On the third day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed additional agreements and engaged in pivotal partnership discussions with several key OIC member countries and other stakeholders.
Strategic meetings took place with the IsDB Governors from Sultanate of Oman, The Gambia, Bangladesh, Maldives, Pakistan, Uzbekistan, and Tajikistan. These meetings focused on enhancing bilateral cooperation, promoting trade and economic integration, and supporting economic resilience and sustainability.
Additionally, a session on “The Role of SMEs in Saudi Vision 2030” discussed how local and regional financial institutions (FIs) could empower small and medium-sized enterprises (SMEs) to achieve the objectives of Saudi Vision 2030. The dialogue also explored ways to unlock the potential of SMEs and showcased successful initiatives like the KSA SME Export Empowerment Program.
Several important agreements were signed to bolster economic prospects in OIC member countries. A Mudarabah Agreement worth US$25 million with Saudi Arabia, a EUR60 million LC Confirmation Facility with the Bank of Africa Cote d’Ivoire in West Africa, and a grant agreement with BADEA for the Arab Africa Trade Bridges (AATB) program were among the key agreements signed.
Eng. Hani Salem Sonbol, CEO of ITFC, highlighted the significance of the agreements signed: “These agreements are pivotal to our efforts to promote trade and enhance socio-economic development across our member countries. They set the stage for a sustainable economic future and support the dynamic needs of our Member Countries and their communities.”
Furthermore, ITFC signed an MoU for a Technical Assistance project with AACE-WAEMU to digitalize Certificates of Origin, benefiting several countries in the region. Additionally, two Memoranda of Understanding Agreements were finalized for the ‘Blue Carbon Generation Project’ in the Republic of Maldives.
In Asia and North Africa, significant developments were made with a US$3 billion Framework Agreement with the Government of Pakistan and a US$15 million LC Confirmation Facility for Al Salam Bank Algeria to bolster their trade finance operations.
For more information, please contact ITFC at Tel: +966 12 646 8337, Fax: +966 12 637 1064, E-mail: ITFC@itfc-idb.org
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About the International Islamic Trade Finance Corporation (ITFC): The ITFC, a member of the IsDB Group, aims to advance trade among OIC member countries to improve the socioeconomic conditions of people worldwide. Since its establishment in 2008, ITFC has provided US$75 billion of financing to OIC member countries, becoming a leading trade solutions provider for their needs.