RIYADH, April 29, 2024 – The International Islamic Trade Finance Corporation [ ITFC ], a member of the Islamic Development Bank [IsDB] Group, commenced the first day of the 49th IsDB Group Annual Meeting with a series of strategic meetings and important signings.
Held in Riyadh, the first day of the annual meetings marked a notable increase in collaborative efforts between ITFC and its member countries to foster economic growth and development across vital sectors.
ITFC in a press release says discussions during the meetings featured high-level engagements with key partners and stakeholders, and member countries including Djibouti, Kazakhstan, Burkina Faso, Cameroon, and Uganda which is to receive credit of US$ 150 million [about Shs 570 billion]. “The discussions focused on enhancing financial cooperation, exploring new avenues for collaboration, and discussing ongoing projects developed to boost economic development in respective member countries.”
Hani Salem Sonbol, CEO of ITFC, commented on the day’s events: “Today’s engagements show ITFC’s efforts and commitment to promote sustainable economic growth and encourage collaboration among our member countries. The agreements we have signed demonstrate our unwavering dedication to our partners and pave the way for more creative economic solutions crucial for development and prosperity in the world.”
Details
A Framework Agreement with the Government of Uganda: This three-year, U$150 million agreement will support Uganda’s key sectors, such as energy, agriculture, and health, alongside promoting private sector development. This financing from ITFC will foster closer cooperation and coordinate efforts to drive sustainable development across these critical sectors.
A US$ 40 million Murabaha Agreement between ITFC and the Trade and Development Bank (TDB): This agreement, signed during the annual meetings, aims to bolster economic growth and enhance trade finance capabilities within Eastern and Southern Africa. ITFC and TDB are collaborating further on initiatives to facilitate trade and development and strengthen their strategic partnership.
A US$ 250 million Murabaha Financing Agreement with Afreximbank: This trade facility will provide support for Afreximbank’s trade operations. This initiative will benefit economic operators in both the private and public sectors, facilitating the smooth import and export of strategic commodities, particularly in member countries that share common interests.
Comprehensive Support Agreement with Cameroon: This agreement represents a comprehensive support package to enhance the nation’s infrastructure and agricultural productivity. This initiative involves financing projects essential for Cameroon’s strategic development goals, including improving transportation networks and energy generation capabilities. Central to the support package will focus on increasing access to financial services for Cameroonian enterprises, thereby boosting trade and fostering economic diversification under ITFC’s flagship programme, Africa Arab Trade Bridges [AATB] Programme.
“These agreements underline ITFC’s commitment to enhancing economic cooperation and advancing trade solutions across its member countries, contributing significantly to their socio-economic development. The day’s events have set a positive tone for the rest of the IsDB Annual Meetings. More agreements are expected to be signed, and critical initiatives will be launched to strengthen economic cooperation and enhance developmental impact across member countries,” says the press release.
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