC):
International Islamic Trade Finance Corporation (ITFC) is a member of the 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. Launched in January 2008, the ITFC has provided US$69 billion in loans to OIC member countries, making it a leading provider of trade solutions to 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.

© Africa Press Organization, source press release



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