International Islamic Trade Finance Corporation (ITFC) Participates in Private Sector Forum to Strengthen Global Trade Ties and Drive Economic Collaboration Among Organization of Islamic Cooperation (OIC) Member Countries
Insightful Discussions and Billion Dollar Agreements Mark a Day of Significant Advancements in Trade Finance and Development During 49th IsDB Group Annual Meetings
RIYADH, Saudi Arabia, April 29, 2024/ — On the second day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, participated in the 2024 Private Sector Forum (PSF 2024) and signed several agreements. ITFC engaged in a series of strategic meetings, solidifying the Corporation’s role in enhancing trade finance and advancing socio-economic development across its member countries.
ITFC partners were also recognized during the PSF 2024, where ITFC recognized Türk Eximbank with the “Trade Finance Deal of the Year” award. The award is an acknowledgment of Türk Eximbank’s long-standing partnership and its significant contribution to ITFC’s private sector interventions in Türkiye in 2023. The Foreign Trade Training Centre (FTTC) in Egypt was given the “Outstanding Contribution to Intra-OIC Trade Development” award. This recognizes the FTTC’s dedication to boosting Egypt’s global trade position and its successful partnership with ITFC to build a new generation of exporters in Egypt.
ITFC also organized an Investors’ Dialogue with its partner banks, which provided a platform for discussing trade finance trends and investment opportunities, emphasizing innovation and public-private partnerships for sustainable economic growth.
Eng. Hani Salem Sonbol, CEO of ITFC, commented on the day’s significant milestones: “The 2024 Private Sector Forum was a successful event that facilitated the establishment of important collaborations between ITFC and valued partners and stakeholders. These collaborations will positively impact the economic prospects of OIC member countries. This momentum is crucial in building resilient trade ecosystems that support sustainable economic growth. Today’s achievements, including signing significant agreements, are a testament to ITFC’s commitment to fostering long-lasting partnerships that cater to the changing needs of our member countries and valued partners.”
Key Signings and Agreements.
Pivotal Framework Agreement with Tunisia. A new Framework Agreement worth US$1.2 billion was signed between the Tunisian government and ITFC. The agreement will be in effect from 2024 to 2027 and will provide financial resources to support Tunisian companies in importing essential commodities, including energy and industrial products. This will enhance the trade capabilities of Tunisian companies. The agreement includes trade development programs, such as the ITFC Integrated Trade Solution, to support Tunisian exports and digitize related procedures.
Master Murabaha Agreement with First City Monument Bank Limited (FCMB) Nigeria. The US$15 Million Financing Facility is geared to support import financing, infrastructure development, and economic stability. The agreement was signed by Mr. Nazeem Noordali, COO of ITFC, and Mr. Gerald Ikem, Divisional Head, Treasury & International Banking at FCMB.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).