International Islamic Trade Finance Corporation signs USD 1.1 bln agreements

Tuesday 23 April 2019 14:42 CET | News

The International Islamic Trade Finance Corporation has signed six major Trade Financing and Development Agreements worth in excess of USD 1.1 bln.

The agreements were signed with Organisation of Islamic Cooperation (OIC) member countries including the Commonwealth of Independent States (CIS), MENA, South America and Sub-Saharan Africa regions.
The framework agreements, which provide state and private sector financing as well as capacity building programs for export and SME development initiatives, target high growth industries including agricultural commodities, energy commodities such as crude oil, agricultural inputs, medical supplies, construction materials, metals and livestock.

ITFC has closed strategic deals with The African Export-Import Bank (AFREXIMBANK), the Republic of Mali, Moroccan Investment and Export Development Agency (AMDIE), the Republic of Niger, the Kyrgyz Republic, and Suriname

The International Islamic Trade Finance Corporation is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008, ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group.

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Keywords: trade finance, ITFC, Africa
Countries: World