The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has signed six major Trade Financing and Development Agreements worth in excess of US$1.1 Billion with Organisation of Islamic Cooperation (OIC) member countries including the Commonwealth of Independent States (CIS), MENA, South America and Sub-Saharan Africa regions. The agreements were signed at the 44thIsDB Annual Meeting in Marrakech earlier this month.
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.
The ITFC CEO, Eng. Hani Salem Sonbol commented, “The signing of these framework agreements represent major strategic steps in ITFC’s efforts to develop sustainable value chains and enhance trade between OIC countries and across the South-South corridor. They have been formed through careful alignment with national development strategies in member countries to support economic diversification and job creation policies.”
