ITFC Provides US$1 Billion of Financing for the Development of Strategic Commodities in Member Countries

JEDDAH, Kingdom of Saudi Arabia,-neprass JEDDAH, Kingdom of Saudi Arabia, May 21, 2017/ -- On the side-lines of the Islamic Development (IDB) Group 42nd Annual Meeting of the Board of Governors held in Jeddah recently, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank (IDB) Group has signed two Murabaha agreements between the Republic of Tunisia represented by the Tunisian Electricity and Gas Company to contribute to financing resourcing of natural gas for an amount of US$ 160 million and the Tunisian Company of the Refining Industries to contribute to financing resourcing of crude oil and petroleum products for an amount of US$ 150 million. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mohamed Fadhel Abdelkefi, Minister of Development, Investment and International Cooperation of Tunisia (Governor of Islamic Development Bank).

ITFC has also signed a US$ 35 million agreement with the Republic of Suriname for the support of the medical, agricultural, energy and industrial sectors. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Gillmore Hoefdraad the Minister of Finance of Suriname (Governor of Islamic Development Bank).

Another agreement was signed between ITFC and the Republic of Mali for the purchase of petroleum products and electricity. The agreement which amounts to €40,000,000 has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Dr. Boubou CISSE, the Minister of Economy and Finance (Governor of Islamic Development Bank).

The corporation has also signed a framework agreement with the Government of The Gambia amounting to US$ 210 Million over a period of 3 Years. The agreement signed is for the imports of petroleum products and fertilizers, in addition to the provision of pre-export financing for groundnuts and cashew nuts. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mr. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia(Governor of Islamic Development Bank).

It is worth mentioning that the signing of these agreements contribute to the diversification of the sectors financed by the International Islamic Trade Finance Corporation (ITFC) in the member countries, thus enhancing the role of the institution as a partner for the comprehensive development of these countries.
Distributed by APO on behalf of International Islamic Trade Finance Corporation (ITFC).
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About ITFC

The International Islamic Trade Finance Corporation (www.ITFC-idb.org) is an autonomous entity within the Islamic Development Bank Group. It was created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has since consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

As a leader in Sharia-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC Member Countries. As a member of IDB Group, ITFC has unique access to Member Countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.itfc-idb.org