Global Courant 2023-05-13 21:33:20
The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), has signed twelve major agreements with Algeria, Cameroon, Tajikistan, the Republic of Togo and Uzbekistan. ITFC also signed agreements with regional partners; Afreximbank and ECOWAS Bank for Investment and Development (EBID) to support investment and development and an MoU agreement with OCP Africa to establish an innovative financing mechanism for farmers.
The agreements will provide access to financial resources to facilitate private sector development and stimulate economic growth. They will also ensure the development of a more efficient and effective trading system that allows for more efficient and secure imports and exports.
Agreements
In addition, a Memorandum of Understanding between ITFC and the People’s Democratic Republic of Algeria was signed by Mr. Laaziz Faid, Minister of Finance, Algeria, and Eng. Hani Salem Sonbol, CEO of ITFC. This agreement aims to increase exports to OIC countries, support and expand the Algerian Islamic banking sector to other OIC countries, and provide support to Algerian private and state-owned companies.
A US$15 million Murabaha Trade Finance Facility was signed between ITFC and the Republic of Cameroon with Compagnie Camerounaise d’Aluminium (ALUCAM) as the executive agency. This funding is in line with the Government of Cameroon’s plan to support the strategic development of the bauxite industry and will strengthen Cameroon’s industrial sector by securing ALUCAM’s supply of alumina and other raw materials for aluminum production.
An AATB country program for Cameroon was signed, focusing on capacity development in trade facilitation, export value chain promotion, Islamic finance, e-commerce and private sector development commitments for the next three years. The agreements were signed by HE Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development, and Eng. Hani Salem Sonbol, CEO of ITFC.
A US$100 million three-year framework agreement was also signed between ITFC and the Republic of Tajikistan to ensure close cooperation and coordination of efforts between the Government of Tajikistan and ITFC. The agreement was signed by HE Mr. Zavqizoda Zavqi Amin, Minister of Economic Development and Trade of the Republic of Tajikistan, IsDB Governor and Eng. Hani Salem Sonbol, CEO of ITFC.
ITFC signed a US$250 million framework agreement with the Republic of Togo to pave the way for an expansion of the strategic partnership to three new key sectors, including energy, agriculture and the private sector.
An agreement has also been signed as part of the AATB country program for Togo, which covers the country’s capacity development in trade facilitation, export value chain promotion, Islamic finance, e-commerce and private sector development commitments for the coming years. three years. The two agreements were signed by Eng. Hani Salem Sonbol, CEO of ITFC, and Ms. Zourehatou Kassah-Traore, Minister of Public Works, Republic of Togo.
To develop and expand sharia-compliant banking, ITFC and ICD signed a memorandum of understanding with Al Salam Bank in Algeria exploring opportunities for cooperation. The agreement was signed by Mr. Huider Nasser, Al Salam Bank and Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD.
Under a US$10 million trade finance facility, ITFC has signed a Line of Trade Financing Agreement with Agrobank, Uzbekistan, to serve the trade finance needs of SMEs operating in the food and agriculture sectors. The Murabaha financing agreement was signed by Mr. Rustam Mamatkulov, Chairman of the Board of Directors of Agrobank, and Eng. Hani Salem Sonbol, CEO of ITFC.
An additional Line of Trade Financing Agreement for US$25 million in financing has been extended to Orient Finans Bank, Uzbekistan to meet the trade financing 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 Tokhir Djunaydullaev, the Chairman of the Board of Directors, Orient Finans Bank, Uzbekistan, and CEO of ITFC, Eng. Hani Salem Sonbol.
In addition, a US$325 million Murabaha Syndicated Trade Finance Facility was signed between ITFC and Afreximbank to support Afreximbank’s US$4 billion UKAPFA (Ukraine Crisis Adjustment Trade Financing Program for Africa) which aims to help member states mitigate the impact of higher commodity prices. Reduce. prices as a result of the conflict and to support the trade finance needs of the private sector and state-owned enterprises. The agreement was signed by Prof. Benedict Oramah, President, Afreximbank, and Eng. Hani Salem Sonbol, CEO of ITFC.
ITFC and ECOWAS Bank for Investment and Development, a strategic regional bank of The Corporation in West Africa, have signed a EUR 25 million Murabaha financing facility to serve the trade finance needs of the bank’s private sector clients. Dr. Mabouba Diagne, Vice President, Finance and Administration of EBID and Eng. Hani Salem Sonbol signed the agreement.
ITFC and OCP Africa have signed a MoU agreement that aims to establish an innovative financing mechanism to enable farmers to access tailored solutions and to develop holistic solutions beyond just access to fertilizers to increase the yield of agricultural production and increase the livelihoods of smallholder farmers in Africa. The agreement was signed between Dr. Mohamed Anouar Jamali, CEO of OCP Africa, and Eng. Hani Salem Sonbol, CEO of ITFC.
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 (IsDB) Group. It was established with the main objective of promoting trade between OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people around the world. ITFC was launched in January 2008 and has provided US$69 billion in funding to OIC member states, making it the leading provider of trade solutions for the needs of these member states. With a mission to become a catalyst for trade development for OIC member states and beyond, the Corporation helps member state entities gain better access to trade finance and equips them with necessary trade-related capacity building tools, which would enable them to successfully to compete in the world market.
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