ITFC spearheads strategic economic partnerships

International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, launched the 49th IsDB Group Annual Meeting at the Intercontinental Hotel in Riyadh. The event witnessed a surge in collaborative efforts among member countries, aiming to drive economic growth and development in key sectors.

The meetings brought together high-level representatives from Djibouti, Kazakhstan, Burkina Faso, Cameroon, and Uganda, focusing on financial cooperation and the exploration of new collaborative ventures. Ongoing projects tailored to enhance the economic development of the member countries were also a central topic of discussion.

Eng. Hani Salem Sonbol, the CEO of ITFC, expressed his views on the day’s proceedings, stating, “The engagements today reflect ITFC’s commitment to fostering sustainable economic growth and enhancing collaboration among our member countries. The signed agreements are a testament to our dedication to our partners and mark a step forward towards innovative economic solutions essential for global development and prosperity.”

Key Agreements Signed:

– A $40 million Murabaha Agreement with the Trade and Development Bank (TDB) to support economic growth and trade finance in Eastern and Southern Africa.

– A $150 million Framework Agreement with the Ugandan Government to bolster sectors like energy, agriculture, and health, and to promote private sector development.

– A $250 million Murabaha Financing Agreement with Afreximbank to aid trade operations under the UKAFPA program, benefiting economic operators across member countries.

– An extended partnership with the United Nations Economic and Social Commission for Western Asia (UN ESCWA) to enhance the Aid-for-Trade Initiative for Arab States (AfTIAS 2.0) and support the Arab SMEs Summit.

– A comprehensive support agreement with Cameroon focusing on infrastructure, agricultural productivity, and financial services for enterprises under the Africa Arab Trade Bridges (AATB) Program.

These agreements underscore ITFC’s dedication to advancing trade solutions and economic cooperation, significantly contributing to the socio-economic development of its member countries. The positive outcomes of the day set an optimistic precedent for the remainder of the IsDB Annual Meetings, with expectations for more agreements and initiatives to strengthen economic ties and developmental impacts.