International Islamic Trade Finance Corporation Signs US$101 Million agreements with Cote d’Ivoire, Egypt

 The International Islamic Trade Finance Corporation (ITFC) , a member of the Islamic Development Bank Group (IsDB), has signed six main agreements with Cote d’Ivoire, Egypt, Uzbekistan, and Saudi Arabia totaling US$101 million on the second day of the 2023 IsDB Group Annual Meetings, held in Ritz Carlton Hotel, Jeddah, Saudi Arabia.

The agreements will tackle the commerce financing wants of the personal sector, enabling companies to buy wanted inputs, safe uncooked supplies, and develop international provide chains, thereby fostering stronger financial progress.

ITFC signed a US$25 million Financing facility with Invest Finance Bank, Uzbekistan. This settlement goals to assist the import and pre-export financing wants of personal sector shoppers, significantly SMEs.

The agreements will tackle the commerce financing wants of the personal sector, enabling companies to buy wanted inputs, safe uncooked supplies, and develop international provide chains

Also, ITFC renewed a US$15 million Financing facility in favor of Uzbek Industrial and Construction Bank, Uzbekistan to satisfy the Islamic commerce finance wants of personal sector shoppers of the financial institution, significantly the SMEs.

Additionally, a Partnership Agreement was signed between ITFC and Expolink underneath the AfTIAS 2.0 Program. This settlement paves the way in which for the institution of a specialised export growth capability constructing and coaching middle to profit new and current exporters from Africa and the Arab World. The settlement was signed by Mr. Mohamed Kassem, Chairman, Egyptian Exporters Association (Expolink), Mrs. Mary Kamel, Executive Director, Foreign Trade Training Center (FTTC), and Eng. Hani Salem Sonbol, CEO of ITFC.

A EUR 20 million Murabaha Financing facility was signed between ITFC and Bridge Bank Group Cote d’Ivoire (BBGCI) focusing on the commerce finance wants of personal sector shoppers of the financial institution, with a selected deal with important commodities corresponding to petroleum merchandise and staple meals imports. This financing is carried out underneath the US$250 million Framework Agreement between ITFC and Cote d’Ivoire.

Furthermore, ITFC prolonged a EUR40 million Letter of Credit (LC) Confirmation Facility to the Bank of Africa, Cote d’Ivoire to satisfy the un-funded commerce financing wants of personal sector shoppers of the financial institution. It is price noting that Bank of Africa Cote d’Ivoire is a brand new associate financial institution of ITFC in Cote d’Ivoire.

An Agreement was signed between ITFC and Saudi EximBank throughout the framework of the KSA SMEs Export Empowerment Program for collaboration to reinforce the competitiveness of Saudi small and medium corporations and establishments in penetrating worldwide markets. This is completed by offering traces of financing for worldwide monetary establishments in nations that import items from the Kingdom of Saudi Arabia.

The intention of those traces is to supply financing to importers who import items from Saudi exporters to SMEs. This financing possibility will permit exporters to grant longer credit score phrases and thus improve the exports of Saudi SMEs to their current clients and entice new importers of Saudi commodities.

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Milcah Lukhanyu

Milcah Lukhanyu covers day by day information briefs at TechMoran. She is the one who will in all probability learn your press launch and get the story out of it or completely trash it.
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