The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has signed seven major agreements with Azerbaijan, Burkina Faso, Cote d’Ivoire, Nigeria, and Uzbekistan on the last day of the 2023 Islamic Development Bank Group (IsDB) Annual Meetings in Jeddah.
The agreements emphasize ITFC’s commitment to fostering deeper cooperation and enhancing the coordination of efforts with its partners. By extending their strategic partnership, ITFC aims to unlock new opportunities for growth and development, with a particular focus on empowering small and medium enterprises (SMEs). These efforts reflect ITFC’s dedication to promoting inclusive economic growth and nurturing the entrepreneurial ecosystem.
The Agreements
ITFC has entered into an agreement with Rabitabank, a new partner bank of the Corporation in Azerbaijan to provide a US$ 10 million Letter of Credit (LC) Confirmation Facility. This facility is specifically designed to cater to the un-funded trade finance requirements of Rabitabank’s SME clients, offering them LC Confirmation solutions.
A 3-Year USD 900 million Framework Agreement was signed between Faso and ITFC. As a result, Burkina Faso and ITFC will develop deeper cooperation and coordination of efforts as well as extend their strategic partnership. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC, and H.E. Dr. Aboubakar Nacanabo, Minister of Economy, Finance and Prospective.
A 5-Year Framework Agreement amounting to US$ 250 million was signed by Ms. Nialé Kaba, Minister of Planning, and Development, Republic of Cote d’Ivoire, and Eng. Hani Salem Sonbol, CEO of ITFC. The agreement aims to identify innovative ways and a means to further deepen and broaden the existing strategic partnership while exploring new collaboration areas.
ITFC signed a US$ 1 billion Framework Agreement with The Federal Republic of Nigeria. This agreement will lay a solid foundation and chart a clear path for a mutually beneficial and forward-looking strategic partnership between the esteemed parties. The agreement was signed by Mrs. Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning and Eng. Hani Salem Sonbol, CEO of ITFC.
Additionally, in Nigeria Mr. Sirajo Salisu, Managing Director, Jaiz Bank Plc and Eng. Hani Salem Sonbol, CEO of ITFC, signed a Murabaha financing facility of US$10 million to, effectively address the trade finance needs of Jaiz Bank Plc to bolster agricultural commodity trade, support private sector clients, and ensure the vital support necessary for the growth and development of these crucial sectors.
In Uzbekistan ITFC, through the Line of a US$15 million Trade Financing Agreement with Hamkorbank, will allocate under the Murabaha structure to cater to the trade finance needs of Hamkorbank’s private sector clients with a focus on empowering SMEs to foster their growth and development. The agreement was signed by Mr. Bakhtiyorjon Juraev, CEO of Hamkorbank, and Eng. Hani Salem Sonbol, CEO of ITFC.
ITFC signed a US$10 million Line of Financing facility with Qishloq Qurilish Bank, Uzbekistan to meet the trade finance needs of private sector clients with a focus on women entrepreneurs and SMEs in the food and agriculture sectors. The financing agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC, and Mr. Alisher Muratov, Chairman, Qishloq Qurilish Bank.
Islamic Development Bank Group’s members currently consists of 57 countries.