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The International Islamic Trade Finance Corporation Unveils the Annual Development Effectiveness Report (ADER) Titled ‘Towards a Resilient Trade’

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  The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group has officially launched the Corporation s Annual Development Effectiveness Report ADER entitled Towards Resilient Trade The main topics presented in the ADER report include the following Sustain critical supply chains in member countries Foster inclusive trade through support for MSMEs small farmers and women Lay the foundations for sustainable and green trade Commenting on the official launch of the Report Mr Hani Salem Sonbol ITFC Executive Director stated At ITFC achieving results in terms of development effectiveness or contribution to development is as crucial as the amount of trade we finance This is why the ITFC also emphasizes ways to promote inclusive trade taking up the challenge of regional integration fostering partnerships to achieve the UN SDGs and continuing to lay the groundwork for sustainable trade We are pleased to formally present an overview of the sixth edition of the ITFC s Annual Development Effectiveness Report in this context The pandemic has shown that partnership and synergy provide the best path to deal with global emergencies allowing us to have a greater impact that acts as a strong catalyst for development The ITFC s role is to ensure that the Corporation s resources are used where they have the greatest catalytic role in attracting private capital and addressing market gaps Despite the challenges presented by the current COVID 19 pandemic the ITFC and the Corporation s strategic partners delivered some impressive results in 2021 as the ADER report highlights ITFC approvals and disbursements in 2021 reached new highs at US 6 5 billion and US 5 1 billion respectively Disbursements to least developed member countries amounted to US 1 5 billion benefiting nine countries and increasing by 25 compared to 2020 Intra ICO trade financed amounted to US 4 billion with cumulative approvals to support trade among OIC member countries reaching US 44 billion since the institution s inception The ability to leverage funds exceeded targets and expectations as the Corporation mobilized a record US 4 5 billion from Syndicate Partners in the market up 84 from 2020 For every US 5 approved by ITFC US 4 were mobilized from external partners During disrupted times ITFC played a key role in keeping trade flowing and sustaining critical supply chains such as energy food and healthcare USD 810 million was disbursed to purchase 3 3 million tons of food products providing some 28 million households in OIC member countries with access to affordable safe and sufficient food More than 25 000 patients 1 500 workers and 13 health centers benefited from PPE medical equipment and pharmaceutical products purchased through ITFC financing USD 3 8 billion was disbursed to ensure the supply of energy supplies in member countries providing approximately 11 million households access to a reliable electricity supply and supporting key sectors such as transportation agriculture and construction To fill trade finance gaps among underserved groups ITFC provided SMEs small farmers and women led businesses with access to finance and a unique network and platform to connect to markets More than 320 SMEs have benefited from US 139 million in financing channeled through 18 partner banks In support of gender empowerment the ITFC supported the implementation of the She Trades initiative in Egypt and Morocco benefiting more than 110 women entrepreneurs and SMEs led by women through skills training creation In the agricultural sector the ITFC redistributed income worth USD 250 million to around 600 000 producers for the purchase of 500 000 mt of agricultural commodities ITFC pre export financing contributed to the US 416 million in export earnings of African LDMCs Download Executive Summary here https bit ly 3uo8pSM Download Full Report Here https bit ly 3aj05gv
The International Islamic Trade Finance Corporation Unveils the Annual Development Effectiveness Report (ADER) Titled ‘Towards a Resilient Trade’

1 The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, has officially launched the Corporation’s Annual Development Effectiveness Report (ADER). , entitled ‘Towards Resilient Trade’.

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3 The main topics presented in the ADER report include the following:

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4 Sustain critical supply chains in member countries, Foster inclusive trade through support for MSMEs, small farmers and women, Lay the foundations for sustainable and green trade.

5 Commenting on the official launch of the Report, Mr. Hani Salem Sonbol, ITFC Executive Director, stated: “At ITFC, achieving results in terms of development effectiveness or contribution to development is as crucial as the amount of trade we finance. This is why the ITFC also emphasizes ways to promote inclusive trade, taking up the challenge of regional integration, fostering partnerships to achieve the UN SDGs, and continuing to lay the groundwork for sustainable trade. We are pleased to formally present an overview of the sixth edition of the ITFC’s Annual Development Effectiveness Report in this context. The pandemic has shown that partnership and synergy provide the best path to deal with global emergencies, allowing us to have a greater impact that acts as a strong catalyst for development.”

6 The ITFC’s role is to ensure that the Corporation’s resources are used where they have the greatest catalytic role in attracting private capital and addressing market gaps. Despite the challenges presented by the current COVID-19 pandemic, the ITFC and the Corporation’s strategic partners delivered some impressive results in 2021, as the ADER report highlights:

7 ITFC approvals and disbursements in 2021 reached new highs at US$6.5 billion and US$5.1 billion, respectively. Disbursements to least developed member countries amounted to US$1.5 billion, benefiting nine countries and increasing by 25% compared to 2020. Intra-ICO trade financed amounted to US$4. billion, with cumulative approvals to support trade among OIC member countries reaching US$44 billion since the institution’s inception. The ability to leverage funds exceeded targets and expectations as the Corporation mobilized a record US$4.5 billion from Syndicate Partners in the market, up 84% from 2020. For every US$5 approved by ITFC, US$4 were mobilized from external partners

8 During disrupted times, ITFC played a key role in keeping trade flowing and sustaining critical supply chains such as energy, food and healthcare:

9 USD 810 million was disbursed to purchase 3.3 million tons of food products, providing some 28 million households in OIC member countries with access to affordable, safe and sufficient food More than 25,000 patients, 1,500 workers and 13 health centers benefited from PPE medical equipment and pharmaceutical products purchased through ITFC financing USD 3.8 billion was disbursed to ensure the supply of energy supplies in member countries, providing approximately 11 million households access to a reliable electricity supply and supporting key sectors such as transportation, agriculture and construction

10 To fill trade finance gaps among underserved groups, ITFC provided SMEs, small farmers, and women-led businesses with access to finance and a unique network and platform to connect to markets.

11 More than 320 SMEs have benefited from US$139 million in financing channeled through 18 partner banks In support of gender empowerment, the ITFC supported the implementation of the She Trades initiative in Egypt and Morocco, benefiting more than 110 women entrepreneurs and SMEs led by women through skills. training creation In the agricultural sector, the ITFC redistributed income worth USD 250 million to around 600,000 producers for the purchase of 500,000 mt of agricultural commodities. ITFC pre-export financing contributed to the US$416 million in export earnings of African LDMCs.

12 Download Executive Summary here (https://bit.ly/3uo8pSM)

13 Download Full Report Here (https://bit.ly/3aj05gv)

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