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  •   The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group signed two landmark agreements to support the essential commodity sector in the Republic of Maldives witnessed by HE Ibrahim Ameer Finance Minister and IsDB Governor Maldives during an official visit by Eng Hani Salem Sonbol Executive Director ITFC Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc STO Republic of Maldives and Eng Hani Salem Sonbol Executive Director ITFC This financing which is a renovation and augmentation of an existing Murabaha business facility will provide support for the procurement of petroleum products staple foods medicines and medical equipment to assist in the country s economic recovery from the COVID 19 pandemic The second agreement is a Memorandum of Understanding MOU and signed by Mr Husen Amru Mohamed Rashad President of Maldives Industrial Fisheries Company Ltd MIFCO and Eng Hani Salem Sonbol ITFC CEO to support MIFCO with the relevant trade related technical assistance This MOU is intended to improve MIFCO s competitiveness and its access to global markets The fishing industry in the Maldives is the second largest industry in the country after tourism employing half of the country s workforce and providing a livelihood for the population Speaking during the ceremony ITFC CEO Ing Sonbol commented ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the importation of strategic commodities to support the recovery of the economy from the pandemic In addition to the support provided on the commercial financing front the MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector for the economy The capacity building and technical assistance initiatives offered to MIFCO are expected to boost the competitiveness of the fisheries sector Therefore we look forward to continuing our trade finance and development support for the Maldives Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc Republic of Maldives also reiterated the long standing successful partnership and cooperation between Maldives and the ITFC noting the support it provides to commodity procurement essential He also highlighted that the MOU signed to support MIFCO s capacity building was an important step which will directly benefit the growth of the fisheries sector The STO CEO thanked the ITFC for their continued support noting that the renovation of the upgraded facility comes at a critical time as global commodity prices are at an all time high due to the ongoing war in Russia Ukraine and the country faces economic recovery from the pandemic The facility will ensure energy food and drug security in the country while supporting economic stability and growth in key sectors
    The International Islamic Trade Finance Corporation (ITFC) signs its largest ever Murabaha syndicated trade finance agreement with State Trading Organization plc (STO), Maldives and a memorandum of understanding with Maldives Industrial Fisheries Company Ltd. ( MIFCO)
      The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group signed two landmark agreements to support the essential commodity sector in the Republic of Maldives witnessed by HE Ibrahim Ameer Finance Minister and IsDB Governor Maldives during an official visit by Eng Hani Salem Sonbol Executive Director ITFC Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc STO Republic of Maldives and Eng Hani Salem Sonbol Executive Director ITFC This financing which is a renovation and augmentation of an existing Murabaha business facility will provide support for the procurement of petroleum products staple foods medicines and medical equipment to assist in the country s economic recovery from the COVID 19 pandemic The second agreement is a Memorandum of Understanding MOU and signed by Mr Husen Amru Mohamed Rashad President of Maldives Industrial Fisheries Company Ltd MIFCO and Eng Hani Salem Sonbol ITFC CEO to support MIFCO with the relevant trade related technical assistance This MOU is intended to improve MIFCO s competitiveness and its access to global markets The fishing industry in the Maldives is the second largest industry in the country after tourism employing half of the country s workforce and providing a livelihood for the population Speaking during the ceremony ITFC CEO Ing Sonbol commented ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the importation of strategic commodities to support the recovery of the economy from the pandemic In addition to the support provided on the commercial financing front the MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector for the economy The capacity building and technical assistance initiatives offered to MIFCO are expected to boost the competitiveness of the fisheries sector Therefore we look forward to continuing our trade finance and development support for the Maldives Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc Republic of Maldives also reiterated the long standing successful partnership and cooperation between Maldives and the ITFC noting the support it provides to commodity procurement essential He also highlighted that the MOU signed to support MIFCO s capacity building was an important step which will directly benefit the growth of the fisheries sector The STO CEO thanked the ITFC for their continued support noting that the renovation of the upgraded facility comes at a critical time as global commodity prices are at an all time high due to the ongoing war in Russia Ukraine and the country faces economic recovery from the pandemic The facility will ensure energy food and drug security in the country while supporting economic stability and growth in key sectors
    The International Islamic Trade Finance Corporation (ITFC) signs its largest ever Murabaha syndicated trade finance agreement with State Trading Organization plc (STO), Maldives and a memorandum of understanding with Maldives Industrial Fisheries Company Ltd. ( MIFCO)
    Africa3 days ago

    The International Islamic Trade Finance Corporation (ITFC) signs its largest ever Murabaha syndicated trade finance agreement with State Trading Organization plc (STO), Maldives and a memorandum of understanding with Maldives Industrial Fisheries Company Ltd. ( MIFCO)

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed two landmark agreements to support the essential commodity sector in the Republic of Maldives , witnessed by HE Ibrahim Ameer, Finance Minister and IsDB Governor, Maldives, during an official visit by Eng. Hani Salem Sonbol, Executive Director, ITFC.

    Mr. Husen Amru Mohamed Rashad, Executive Director and Managing Director, State Trading Organization plc (STO), Republic of Maldives and Eng. Hani Salem Sonbol, Executive Director, ITFC.

    This financing, which is a renovation and augmentation of an existing Murabaha business facility, will provide support for the procurement of petroleum products, staple foods, medicines, and medical equipment to assist in the country's economic recovery from the COVID-19 pandemic.

    .

    The second agreement is a Memorandum of Understanding (MOU) and signed by Mr. Husen Amru Mohamed Rashad, President of Maldives Industrial Fisheries Company Ltd. (MIFCO) and Eng. Hani Salem Sonbol, ITFC CEO, to support MIFCO with the relevant trade-related technical assistance.

    This MOU is intended to improve MIFCO's competitiveness and its access to global markets.

    The fishing industry in the Maldives is the second largest industry in the country after tourism, employing half of the country's workforce and providing a livelihood for the population.

    Speaking during the ceremony, ITFC CEO Ing. Sonbol commented: “ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the importation of strategic commodities to support the recovery of the economy from the pandemic.

    In addition to the support provided on the commercial financing front, the MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector for the economy.

    The capacity building and technical assistance initiatives offered to MIFCO are expected to boost the competitiveness of the fisheries sector.

    Therefore, we look forward to continuing our trade finance and development support for the Maldives.” Mr. Husen Amru Mohamed Rashad, Executive Director and Managing Director, State Trading Organization plc, Republic of Maldives, also reiterated the long-standing successful partnership and cooperation between Maldives and the ITFC, noting the support it provides to commodity procurement essential.

    He also highlighted that the MOU signed to support MIFCO's capacity building was an important step, which will directly benefit the growth of the fisheries sector.

    The STO CEO thanked the ITFC for their continued support, noting that the renovation of the upgraded facility comes at a critical time as global commodity prices are at an all-time high due to the ongoing war in Russia- Ukraine and the country faces economic recovery from the pandemic.

    The facility will ensure energy, food and drug security in the country, while supporting economic stability and growth in key sectors.

  •   The Indonesian Sustainable Coffee Platform SCOPI in collaboration with the International Islamic Trade Finance Corporation ITFC www ITFC idb org has held a National Master Trainer MT Meeting This hybrid activity is the culmination of the Training of Trainers events held on September 4 and 5 2022 The extensionist for sustainable coffee or called Master Trainer MT is the main SCOPI program since 2015 to disseminate the National Curriculum of Sustainable Coffee Practices The National Meeting of MTs in 2022 is the implementation of the SCOPI ITFC cooperation program that is expected to facilitate knowledge transfer among SCOPI MTs and with stakeholders on the latest opportunities and challenges in the coffee sector In addition this activity is also intended to be a preparation for future TM skills update programs The National Meeting of TM was opened with the words of Mr Richard Atmadja President of the Executive Board of SCOPI He said that the need for a competent MT is one of the answers to increase the productivity of the Arabica coffee sector Therefore increasing the income of farmers in the upstream sector and increasing opportunities to develop higher value Arabica coffee exports can be achieved Through a long term program with ITFC SCOPI seeks to train highly competent extension workers through the Master Trainer Refresher Program While the Governor of Aceh Achmad Marzuki in his speech represented by Ir Iskandar Syukri as a member of the expert staff of the Governor of Aceh for the specialty of Aceh Human Resources and Cooperation Relations said Tanah Gayo coffee has been the center of attention in both domestic and international markets The production of Arabica Gayo coffee reaches 4 of all premium Arabica coffee production in all of Indonesia Gayo Arabica coffee is the result of the management of natural resources by farmers belonging to the town For this reason special attention supported by multi stakeholder collaboration is needed to promote sustainable coffee practices in Aceh Aceh Tengah is one of the centers of the best Arabica coffee processing industry in the world with 70 of the production exported to international markets However unpredictable weather conditions are believed to cause a decline in coffee production in central Aceh Through the National TM Meeting it is expected that there will be an increase in the competence of extensionists for coffee farmers in Central Aceh and at the national level to apply GAP and GHP to manage coffee plants in a better and more sustainable way Drs Shabela Abubakar in her intervention represented by Mr Harun Manzola as Assistant for the Economy and Development of Aceh Tengah In line with others ITFC COO M Nazeem Noordali commented ITFC is focused on making trade work for everyone in Indonesia by collaborating with leading local entities like SCOPI to build capacity and facilitate knowledge transfer We look forward to continuing their successful collaboration program with SCOPI to foster sustainable trade by increasing the quantity and quality of Indonesian coffee production In the forum discussion the MTs explained what the condition of the coffee sector is like in each area of MT work and the opportunities that could be exploited in the future The discussion continued with presentations by Mr Bagus Prassetya as Program Manager of SCOPI and Mr Arief Wicaksono as LSPP of the Ministry of Agriculture on the plan for the MT capacity building program through national certification in the field of sustainable coffee In order to have a greater focus the activity continued with the discussion of the follow up plan of the competency improvement program by each MT in their work area The last session of the discussion was filled with an explanation from Mr Nuzul Qudri of World Coffee Research WCR on the integrated efforts in adaptation and mitigation of climate change that threatens the sustainability of coffee cultivation around the world The activity of the National MT Meeting closed with a field visit to BPP Bebesen as the location of a demonstration plot for the SCOPI ITFC cooperation program The implementation of the National TM Meeting cannot be separated from the support of the Aceh Provincial Government Central Aceh District Government Karo District Government Global Coffee Platform and PT Pupuk Iskandar Muda as a subsidiary of Pupuk Indonesia Holding Company through the Ministry s BUMN program namely PMO Kopi Nusantara The establishment of PMO Kopi Nusantara is a form of commitment and concern of the Ministry of Public Enterprises to improve the coffee industry in Indonesia through the synergy of stakeholders to develop a good ecosystem of the commercial supply chain of coffee in Indonesia
    National Master Trainer (MT) meeting on sustainable coffee practices organized by International Islamic Trade Finance Corporation in collaboration with Sustainable Coffee Platform Indonesia (SCOPI)
      The Indonesian Sustainable Coffee Platform SCOPI in collaboration with the International Islamic Trade Finance Corporation ITFC www ITFC idb org has held a National Master Trainer MT Meeting This hybrid activity is the culmination of the Training of Trainers events held on September 4 and 5 2022 The extensionist for sustainable coffee or called Master Trainer MT is the main SCOPI program since 2015 to disseminate the National Curriculum of Sustainable Coffee Practices The National Meeting of MTs in 2022 is the implementation of the SCOPI ITFC cooperation program that is expected to facilitate knowledge transfer among SCOPI MTs and with stakeholders on the latest opportunities and challenges in the coffee sector In addition this activity is also intended to be a preparation for future TM skills update programs The National Meeting of TM was opened with the words of Mr Richard Atmadja President of the Executive Board of SCOPI He said that the need for a competent MT is one of the answers to increase the productivity of the Arabica coffee sector Therefore increasing the income of farmers in the upstream sector and increasing opportunities to develop higher value Arabica coffee exports can be achieved Through a long term program with ITFC SCOPI seeks to train highly competent extension workers through the Master Trainer Refresher Program While the Governor of Aceh Achmad Marzuki in his speech represented by Ir Iskandar Syukri as a member of the expert staff of the Governor of Aceh for the specialty of Aceh Human Resources and Cooperation Relations said Tanah Gayo coffee has been the center of attention in both domestic and international markets The production of Arabica Gayo coffee reaches 4 of all premium Arabica coffee production in all of Indonesia Gayo Arabica coffee is the result of the management of natural resources by farmers belonging to the town For this reason special attention supported by multi stakeholder collaboration is needed to promote sustainable coffee practices in Aceh Aceh Tengah is one of the centers of the best Arabica coffee processing industry in the world with 70 of the production exported to international markets However unpredictable weather conditions are believed to cause a decline in coffee production in central Aceh Through the National TM Meeting it is expected that there will be an increase in the competence of extensionists for coffee farmers in Central Aceh and at the national level to apply GAP and GHP to manage coffee plants in a better and more sustainable way Drs Shabela Abubakar in her intervention represented by Mr Harun Manzola as Assistant for the Economy and Development of Aceh Tengah In line with others ITFC COO M Nazeem Noordali commented ITFC is focused on making trade work for everyone in Indonesia by collaborating with leading local entities like SCOPI to build capacity and facilitate knowledge transfer We look forward to continuing their successful collaboration program with SCOPI to foster sustainable trade by increasing the quantity and quality of Indonesian coffee production In the forum discussion the MTs explained what the condition of the coffee sector is like in each area of MT work and the opportunities that could be exploited in the future The discussion continued with presentations by Mr Bagus Prassetya as Program Manager of SCOPI and Mr Arief Wicaksono as LSPP of the Ministry of Agriculture on the plan for the MT capacity building program through national certification in the field of sustainable coffee In order to have a greater focus the activity continued with the discussion of the follow up plan of the competency improvement program by each MT in their work area The last session of the discussion was filled with an explanation from Mr Nuzul Qudri of World Coffee Research WCR on the integrated efforts in adaptation and mitigation of climate change that threatens the sustainability of coffee cultivation around the world The activity of the National MT Meeting closed with a field visit to BPP Bebesen as the location of a demonstration plot for the SCOPI ITFC cooperation program The implementation of the National TM Meeting cannot be separated from the support of the Aceh Provincial Government Central Aceh District Government Karo District Government Global Coffee Platform and PT Pupuk Iskandar Muda as a subsidiary of Pupuk Indonesia Holding Company through the Ministry s BUMN program namely PMO Kopi Nusantara The establishment of PMO Kopi Nusantara is a form of commitment and concern of the Ministry of Public Enterprises to improve the coffee industry in Indonesia through the synergy of stakeholders to develop a good ecosystem of the commercial supply chain of coffee in Indonesia
    National Master Trainer (MT) meeting on sustainable coffee practices organized by International Islamic Trade Finance Corporation in collaboration with Sustainable Coffee Platform Indonesia (SCOPI)
    Africa2 weeks ago

    National Master Trainer (MT) meeting on sustainable coffee practices organized by International Islamic Trade Finance Corporation in collaboration with Sustainable Coffee Platform Indonesia (SCOPI)

    The Indonesian Sustainable Coffee Platform (SCOPI), in collaboration with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), has held a National Master Trainer (MT) Meeting.

    This hybrid activity is the culmination of the Training of Trainers events held on September 4 and 5, 2022.

    The extensionist for sustainable coffee or called Master Trainer (MT) is the main SCOPI program since 2015 to disseminate the National Curriculum of Sustainable Coffee Practices.

    .

    The National Meeting of MTs in 2022 is the implementation of the SCOPI-ITFC cooperation program that is expected to facilitate knowledge transfer among SCOPI MTs and with stakeholders on the latest opportunities and challenges in the coffee sector.

    In addition, this activity is also intended to be a preparation for future TM skills update programs.

    The National Meeting of TM was opened with the words of Mr. Richard Atmadja, President of the Executive Board of SCOPI.

    He said that the need for a competent MT is one of the answers to increase the productivity of the Arabica coffee sector.

    Therefore, increasing the income of farmers in the upstream sector and increasing opportunities to develop higher value Arabica coffee exports can be achieved.

    Through a long-term program with ITFC, SCOPI seeks to train highly competent extension workers through the Master Trainer Refresher Program.

    While the Governor of Aceh - Achmad Marzuki, in his speech, represented by Ir. Iskandar Syukri, as a member of the expert staff of the Governor of Aceh for the specialty of Aceh, Human Resources and Cooperation Relations, said: “Tanah Gayo coffee has been the center of attention in both domestic and international markets.

    The production of Arabica Gayo coffee reaches 4% of all premium Arabica coffee production in all of Indonesia.

    Gayo Arabica coffee is the result of the management of natural resources by farmers belonging to the town.

    For this reason, special attention, supported by multi-stakeholder collaboration, is needed to promote sustainable coffee practices in Aceh.” “Aceh Tengah is one of the centers of the best Arabica coffee processing industry in the world, with 70% of the production exported to international markets.

    However, unpredictable weather conditions are believed to cause a decline in coffee production in central Aceh. Through the National TM Meeting, it is expected that there will be an increase in the competence of extensionists for coffee farmers in Central Aceh and at the national level to apply GAP and GHP to manage coffee plants in a better and more sustainable way.

    .” - Drs. Shabela Abubakar, in her intervention represented by Mr. Harun Manzola as Assistant for the Economy and Development of Aceh Tengah.

    In line with others, ITFC COO M.

    Nazeem Noordali commented: “ITFC is focused on making trade work for everyone in Indonesia by collaborating with leading local entities like SCOPI to build capacity and facilitate knowledge transfer.

    We look forward to continuing their successful collaboration program with SCOPI to foster sustainable trade by increasing the quantity and quality of Indonesian coffee production."

    In the forum discussion, the MTs explained what the condition of the coffee sector is like in each area of ​​MT work and the opportunities that could be exploited in the future.

    The discussion continued with presentations by Mr. Bagus Prassetya as Program Manager of SCOPI and Mr. Arief Wicaksono as LSPP of the Ministry of Agriculture on the plan for the MT capacity building program through national certification in the field.

    of sustainable coffee.

    In order to have a greater focus, the activity continued with the discussion of the follow-up plan of the competency improvement program by each MT in their work area.

    The last session of the discussion was filled with an explanation from Mr. Nuzul Qudri of World Coffee Research (WCR) on the integrated efforts in adaptation and mitigation of climate change that threatens the sustainability of coffee cultivation around the world.

    The activity of the National MT Meeting closed with a field visit to BPP Bebesen as the location of a demonstration plot for the SCOPI-ITFC cooperation program.

    The implementation of the National TM Meeting cannot be separated from the support of the Aceh Provincial Government, Central Aceh District Government, Karo District Government, Global Coffee Platform and PT.

    Pupuk Iskandar Muda as a subsidiary of Pupuk Indonesia Holding Company through the Ministry's BUMN program, namely PMO Kopi Nusantara.

    The establishment of PMO Kopi Nusantara is a form of commitment and concern of the Ministry of Public Enterprises to improve the coffee industry in Indonesia through the synergy of stakeholders to develop a good ecosystem of the commercial supply chain of coffee in Indonesia.

    .

  •   The International Islamic Trade Financing Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group in collaboration with the Ministry of Commerce of the Republic of Cameroon and the Secretariat of the Commonwealth organized a digital boot camp to build the capacity of women owned MSMEs in the areas of digital commerce and e commerce online sales Capacity building workshops form an integral element of the partnership between the ITFC and the Commonwealth Secretariat The workshop focused on developing the innovative skills of women owned MSMEs operating in agribusiness sectors including agricultural processing wholesale and retail trade education health and social services arts and crafts event management food and beverage hospitality and tourism As in other African nations MSMEs in Cameroon contribute significantly to job creation and poverty reduction This contribution will be even greater when the capacity of MSMEs to develop innovative products take advantage of national and international market opportunities and participate in global supply chains through electronic commerce In addition the enhanced capabilities of MSMEs will also allow them to compete continentally under the AfCFTA Commenting on the importance of the workshop Mr Amadou Cire Sall ITFC Business and Trade Department Regional Coordinator said It is exciting to see that the ITFC s partnership with the Commonwealth Secretariat is a partnership of action The general objective of the project is primarily to increase the participation of Cameroonian women entrepreneurs in global e commerce The digital boot camp is aligned with meeting this goal as the workshop is designed to build the capacity of women owned MSMEs in the areas of digital commerce and e commerce Ms Ndah Mirabel Director of Domestic Trade speaking on behalf of Mr Luc Magloire Mbarga Atangana Minister of Commerce of the Republic of Cameroon noted that e commerce activity in Cameroon has grown steadily as a result of significant improvements in services and the telecommunications industry It should be noted that the last decade has seen a remarkable evolution in the development of electronic commerce in our country with internet penetration increasing from 18 in 2016 to 34 in 2021 growth that is having a clear positive impact on the prospects for economic development The e commerce and digital marketing workshop enables women owned MSMEs to increase their profit margins by introducing an online sales method
    Training workshop on digital trade organized by the International Islamic Trade Finance Corporation, the Ministry of Commerce of the Republic of Cameroon and the Commonwealth Secretariat
      The International Islamic Trade Financing Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group in collaboration with the Ministry of Commerce of the Republic of Cameroon and the Secretariat of the Commonwealth organized a digital boot camp to build the capacity of women owned MSMEs in the areas of digital commerce and e commerce online sales Capacity building workshops form an integral element of the partnership between the ITFC and the Commonwealth Secretariat The workshop focused on developing the innovative skills of women owned MSMEs operating in agribusiness sectors including agricultural processing wholesale and retail trade education health and social services arts and crafts event management food and beverage hospitality and tourism As in other African nations MSMEs in Cameroon contribute significantly to job creation and poverty reduction This contribution will be even greater when the capacity of MSMEs to develop innovative products take advantage of national and international market opportunities and participate in global supply chains through electronic commerce In addition the enhanced capabilities of MSMEs will also allow them to compete continentally under the AfCFTA Commenting on the importance of the workshop Mr Amadou Cire Sall ITFC Business and Trade Department Regional Coordinator said It is exciting to see that the ITFC s partnership with the Commonwealth Secretariat is a partnership of action The general objective of the project is primarily to increase the participation of Cameroonian women entrepreneurs in global e commerce The digital boot camp is aligned with meeting this goal as the workshop is designed to build the capacity of women owned MSMEs in the areas of digital commerce and e commerce Ms Ndah Mirabel Director of Domestic Trade speaking on behalf of Mr Luc Magloire Mbarga Atangana Minister of Commerce of the Republic of Cameroon noted that e commerce activity in Cameroon has grown steadily as a result of significant improvements in services and the telecommunications industry It should be noted that the last decade has seen a remarkable evolution in the development of electronic commerce in our country with internet penetration increasing from 18 in 2016 to 34 in 2021 growth that is having a clear positive impact on the prospects for economic development The e commerce and digital marketing workshop enables women owned MSMEs to increase their profit margins by introducing an online sales method
    Training workshop on digital trade organized by the International Islamic Trade Finance Corporation, the Ministry of Commerce of the Republic of Cameroon and the Commonwealth Secretariat
    Africa1 month ago

    Training workshop on digital trade organized by the International Islamic Trade Finance Corporation, the Ministry of Commerce of the Republic of Cameroon and the Commonwealth Secretariat

    The International Islamic Trade Financing Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in collaboration with the Ministry of Commerce of the Republic of Cameroon and the Secretariat of the Commonwealth, organized a digital boot camp to build the capacity of women-owned MSMEs in the areas of digital commerce and e-commerce/online sales.

    Capacity building workshops form an integral element of the partnership between the ITFC and the Commonwealth Secretariat.

    The workshop focused on developing the innovative skills of women-owned MSMEs operating in agribusiness sectors, including agricultural processing, wholesale and retail trade, education, health and social services, arts and crafts, event management, food and beverage, hospitality, and tourism As in other African nations, MSMEs in Cameroon contribute significantly to job creation and poverty reduction.

    This contribution will be even greater when the capacity of MSMEs to develop innovative products take advantage of national and international market opportunities and participate in global supply chains through electronic commerce.

    In addition, the enhanced capabilities of MSMEs will also allow them to compete continentally under the AfCFTA.

    Commenting on the importance of the workshop, Mr. Amadou Cire Sall, ITFC Business and Trade Department Regional Coordinator, said: “It is exciting to see that the ITFC's partnership with the Commonwealth Secretariat is a partnership of action.

    The general objective of the project is primarily to increase the participation of Cameroonian women entrepreneurs in global e-commerce.

    The digital boot camp is aligned with meeting this goal, as the workshop is designed to build the capacity of women-owned MSMEs in the areas of digital commerce and e-commerce.” Ms. Ndah Mirabel, Director of Domestic Trade, speaking on behalf of Mr. Luc Magloire Mbarga Atangana, Minister of Commerce of the Republic of Cameroon, noted that e-commerce activity in Cameroon has grown steadily as a result of significant improvements in services and the telecommunications industry: “It should be noted that the last decade has seen a remarkable evolution in the development of electronic commerce in our country with internet penetration increasing from 18% in 2016 to 34% in 2021, growth that is having a clear positive impact on the prospects for economic development.

    The e-commerce and digital marketing workshop enables women-owned MSMEs to increase their profit margins by introducing an online sales method.”

  •   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’
      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’
    Africa3 months ago

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

    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)

  •  Since May M decins Sans Fronti res MSF has been witnessing an unprecedented influx of malnourished children to our nutrition center in Maiduguri Nigeria suggesting an alarming nutritional crisis in Borno state We are therefore calling for an urgent scale up of the humanitarian response in Borno in advance of the hunger gap peak period which could be much more severe than in previous years if current trends continue It is critical that action is taken now in advance of the seasonal malnutrition peak to avoid an even worse situation says Shaukat Muttaqi MSF head of mission in Nigeria We are only at the very beginning of the hunger gap period and already our facility is overwhelmed with more patients than we ve ever seen on a monthly basis since the project opened in 2017 Previous trends tell us the worst is still to come This represents a big flashing warning sign Unless urgent steps are taken to prepare for the looming peak people in Maiduguri will suffer deadly consequences says Muttaqi So far this year we have admitted 2 140 malnourished children for hospital care in our inpatient therapeutic feeding centre ITFC about 50 percent more than from the same period last year For six weeks in May and June even though the peak hunger gap season had barely begun more malnourished patients arrived than at any time since the project opened in 2017 including at the very peak of the season in previous years Until May our outpatient therapeutic feeding program saw a 25 percent increase in enrolments compared to last year In response our teams extended the existing ITFC capacity from 120 beds to 200 beds Even with that emergency measure in place for some days in June there were not enough beds for all the malnourished children being admitted Other humanitarian organisations have also been operating at full or beyond their capacities In some cases organisations have had to reduce services due to a lack of funding including the closure of 16 much needed outpatient therapeutic feeding centres As a result and if current trends continue services will be overwhelmed and many more malnourished children will be at risk of dying Most urgently we need to see an increase in hospital capacity for treatment of severely malnourished children but that must also be met in parallel with a major scale up of interventions at the community level to get ahead of a potential worst case scenario says Muttaqi That means expanding outpatient feeding programmes food security immunisation and access to water and hygiene Malnutrition is a chronic and multi faceted concern in Borno State driven by the cumulative impact of displacement insecurity poverty lack of access to healthcare and other factors It is historically most acute between late June and early September during the lean season the period between the planting of crops and the harvest period The added stressors of low immunisation lack of access to clean water hygiene and healthcare too often combine with chronic food insecurity to produce devastating effects for children Periodic outbreaks of diseases particularly measles and cholera as well as seasonal peaks of malaria can further compound the situation Last year Nigeria experienced an exceptionally large outbreak of cholera while immunisation rates among children in Borno State are alarmingly low Access to healthcare is also a daily challenge for people particularly displaced people My children never got vaccinated apart from their immunisation at birth My four year old son becomes sick during the rainy season every year There is no free medical facility in our area so I just take him to the pharmacy and get medicine there says Hussaina Ali whose youngest child is now also malnourished and is undergoing treatment at the ITFC The cumulative impact of years long conflict and insecurity continues to drive long term displacement which undermines peoples ability to cultivate food and access healthcare As a result rising food prices are taking a particularly high toll on displaced people In the MSF ITFC 32 per cent of the malnourished children admitted belong to internally displaced families who are particularly reliant on humanitarian assistance As the traditional peak of the lean season is approaching Borno is standing on the edge of a crisis that could put the lives of thousands of children in danger says Dr Htet Aung Kyi MSF medical coordinator in Nigeria There is no time to lose An urgent scale up of the nutritional response is needed now and humanitarian organisations have to be much better prepared for the peak says Kyi This means tackling malnutrition by scaling up the medical response but also in parallel preventing health threats such as measles cholera and other infectious disease outbreaks
    MSF calls for urgent humanitarian response in Borno
     Since May M decins Sans Fronti res MSF has been witnessing an unprecedented influx of malnourished children to our nutrition center in Maiduguri Nigeria suggesting an alarming nutritional crisis in Borno state We are therefore calling for an urgent scale up of the humanitarian response in Borno in advance of the hunger gap peak period which could be much more severe than in previous years if current trends continue It is critical that action is taken now in advance of the seasonal malnutrition peak to avoid an even worse situation says Shaukat Muttaqi MSF head of mission in Nigeria We are only at the very beginning of the hunger gap period and already our facility is overwhelmed with more patients than we ve ever seen on a monthly basis since the project opened in 2017 Previous trends tell us the worst is still to come This represents a big flashing warning sign Unless urgent steps are taken to prepare for the looming peak people in Maiduguri will suffer deadly consequences says Muttaqi So far this year we have admitted 2 140 malnourished children for hospital care in our inpatient therapeutic feeding centre ITFC about 50 percent more than from the same period last year For six weeks in May and June even though the peak hunger gap season had barely begun more malnourished patients arrived than at any time since the project opened in 2017 including at the very peak of the season in previous years Until May our outpatient therapeutic feeding program saw a 25 percent increase in enrolments compared to last year In response our teams extended the existing ITFC capacity from 120 beds to 200 beds Even with that emergency measure in place for some days in June there were not enough beds for all the malnourished children being admitted Other humanitarian organisations have also been operating at full or beyond their capacities In some cases organisations have had to reduce services due to a lack of funding including the closure of 16 much needed outpatient therapeutic feeding centres As a result and if current trends continue services will be overwhelmed and many more malnourished children will be at risk of dying Most urgently we need to see an increase in hospital capacity for treatment of severely malnourished children but that must also be met in parallel with a major scale up of interventions at the community level to get ahead of a potential worst case scenario says Muttaqi That means expanding outpatient feeding programmes food security immunisation and access to water and hygiene Malnutrition is a chronic and multi faceted concern in Borno State driven by the cumulative impact of displacement insecurity poverty lack of access to healthcare and other factors It is historically most acute between late June and early September during the lean season the period between the planting of crops and the harvest period The added stressors of low immunisation lack of access to clean water hygiene and healthcare too often combine with chronic food insecurity to produce devastating effects for children Periodic outbreaks of diseases particularly measles and cholera as well as seasonal peaks of malaria can further compound the situation Last year Nigeria experienced an exceptionally large outbreak of cholera while immunisation rates among children in Borno State are alarmingly low Access to healthcare is also a daily challenge for people particularly displaced people My children never got vaccinated apart from their immunisation at birth My four year old son becomes sick during the rainy season every year There is no free medical facility in our area so I just take him to the pharmacy and get medicine there says Hussaina Ali whose youngest child is now also malnourished and is undergoing treatment at the ITFC The cumulative impact of years long conflict and insecurity continues to drive long term displacement which undermines peoples ability to cultivate food and access healthcare As a result rising food prices are taking a particularly high toll on displaced people In the MSF ITFC 32 per cent of the malnourished children admitted belong to internally displaced families who are particularly reliant on humanitarian assistance As the traditional peak of the lean season is approaching Borno is standing on the edge of a crisis that could put the lives of thousands of children in danger says Dr Htet Aung Kyi MSF medical coordinator in Nigeria There is no time to lose An urgent scale up of the nutritional response is needed now and humanitarian organisations have to be much better prepared for the peak says Kyi This means tackling malnutrition by scaling up the medical response but also in parallel preventing health threats such as measles cholera and other infectious disease outbreaks
    MSF calls for urgent humanitarian response in Borno
    Opinion3 months ago

    MSF calls for urgent humanitarian response in Borno

    Since May, Médecins Sans Frontières (MSF) has been witnessing an unprecedented influx of malnourished children to our nutrition center in Maiduguri, Nigeria, suggesting an alarming nutritional crisis in Borno state. We are therefore calling for an urgent scale-up of the humanitarian response in Borno in advance of the ‘hunger gap’ peak period, which could be much more severe than in previous years if current trends continue.“It is critical that action is taken now, in advance of the seasonal malnutrition peak, to avoid an even worse situation,” says Shaukat Muttaqi, MSF head of mission in Nigeria.“We are only at the very beginning of the hunger gap period and already our facility is overwhelmed with more patients than we’ve ever seen on a monthly basis since the project opened in 2017. Previous trends tell us the worst is still to come. This represents a big flashing warning sign. Unless urgent steps are taken to prepare for the looming peak, people in Maiduguri will suffer deadly consequences,” says Muttaqi.So far this year, we have admitted 2,140 malnourished children for hospital care in our inpatient therapeutic feeding centre (ITFC) – about 50 percent more than from the same period last year.For six weeks in May and June, even though the peak hunger gap season had barely begun, more malnourished patients arrived than at any time since the project opened in 2017 – including at the very peak of the season in previous years. Until May, our outpatient therapeutic feeding program saw a 25 percent increase in enrolments compared to last year.In response, our teams extended the existing ITFC capacity from 120 beds to 200 beds. Even with that emergency measure in place, for some days in June there were not enough beds for all the malnourished children being admitted. Other humanitarian organisations have also been operating at full or beyond their capacities. In some cases, organisations have had to reduce services due to a lack of funding – including the closure of 16 much-needed outpatient therapeutic feeding centres. As a result and if current trends continue, services will be overwhelmed, and many more malnourished children will be at risk of dying.“Most urgently, we need to see an increase in hospital capacity for treatment of severely malnourished children, but that must also be met in parallel with a major scale up of interventions at the community level to get ahead of a potential worst-case scenario,” says Muttaqi. “That means expanding outpatient feeding programmes, food security, immunisation, and access to water and hygiene.”Malnutrition is a chronic and multi-faceted concern in Borno State, driven by the cumulative impact of displacement, insecurity, poverty, lack of access to healthcare and other factors. It is historically most acute between late June and early September during the ‘lean season’ – the period between the planting of crops and the harvest period. The added stressors of low immunisation, lack of access to clean water, hygiene and healthcare, too often combine with chronic food insecurity to produce devastating effects for children.Periodic outbreaks of diseases, particularly measles and cholera, as well as seasonal peaks of malaria, can further compound the situation. Last year, Nigeria experienced an exceptionally large outbreak of cholera while immunisation rates among children in Borno State are alarmingly low. Access to healthcare is also a daily challenge for people, particularly displaced people.“My children never got vaccinated apart from their immunisation at birth. My four-year-old son becomes sick during the rainy season every year. There is no free medical facility in our area, so I just take him to the pharmacy and get medicine there,” says Hussaina Ali, whose youngest child is now also malnourished and is undergoing treatment at the ITFC.The cumulative impact of years-long conflict and insecurity continues to drive long-term displacement, which undermines peoples’ ability to cultivate food and access healthcare. As a result, rising food prices are taking a particularly high toll on displaced people. In the MSF ITFC, 32 per cent of the malnourished children admitted belong to internally displaced families, who are particularly reliant on humanitarian assistance.“As the traditional peak of the lean season is approaching, Borno is standing on the edge of a crisis that could put the lives of thousands of children in danger,” says Dr Htet Aung Kyi, MSF medical coordinator in Nigeria.“There is no time to lose. An urgent scale up of the nutritional response is needed now, and humanitarian organisations have to be much better prepared for the peak,” says Kyi. “This means tackling malnutrition by scaling up the medical response, but also in parallel preventing health threats such as measles, cholera and other infectious disease outbreaks.”

  •   The Islamic Corporation for Investment Insurance and Export Credit ICIEC https ICIEC IsDB org and the Arab Republic of Egypt represented by the Ministry of Trade and Industry and two other Arab Trade Agreement partners African Bridges AATB have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries The two year Framework Agreement will focus efforts on trade promotion specifically in sectors where significant added value is created Additionally industries that rely on a more skilled workforce and industries that can promote more investment will receive an additional boost as a result of this work program Egypt has been one of the active member states under the AATB since its accession in 2019 in a bid to improve the movement of Egyptian exports in African markets raising the total level of exports to 100 billion over the next five years The framework agreement will also support the African Continental Free Trade Agreement AfCFTA which is one of the largest free trade areas in the world Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Commerce and Industry of the Arab Republic of Egypt to design a work program for the benefit of Egypt implement projects for the benefit of the Egyptian economy and help the various sectors to improve their capacities The agreed activities to be implemented between 2022 and 2023 include a trade mission To Tunisia at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart concluding initial contracts of more than 5 million dollars in 20 companies and to Nigeria At least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts concluding contracts for more than 4 million dollars in 15 companies The conclusion of agreements and contracts with trading partners throughout Africa will also be carried out in participation with the African Export Import Bank Afreximbank the International Islamic Trade Finance Corporation ITFC including financing and guarantees for various African countries and participation in an annual seminar to finance trade in Africa Under this Framework Agreement between Egypt and ICIEC s AATB partners ITFC and Afreximbank we will foster greater trade flows between the two regions said ICIEC Executive Director Oussama Kaissi Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this enduring partnership
    The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Egypt, and Arab-Africa Trade Bridges (AATB) pen partnership agreement to boost growth and integration
      The Islamic Corporation for Investment Insurance and Export Credit ICIEC https ICIEC IsDB org and the Arab Republic of Egypt represented by the Ministry of Trade and Industry and two other Arab Trade Agreement partners African Bridges AATB have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries The two year Framework Agreement will focus efforts on trade promotion specifically in sectors where significant added value is created Additionally industries that rely on a more skilled workforce and industries that can promote more investment will receive an additional boost as a result of this work program Egypt has been one of the active member states under the AATB since its accession in 2019 in a bid to improve the movement of Egyptian exports in African markets raising the total level of exports to 100 billion over the next five years The framework agreement will also support the African Continental Free Trade Agreement AfCFTA which is one of the largest free trade areas in the world Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Commerce and Industry of the Arab Republic of Egypt to design a work program for the benefit of Egypt implement projects for the benefit of the Egyptian economy and help the various sectors to improve their capacities The agreed activities to be implemented between 2022 and 2023 include a trade mission To Tunisia at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart concluding initial contracts of more than 5 million dollars in 20 companies and to Nigeria At least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts concluding contracts for more than 4 million dollars in 15 companies The conclusion of agreements and contracts with trading partners throughout Africa will also be carried out in participation with the African Export Import Bank Afreximbank the International Islamic Trade Finance Corporation ITFC including financing and guarantees for various African countries and participation in an annual seminar to finance trade in Africa Under this Framework Agreement between Egypt and ICIEC s AATB partners ITFC and Afreximbank we will foster greater trade flows between the two regions said ICIEC Executive Director Oussama Kaissi Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this enduring partnership
    The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Egypt, and Arab-Africa Trade Bridges (AATB) pen partnership agreement to boost growth and integration
    Africa4 months ago

    The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Egypt, and Arab-Africa Trade Bridges (AATB) pen partnership agreement to boost growth and integration

    The Islamic Corporation for Investment Insurance and Export Credit (ICIEC) (https://ICIEC.IsDB.org) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other Arab Trade Agreement partners -African Bridges (AATB), have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.

    The two-year Framework Agreement will focus efforts on trade promotion, specifically in sectors where significant added value is created. Additionally, industries that rely on a more skilled workforce and industries that can promote more investment will receive an additional boost as a result of this work program.

    Egypt has been one of the active member states under the AATB since its accession in 2019 in a bid to improve the movement of Egyptian exports in African markets, raising the total level of exports to $100 billion over the next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.

    Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Commerce and Industry of the Arab Republic of Egypt, to design a work program for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the various sectors to improve their capacities.

    The agreed activities, to be implemented between 2022 and 2023, include a trade mission: To Tunisia: at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart (concluding initial contracts of more than $5 million dollars in 20 companies) ; and to Nigeria: At least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts for more than 4 million dollars in 15 companies).

    The conclusion of agreements and contracts with trading partners throughout Africa will also be carried out, in participation with the African Export-Import Bank (Afreximbank), the International Islamic Trade Finance Corporation (ITFC), including financing and guarantees for various African countries, and participation in an annual seminar to finance trade in Africa.

    "Under this Framework Agreement between Egypt and ICIEC's AATB partners, ITFC and Afreximbank, we will foster greater trade flows between the two regions," said ICIEC Executive Director Oussama Kaissi. "Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this enduring partnership."

  •   The Islamic Development Bank IDB Group Annual Meetings recently held witnessed 12 deals signed by the International Islamic Trade Finance Corporation ITFC www ITFC idb org with a total financing of US 7 billion Four agreements were concluded in favor of the Arab Republic of Egypt and seven agreements with member countries in Asia and Africa During the final press conference that marked the last day of the Annual Meetings three cooperation agreements were signed with the public sector of the Member Countries Burkina Faso Mauritania and Uzbekistan These agreements are aimed at supporting food resources and basic products as well as the economic empowerment of women in these countries The first agreement with the Government of Burkina Faso includes an annual financing plan of 238 million by 2022 to finance Burkina Faso s import and export industry as part of the country s long term cooperation with ITFC This agreement will also support basic products such as energy supply and cotton The Financing Plan was signed at the IsDB Annual Meeting by H E Dr Seglaro Abel Som Minister of Economy Finance and Prospects of Burkina Faso and Ing Hani Salem Sonbol CEO ITFC The second agreement involving financing of US 50 million was signed by HE Mr Isselmou O MohamedM Bady Minister of Finance IsDB Governor for Mauritania in favor of Mauritania for the purchase of raw materials and products with SOMELEC being the executing agency Ultimately the ITFC signed a US 100 million letter of terms for the Murabaha Agreement to support the business financing needs of women entrepreneurs and the private sector in Uzbekistan The letter of conditions was signed by the Acting Deputy Governor on behalf of HE Mr Shuhrat Vafaev Deputy Minister of the Ministry of Investment and Foreign Trade IsDB Deputy Governor for Uzbekistan and Eng Hani Salem Sonbol ITFC CEO On this occasion ITFC CEO Hani Salem Sonbol expressed his gratitude for the impressive results achieved during the 47th IsDB Group Annual Meetings held in Sharm el Sheikh Arab Republic of Egypt from 1 to 4 June 2022 ITFC held several important meetings with delegations from Member Countries and participating international organizations He also extended his thanks to the Government and people of Egypt for their efforts in organizing this event
    International Islamic Trade Finance Corporation (ITFC) Announces its Financing Agreements Totalling US Billion at the End of the 47th Annual Meetings of the Islamic Development Bank Group in Egypt
      The Islamic Development Bank IDB Group Annual Meetings recently held witnessed 12 deals signed by the International Islamic Trade Finance Corporation ITFC www ITFC idb org with a total financing of US 7 billion Four agreements were concluded in favor of the Arab Republic of Egypt and seven agreements with member countries in Asia and Africa During the final press conference that marked the last day of the Annual Meetings three cooperation agreements were signed with the public sector of the Member Countries Burkina Faso Mauritania and Uzbekistan These agreements are aimed at supporting food resources and basic products as well as the economic empowerment of women in these countries The first agreement with the Government of Burkina Faso includes an annual financing plan of 238 million by 2022 to finance Burkina Faso s import and export industry as part of the country s long term cooperation with ITFC This agreement will also support basic products such as energy supply and cotton The Financing Plan was signed at the IsDB Annual Meeting by H E Dr Seglaro Abel Som Minister of Economy Finance and Prospects of Burkina Faso and Ing Hani Salem Sonbol CEO ITFC The second agreement involving financing of US 50 million was signed by HE Mr Isselmou O MohamedM Bady Minister of Finance IsDB Governor for Mauritania in favor of Mauritania for the purchase of raw materials and products with SOMELEC being the executing agency Ultimately the ITFC signed a US 100 million letter of terms for the Murabaha Agreement to support the business financing needs of women entrepreneurs and the private sector in Uzbekistan The letter of conditions was signed by the Acting Deputy Governor on behalf of HE Mr Shuhrat Vafaev Deputy Minister of the Ministry of Investment and Foreign Trade IsDB Deputy Governor for Uzbekistan and Eng Hani Salem Sonbol ITFC CEO On this occasion ITFC CEO Hani Salem Sonbol expressed his gratitude for the impressive results achieved during the 47th IsDB Group Annual Meetings held in Sharm el Sheikh Arab Republic of Egypt from 1 to 4 June 2022 ITFC held several important meetings with delegations from Member Countries and participating international organizations He also extended his thanks to the Government and people of Egypt for their efforts in organizing this event
    International Islamic Trade Finance Corporation (ITFC) Announces its Financing Agreements Totalling US Billion at the End of the 47th Annual Meetings of the Islamic Development Bank Group in Egypt
    Africa4 months ago

    International Islamic Trade Finance Corporation (ITFC) Announces its Financing Agreements Totalling US$7 Billion at the End of the 47th Annual Meetings of the Islamic Development Bank Group in Egypt

    The Islamic Development Bank (IDB) Group Annual Meetings recently held witnessed 12 deals signed by the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) with a total financing of US$7 billion . Four agreements were concluded in favor of the Arab Republic of Egypt and seven agreements with member countries in Asia and Africa.

    During the final press conference that marked the last day of the Annual Meetings, three cooperation agreements were signed with the public sector of the Member Countries: Burkina Faso, Mauritania and Uzbekistan. These agreements are aimed at supporting food resources and basic products, as well as the economic empowerment of women in these countries.

    The first agreement with the Government of Burkina Faso includes an annual financing plan of €238 million by 2022 to finance Burkina Faso's import and export industry as part of the country's long-term cooperation with ITFC. This agreement will also support basic products, such as energy supply and cotton. The Financing Plan was signed at the IsDB Annual Meeting by H.E. Dr. Seglaro Abel Somé, Minister of Economy, Finance and Prospects of Burkina Faso, and Ing. Hani Salem Sonbol, CEO, ITFC.

    The second agreement involving financing of US$50 million was signed by HE Mr. Isselmou O. MohamedM'Bady, Minister of Finance, IsDB Governor for Mauritania in favor of Mauritania for the purchase of raw materials and products , with SOMELEC being the executing agency. Ultimately, the ITFC signed a US$100 million letter of terms for the Murabaha Agreement to support the business financing needs of women entrepreneurs and the private sector in Uzbekistan. The letter of conditions was signed by the Acting Deputy Governor on behalf of HE Mr. Shuhrat Vafaev, Deputy Minister of the Ministry of Investment and Foreign Trade, IsDB Deputy Governor for Uzbekistan and Eng. Hani Salem Sonbol, ITFC CEO.

    On this occasion, ITFC CEO Hani Salem Sonbol expressed his gratitude for the impressive results achieved during the 47th IsDB Group Annual Meetings held in Sharm el-Sheikh, Arab Republic of Egypt, from 1 to 4 June 2022. ITFC held several important meetings with delegations from Member Countries and participating international organizations. He also extended his thanks to the Government and people of Egypt for their efforts in organizing this event.

  •   The private sector institutions affiliated with the Islamic Development Bank IsDB Group www IsDB org organized The Private Sector Forum in its tenth edition during the period from June 2 to 4 2022 in the main conference room in Sharm El Sheikh Egypt The Forum was held on the sidelines of the Annual Meetings of the Bank s Board of Governors under the theme Beyond recovery resilience and sustainability It is worth noting that the Forum highlighted the activities of the Bank Group as well as its services and initiatives in member countries including the Arab Republic of Egypt It also explored the investment and business opportunities and challenges facing the business sector in the member countries as well as the financing tools available such as financing lines trade financing and development investment insurance and finally credit to the export In addition this event with its list of activities presented various economic issues and development projects The Forum program included bilateral meetings B2B and B2G with the aim of networking forming alliances establishing business relationships exchanging experiences and presenting success stories This Forum was attended by senior government officials presidents and executive directors of local regional and international private sector companies as well as investors businessmen chambers of commerce and industry trade and investment promotion agencies as well as regional and international organizations international development financial institutions Forum sessions included discussions on the activities roles and support provided to member countries The Forum also addressed issues related to private sector development and trade finance and the challenges of investment insurance and export credit with the aim of further fostering economic and social development among member countries During the sessions the main challenges hindering the business community and trade and investment bodies in the Arab region and other member countries were discussed in fostering an environment that allows parties to take advantage of available opportunities His Excellency Dr Muhammad Al Jasser Chairman of IsDB Group said The Islamic Development Bank Group Private Sector Forum in its 10th edition was held this year in a new way for three consecutive days instead of of a day like what happened in the past The Forum has achieved its objectives and desired results during its economic investment and business activities and seminars with the aim of integrating the public and private sectors which constitute a basic pillar for the economic and social development of our member countries The public sector is responsible for developing the infrastructure and legislation to create an attractive business climate for the private sector in order to develop production and generate job opportunities His Excellency thanked the attendees for their participation in the Forum which featured 20 activities more than 100 speakers 55 exhibitors and 2 000 participants representing 70 countries He also witnessed the signing of more than 50 agreements During her speech Dr Hala El Saeed Minister of Planning and Economic Development of the Arab Republic of Egypt expressed her pride in hosting the IsDB Annual Meetings in her country for the first time in 30 years stressing that the objective of the Private Sector Forum is to support all private sector development efforts in member countries El Saeed pointed to the challenges facing the world as a result of various global turmoil pointing to the COVID 19 crisis then the repercussions of the geopolitical crisis and the Russian Ukrainian war that occurred before the full recovery from the aforementioned pandemic highlighting that all these repercussions greatly affect all the countries of the world which is the issue that requires cooperation to give more space to the participation of the private sector in development efforts In his opening address Mr Ousama Kaissi Executive Director of the Islamic Corporation for Investment Insurance and Export Credit ICIEC stated The Private Sector Forum is an important platform for the Bank Group to Islamic Development engages with various stakeholders in different aspects The pandemic and the Ukraine war have exposed dangerous flaws including supply chain disruptions failing health care systems resource shortages and rising cost of living that have disproportionately affected millions especially in low income countries income He added We cannot overemphasize the importance of political risk insurance and credit enhancement which have a proven track record of effectively mitigating risk thereby stimulating private investment in emerging markets through capital efficient bonds Pressure on national budgets has severely limited the ability of governments to mobilize funds and the need for capital from the private sector is greater than ever as our engagement with this sector must be realigned to include ever changing development priorities so that we can fulfill our mandates to the citizens of our member countries Commenting on the success of the Forum Ing Hani Salem Sonbol CEO of the International Islamic Trade Finance Corporation ITFC said Supporting the private sector has become more important than ever and is moving towards more flexible and sustainable economic development In this context the ITFC really appreciates this active participation of the private sector in the Private Sector Forum during which an excellent platform was provided to enhance the business and investment opportunities offered by OIC member countries Therefore it is very important that these new business opportunities are financed so that the private sector can operate as an economic catalyst to have a tangible and significant impact Mr Ayman Sejini Executive Director of the Islamic Private Sector Development Corporation said It is crucial to create an enabling environment and put in place appropriate safeguards that must accompany increased private sector involvement in often sensitive sectors A set of guiding principles can help overcome the policy dilemmas associated with increased private sector engagement in SDG sectors A number of tools including public private partnerships investment insurance blended finance and advance market commitments can help improve the risk return profile of SDG investment projects For more information visit the Private Sector Forum website www IsDBG PSF org
    IsDB Group Private Sector Institutions organize the 10th edition of the Private Sector Forum Sharm El Sheikh – Egypt, 2 – 4 June 2022
      The private sector institutions affiliated with the Islamic Development Bank IsDB Group www IsDB org organized The Private Sector Forum in its tenth edition during the period from June 2 to 4 2022 in the main conference room in Sharm El Sheikh Egypt The Forum was held on the sidelines of the Annual Meetings of the Bank s Board of Governors under the theme Beyond recovery resilience and sustainability It is worth noting that the Forum highlighted the activities of the Bank Group as well as its services and initiatives in member countries including the Arab Republic of Egypt It also explored the investment and business opportunities and challenges facing the business sector in the member countries as well as the financing tools available such as financing lines trade financing and development investment insurance and finally credit to the export In addition this event with its list of activities presented various economic issues and development projects The Forum program included bilateral meetings B2B and B2G with the aim of networking forming alliances establishing business relationships exchanging experiences and presenting success stories This Forum was attended by senior government officials presidents and executive directors of local regional and international private sector companies as well as investors businessmen chambers of commerce and industry trade and investment promotion agencies as well as regional and international organizations international development financial institutions Forum sessions included discussions on the activities roles and support provided to member countries The Forum also addressed issues related to private sector development and trade finance and the challenges of investment insurance and export credit with the aim of further fostering economic and social development among member countries During the sessions the main challenges hindering the business community and trade and investment bodies in the Arab region and other member countries were discussed in fostering an environment that allows parties to take advantage of available opportunities His Excellency Dr Muhammad Al Jasser Chairman of IsDB Group said The Islamic Development Bank Group Private Sector Forum in its 10th edition was held this year in a new way for three consecutive days instead of of a day like what happened in the past The Forum has achieved its objectives and desired results during its economic investment and business activities and seminars with the aim of integrating the public and private sectors which constitute a basic pillar for the economic and social development of our member countries The public sector is responsible for developing the infrastructure and legislation to create an attractive business climate for the private sector in order to develop production and generate job opportunities His Excellency thanked the attendees for their participation in the Forum which featured 20 activities more than 100 speakers 55 exhibitors and 2 000 participants representing 70 countries He also witnessed the signing of more than 50 agreements During her speech Dr Hala El Saeed Minister of Planning and Economic Development of the Arab Republic of Egypt expressed her pride in hosting the IsDB Annual Meetings in her country for the first time in 30 years stressing that the objective of the Private Sector Forum is to support all private sector development efforts in member countries El Saeed pointed to the challenges facing the world as a result of various global turmoil pointing to the COVID 19 crisis then the repercussions of the geopolitical crisis and the Russian Ukrainian war that occurred before the full recovery from the aforementioned pandemic highlighting that all these repercussions greatly affect all the countries of the world which is the issue that requires cooperation to give more space to the participation of the private sector in development efforts In his opening address Mr Ousama Kaissi Executive Director of the Islamic Corporation for Investment Insurance and Export Credit ICIEC stated The Private Sector Forum is an important platform for the Bank Group to Islamic Development engages with various stakeholders in different aspects The pandemic and the Ukraine war have exposed dangerous flaws including supply chain disruptions failing health care systems resource shortages and rising cost of living that have disproportionately affected millions especially in low income countries income He added We cannot overemphasize the importance of political risk insurance and credit enhancement which have a proven track record of effectively mitigating risk thereby stimulating private investment in emerging markets through capital efficient bonds Pressure on national budgets has severely limited the ability of governments to mobilize funds and the need for capital from the private sector is greater than ever as our engagement with this sector must be realigned to include ever changing development priorities so that we can fulfill our mandates to the citizens of our member countries Commenting on the success of the Forum Ing Hani Salem Sonbol CEO of the International Islamic Trade Finance Corporation ITFC said Supporting the private sector has become more important than ever and is moving towards more flexible and sustainable economic development In this context the ITFC really appreciates this active participation of the private sector in the Private Sector Forum during which an excellent platform was provided to enhance the business and investment opportunities offered by OIC member countries Therefore it is very important that these new business opportunities are financed so that the private sector can operate as an economic catalyst to have a tangible and significant impact Mr Ayman Sejini Executive Director of the Islamic Private Sector Development Corporation said It is crucial to create an enabling environment and put in place appropriate safeguards that must accompany increased private sector involvement in often sensitive sectors A set of guiding principles can help overcome the policy dilemmas associated with increased private sector engagement in SDG sectors A number of tools including public private partnerships investment insurance blended finance and advance market commitments can help improve the risk return profile of SDG investment projects For more information visit the Private Sector Forum website www IsDBG PSF org
    IsDB Group Private Sector Institutions organize the 10th edition of the Private Sector Forum Sharm El Sheikh – Egypt, 2 – 4 June 2022
    Africa4 months ago

    IsDB Group Private Sector Institutions organize the 10th edition of the Private Sector Forum Sharm El Sheikh – Egypt, 2 – 4 June 2022

    The private sector institutions affiliated with the Islamic Development Bank (IsDB) Group (www.IsDB.org) organized: “The Private Sector Forum” in its tenth edition, during the period from June 2 to 4, 2022, in the main conference room in Sharm El-Sheikh, Egypt. The Forum was held on the sidelines of the Annual Meetings of the Bank's Board of Governors, under the theme: "Beyond recovery: resilience and sustainability."

    It is worth noting that the Forum highlighted the activities of the Bank Group, as well as its services and initiatives in member countries, including the Arab Republic of Egypt. It also explored the investment and business opportunities and challenges facing the business sector in the member countries, as well as the financing tools available, such as financing lines, trade financing and development, investment insurance and, finally, credit to the export.

    In addition, this event, with its list of activities, presented various economic issues and development projects. The Forum program included bilateral meetings (B2B and B2G) with the aim of networking, forming alliances, establishing business relationships, exchanging experiences and presenting success stories.

    This Forum was attended by senior government officials, presidents and executive directors of local, regional and international private sector companies, as well as investors, businessmen, chambers of commerce and industry, trade and investment promotion agencies. as well as regional and international organizations. international development financial institutions.

    Forum sessions included discussions on the activities, roles and support provided to member countries. The Forum also addressed issues related to private sector development and trade finance, and the challenges of investment insurance and export credit, with the aim of further fostering economic and social development among member countries.

    During the sessions, the main challenges hindering the business community and trade and investment bodies in the Arab region and other member countries were discussed in fostering an environment that allows parties to take advantage of available opportunities.

    His Excellency Dr. Muhammad Al Jasser, Chairman of IsDB Group, said: “The Islamic Development Bank Group Private Sector Forum in its 10th edition, was held this year in a new way for three consecutive days instead of of a day, like what happened in the past. The Forum has achieved its objectives and desired results during its economic, investment and business activities and seminars, with the aim of integrating the public and private sectors, which constitute a basic pillar for the economic and social development of our member countries. The public sector is responsible for developing the infrastructure and legislation to create an attractive business climate for the private sector, in order to develop production and generate job opportunities.”

    His Excellency thanked the attendees for their participation in the Forum, which featured 20 activities, more than 100 speakers, 55 exhibitors, and 2,000 participants representing 70 countries. He also witnessed the signing of more than 50 agreements.

    During her speech, Dr. Hala El Saeed, Minister of Planning and Economic Development of the Arab Republic of Egypt, expressed her pride in hosting the IsDB Annual Meetings in her country for the first time in 30 years, stressing that the objective of the "Private Sector Forum" is to support all private sector development efforts in member countries.

    El Saeed pointed to the challenges facing the world as a result of various global turmoil, pointing to the COVID-19 crisis, then the repercussions of the geopolitical crisis and the Russian-Ukrainian war that occurred before the full recovery from the aforementioned pandemic. , highlighting that all these repercussions greatly affect all the countries of the world, which is the issue that requires cooperation to give more space to the participation of the private sector in development efforts.

    In his opening address, Mr. Ousama Kaissi, Executive Director of the Islamic Corporation for Investment Insurance and Export Credit (ICIEC), stated: “The Private Sector Forum is an important platform for the Bank Group to Islamic Development engages with various stakeholders in different aspects. The pandemic and the Ukraine war have exposed dangerous flaws, including supply chain disruptions, failing health care systems, resource shortages and rising cost of living that have disproportionately affected millions, especially in low-income countries. income".

    He added: “We cannot overemphasize the importance of political risk insurance and credit enhancement, which have a proven track record of effectively mitigating risk, thereby stimulating private investment in emerging markets through capital efficient bonds. Pressure on national budgets has severely limited the ability of governments to mobilize funds, and the need for capital from the private sector is greater than ever, as our engagement with this sector must be realigned to include ever-changing development priorities so that we can fulfill our mandates to the citizens of our member countries”.

    Commenting on the success of the Forum, Ing. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), said: “Supporting the private sector has become more important than ever and is moving towards more flexible and sustainable economic development. . In this context, the ITFC really appreciates this active participation of the private sector in the Private Sector Forum, during which an excellent platform was provided to enhance the business and investment opportunities offered by OIC member countries. Therefore, it is very important that these new business opportunities are financed so that the private sector can operate as an economic catalyst to have a tangible and significant impact."

    Mr. Ayman Sejini, Executive Director of the Islamic Private Sector Development Corporation, said: “It is crucial to create an enabling environment and put in place appropriate safeguards that must accompany increased private sector involvement in often sensitive sectors. A set of guiding principles can help overcome the policy dilemmas associated with increased private sector engagement in SDG sectors. A number of tools, including public-private partnerships, investment insurance, blended finance and advance market commitments, can help improve the risk-return profile of SDG investment projects.”

    For more information, visit the Private Sector Forum website: (www.IsDBG-PSF.org)

  •   The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group today signed eight strategic agreements to cooperate with the public and private sectors Four agreements were signed with various Egyptian ministries as well as four agreements with Cameroon Senegal and Uzbekistan and the African Import Export Bank Afreximbank The Agreement was signed at the 47th Annual Meeting of the Islamic Development Bank Group in Sharm el Sheikh Egypt in the presence of the Prime Minister of Egypt HE Dr Mustafa Madbouly HE Dr Hala El Said Minister of Planning and Economic Development of Egypt Chairman of the Board of Governors of the Islamic Development Bank and Chairman of the Board of Governors of the Africa Arab Trade Bridge Program AATB and H E Mr Dr Mohammed Al Jasser Chairman of the Islamic Development Bank Group The agreements were signed with the Hon Ms Nevin Gamea Minister for Trade and Industry H E Dr Rania Al Mashat Minister of International Cooperation and Dr Hisham Tawfiq Minister of the Public Commercial Sector The other four agreements were signed by representatives of the public and private sectors in the participating countries Cameroon Senegal and Uzbekistan as well as by Afreximbank The US 6 billion deal signed with the Ministry of International Cooperation of the Arab Republic of Egypt to renew a five year framework agreement was the largest in terms of dollar amounts The renewal is an extension of the Framework Agreement signed in 2018 to meet Egypt s food and energy needs The Agreements signed with the ministries and associations were with the Ministry of Commerce and Industry the Ministry of Planning and Economic Development and the Association of Exporters of Egypt Expolink announcing the conditions of the establishment of the Export Academy under the umbrella of the second phase of the Arab States Aid for Trade Initiative AfTIAS The other agreements were signed by members of the AATB Program including Afreximbank The International Islamic Trade and Finance Corporation ITFC and The Islamic Investment Insurance and Export Credit Corporation ICIEC to support the Program s action plan in the Arab Republic of Egypt expand Egyptian exports to African markets The AATB program operates to support Egypt s efforts to enhance the presence of Egyptian exports in African markets and benefit from the African Continental Free Trade Agreement AfCFTA The proposed activities of the Program include the organization of Egyptian trade missions to several African countries support for the participation of Egyptian companies in various economic forums and trade fairs in African countries as well as support for the participation of Egyptian companies in various workshops and meetings of exporters and importers The objective is to ensure the growth of Egyptian exports and investment projects in Africa as well as to provide financing and export credit insurance for Egyptian exports to African markets The fourth agreement also came about as a letter of intent that was signed with the Ministry of the Public Business Sector to boost Egyptian SME exports by establishing a cooperation framework to increase trade between Egypt and Africa in cooperation between Jusoor and the Arab Africa Trade Bridges Program The letter of intent identifies areas of cooperation to support trade finance and trade development and provides advisory services to the Jusoor Company of the Ministry of Public Business Sector which aims to promote bilateral trade between Egypt and African countries in various sectors such as cotton as well as logistics financial and insurance services for exporters and importers The remaining four deals were with representatives of private and public sector executives in Cameroon Senegal Uzbekistan and Afreximbank For the first agreement it was signed with Senegal on Murabaha financing worth 115 million euros to support the purchase of refined oil products to strengthen the energy sector in Senegal The signature demonstrates the ITFC s commitment to promoting trade among OIC member countries The second US 24 million deal was with Orient Finans Bank one of the Corporation s partners in Uzbekistan The objective of the scheme is to support the trade finance needs of private sector and SME clients as well as to promote women s entrepreneurship in Uzbekistan Under the agreement ITFC will provide 24 million in two separate tranches half of which will be allocated to meet the growing demand for Shariah compliant trade financing among the Bank s private sector and SME clients The other half will be allocated to meet the financial needs of Shariah compliant business for women entrepreneurs The third deal is an 8 million line of financing deal and was signed with Afriland First Bank in Cameroon to support the Bank s clients needs for financing solutions for financed and unfinanced trade in key sectors such as energy and agribusiness The agreement is aligned with the achievement of the UN SDGs specifically number eight decent work and economic growth and number nine industry innovation and infrastructure The agreement was signed by Mr Youssoufa Booba Executive Vice President of Afriland First Bank in Cameroon and Mr Hani Salem Sonbol ITFC CEO Finally a fourth condition document was signed between Afreximbank and ITFC to oblige ITFC to raise a US 250 million financing facility that will support Afreximbank s trade finance program established to address the effects of the Ukraine crisis in Africa UKAFPA Under the agreement the Corporation will strengthen the Bank s ability to help its clients in participating member countries purchase goods particularly commodities that are experiencing rising price inflation in the global market Afreximbank s UKAFPA program is designed to alleviate the economic challenges resulting from the conflict that led to a global food crisis in the aftermath of the devastating pandemic coinciding with the start of the global recovery from the pandemic ITFC support actions will also promote South South trade deepening economic relations between Africa and Arab countries
    The International Islamic Trade Finance Corporation Signs Eight Landmark Agreements for Cooperation with the Public and Private Sectors during the 47th IsDB Group Annual Meeting in Egypt
      The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group today signed eight strategic agreements to cooperate with the public and private sectors Four agreements were signed with various Egyptian ministries as well as four agreements with Cameroon Senegal and Uzbekistan and the African Import Export Bank Afreximbank The Agreement was signed at the 47th Annual Meeting of the Islamic Development Bank Group in Sharm el Sheikh Egypt in the presence of the Prime Minister of Egypt HE Dr Mustafa Madbouly HE Dr Hala El Said Minister of Planning and Economic Development of Egypt Chairman of the Board of Governors of the Islamic Development Bank and Chairman of the Board of Governors of the Africa Arab Trade Bridge Program AATB and H E Mr Dr Mohammed Al Jasser Chairman of the Islamic Development Bank Group The agreements were signed with the Hon Ms Nevin Gamea Minister for Trade and Industry H E Dr Rania Al Mashat Minister of International Cooperation and Dr Hisham Tawfiq Minister of the Public Commercial Sector The other four agreements were signed by representatives of the public and private sectors in the participating countries Cameroon Senegal and Uzbekistan as well as by Afreximbank The US 6 billion deal signed with the Ministry of International Cooperation of the Arab Republic of Egypt to renew a five year framework agreement was the largest in terms of dollar amounts The renewal is an extension of the Framework Agreement signed in 2018 to meet Egypt s food and energy needs The Agreements signed with the ministries and associations were with the Ministry of Commerce and Industry the Ministry of Planning and Economic Development and the Association of Exporters of Egypt Expolink announcing the conditions of the establishment of the Export Academy under the umbrella of the second phase of the Arab States Aid for Trade Initiative AfTIAS The other agreements were signed by members of the AATB Program including Afreximbank The International Islamic Trade and Finance Corporation ITFC and The Islamic Investment Insurance and Export Credit Corporation ICIEC to support the Program s action plan in the Arab Republic of Egypt expand Egyptian exports to African markets The AATB program operates to support Egypt s efforts to enhance the presence of Egyptian exports in African markets and benefit from the African Continental Free Trade Agreement AfCFTA The proposed activities of the Program include the organization of Egyptian trade missions to several African countries support for the participation of Egyptian companies in various economic forums and trade fairs in African countries as well as support for the participation of Egyptian companies in various workshops and meetings of exporters and importers The objective is to ensure the growth of Egyptian exports and investment projects in Africa as well as to provide financing and export credit insurance for Egyptian exports to African markets The fourth agreement also came about as a letter of intent that was signed with the Ministry of the Public Business Sector to boost Egyptian SME exports by establishing a cooperation framework to increase trade between Egypt and Africa in cooperation between Jusoor and the Arab Africa Trade Bridges Program The letter of intent identifies areas of cooperation to support trade finance and trade development and provides advisory services to the Jusoor Company of the Ministry of Public Business Sector which aims to promote bilateral trade between Egypt and African countries in various sectors such as cotton as well as logistics financial and insurance services for exporters and importers The remaining four deals were with representatives of private and public sector executives in Cameroon Senegal Uzbekistan and Afreximbank For the first agreement it was signed with Senegal on Murabaha financing worth 115 million euros to support the purchase of refined oil products to strengthen the energy sector in Senegal The signature demonstrates the ITFC s commitment to promoting trade among OIC member countries The second US 24 million deal was with Orient Finans Bank one of the Corporation s partners in Uzbekistan The objective of the scheme is to support the trade finance needs of private sector and SME clients as well as to promote women s entrepreneurship in Uzbekistan Under the agreement ITFC will provide 24 million in two separate tranches half of which will be allocated to meet the growing demand for Shariah compliant trade financing among the Bank s private sector and SME clients The other half will be allocated to meet the financial needs of Shariah compliant business for women entrepreneurs The third deal is an 8 million line of financing deal and was signed with Afriland First Bank in Cameroon to support the Bank s clients needs for financing solutions for financed and unfinanced trade in key sectors such as energy and agribusiness The agreement is aligned with the achievement of the UN SDGs specifically number eight decent work and economic growth and number nine industry innovation and infrastructure The agreement was signed by Mr Youssoufa Booba Executive Vice President of Afriland First Bank in Cameroon and Mr Hani Salem Sonbol ITFC CEO Finally a fourth condition document was signed between Afreximbank and ITFC to oblige ITFC to raise a US 250 million financing facility that will support Afreximbank s trade finance program established to address the effects of the Ukraine crisis in Africa UKAFPA Under the agreement the Corporation will strengthen the Bank s ability to help its clients in participating member countries purchase goods particularly commodities that are experiencing rising price inflation in the global market Afreximbank s UKAFPA program is designed to alleviate the economic challenges resulting from the conflict that led to a global food crisis in the aftermath of the devastating pandemic coinciding with the start of the global recovery from the pandemic ITFC support actions will also promote South South trade deepening economic relations between Africa and Arab countries
    The International Islamic Trade Finance Corporation Signs Eight Landmark Agreements for Cooperation with the Public and Private Sectors during the 47th IsDB Group Annual Meeting in Egypt
    Africa4 months ago

    The International Islamic Trade Finance Corporation Signs Eight Landmark Agreements for Cooperation with the Public and Private Sectors during the 47th IsDB Group Annual Meeting in Egypt

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, today signed eight strategic agreements to cooperate with the public and private sectors. Four agreements were signed with various Egyptian ministries, as well as four agreements with Cameroon, Senegal and Uzbekistan, and the African Import-Export Bank (Afreximbank).

    The Agreement was signed at the 47th Annual Meeting of the Islamic Development Bank Group in Sharm el-Sheikh, Egypt, in the presence of the Prime Minister of Egypt, HE Dr. Mustafa Madbouly, HE Dr. Hala El-Said, Minister of Planning . and Economic Development of Egypt, Chairman of the Board of Governors of the Islamic Development Bank and Chairman of the Board of Governors of the Africa Arab Trade Bridge Program (AATB), and H.E. Mr. Dr. Mohammed Al Jasser, Chairman of the Islamic Development Bank Group. The agreements were signed with the Hon. Ms. Nevin Gamea, Minister for Trade and Industry, H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, and Dr. Hisham Tawfiq, Minister of the Public Commercial Sector. The other four agreements were signed by representatives of the public and private sectors in the participating countries: Cameroon, Senegal and Uzbekistan, as well as by Afreximbank.

    The US$6 billion deal signed with the Ministry of International Cooperation of the Arab Republic of Egypt to renew a five-year framework agreement was the largest in terms of dollar amounts. The renewal is an extension of the Framework Agreement signed in 2018 to meet Egypt's food and energy needs.

    The Agreements signed with the ministries and associations were with the Ministry of Commerce and Industry, the Ministry of Planning and Economic Development and the Association of Exporters of Egypt (Expolink) announcing the conditions of the establishment of the Export Academy under the umbrella of the second phase. of the Arab States Aid for Trade Initiative (AfTIAS). The other agreements were signed by members of the AATB Program, including Afreximbank, The International Islamic Trade, and Finance Corporation (ITFC) and The Islamic Investment Insurance and Export Credit Corporation (ICIEC) to support the Program's action plan in the Arab Republic of Egypt. expand Egyptian exports to African markets. The AATB program operates to support Egypt's efforts to enhance the presence of Egyptian exports in African markets and benefit from the African Continental Free Trade Agreement (AfCFTA). The proposed activities of the Program include the organization of Egyptian trade missions to several African countries, support for the participation of Egyptian companies in various economic forums and trade fairs in African countries, as well as support for the participation of Egyptian companies in various workshops and meetings of exporters and importers. The objective is to ensure the growth of Egyptian exports and investment projects in Africa, as well as to provide financing and export credit insurance for Egyptian exports to African markets.

    The fourth agreement also came about as a letter of intent that was signed with the Ministry of the Public Business Sector to boost Egyptian SME exports by establishing a cooperation framework to increase trade between Egypt and Africa in cooperation between Jusoor and the Arab Africa Trade Bridges Program. . The letter of intent identifies areas of cooperation to support trade finance and trade development and provides advisory services to the Jusoor Company of the Ministry of Public Business Sector, which aims to promote bilateral trade between Egypt and African countries in various sectors such as cotton, as well as logistics, financial and insurance services for exporters and importers.

    The remaining four deals were with representatives of private and public sector executives in Cameroon, Senegal, Uzbekistan and Afreximbank. For the first agreement, it was signed with Senegal on Murabaha financing worth 115 million euros to support the purchase of refined oil products to strengthen the energy sector in Senegal. The signature demonstrates the ITFC's commitment to promoting trade among OIC member countries.

    The second US$24 million deal was with Orient Finans Bank, one of the Corporation's partners in Uzbekistan. The objective of the scheme is to support the trade finance needs of private sector and SME clients, as well as to promote women's entrepreneurship in Uzbekistan. Under the agreement, ITFC will provide $24 million in two separate tranches, half of which will be allocated to meet the growing demand for Shariah-compliant trade financing among the Bank's private sector and SME clients. The other half will be allocated to meet the financial needs of Shariah-compliant business for women entrepreneurs.

    The third deal is an €8 million line of financing deal and was signed with Afriland First Bank in Cameroon to support the Bank's clients' needs for financing solutions for financed and unfinanced trade in key sectors such as energy and agribusiness. The agreement is aligned with the achievement of the UN SDGs, specifically number eight (decent work and economic growth) and number nine (industry, innovation and infrastructure). The agreement was signed by Mr. Youssoufa Booba, Executive Vice President of Afriland First Bank in Cameroon, and Mr. Hani Salem Sonbol, ITFC CEO.

    Finally, a fourth condition document was signed between Afreximbank and ITFC to oblige ITFC to raise a US$250 million financing facility that will support Afreximbank's trade finance program established to address the effects of the Ukraine crisis in Africa ( UKAFPA). Under the agreement, the Corporation will strengthen the Bank's ability to help its clients in participating member countries purchase goods, particularly commodities that are experiencing rising price inflation in the global market. Afreximbank's UKAFPA program is designed to alleviate the economic challenges resulting from the conflict that led to a global food crisis in the aftermath of the devastating pandemic, coinciding with the start of the global recovery from the pandemic. ITFC support actions will also promote South-South trade, deepening economic relations between Africa and Arab countries.

  •   The Commonwealth Secretariat www TheCommonwealth org and the International Islamic Trade Finance Corporation ITFC www ITFC idb org have signed a Memorandum of Understanding MoU to collaborate in key areas of development Key areas of focus in the MoU include women s economic empowerment digital trade and e commerce private sector and small and medium enterprise development climate change and environmental protection capacity building for trade negotiations and trade finance The virtual signing ceremony took place during a high level bilateral meeting between the Commonwealth Secretary General Rt Hon Patricia Scotland QC and ITFC CEO Eng Hani Salem Sonbol At the signing ceremony Secretary General Scotland said Both the Commonwealth and the International Islamic Trade Finance Corporation share the goal of strengthening and supporting the economic and development aspirations of our member states Our collaboration will provide us with greater opportunities and better access to harness our collective ideas knowledge skills and combined financial resources to serve the development needs of our common members The six agreed areas of cooperation together with our combined defense and convening power can provide vital support for the recovery of our small and developing states which are the most vulnerable to global economic shocks ITFC CEO Ing Hani Salem Sonbol said Commenting on the signing Mr Hani Salem Sonbol ITFC Chief Executive Officer said really pleased to see that ITFC s partnership with the Commonwealth Secretariat is a partnership of action As we celebrate the signing of a new Memorandum of Understanding we are also making official the first two projects ready for implementation in Cameroon and Pakistan Recognizing the role of alliances in promoting trade development Mr Hani Salem Sonbol said At ITFC our goal is to work effectively with our partners to identify and offer the best solutions in all areas of trade finance and business development including taking advantage of opportunities manifested in emerging business issues such as digitalization agriculture technology and climate change to name a few There are twelve common member states between the two organizations showing significant common interest These countries include Cameroon Gambia Mozambique Nigeria Sierra Leone Uganda Guyana Bangladesh Pakistan Maldives Brunei and Malaysia A project highlighted in the MoU between the Commonwealth Secretariat and the ITFC includes a trade development project in Pakistan that improves the country s overall trade competitiveness by building the capacity of the Pakistan Ministry of Commerce and improving its overall trade negotiation skills Another agreed initiative is a digital boot camp to be held in Cameroon to support the government s e commerce strategy through capacity building programs that support women and SMEs Approximately 100 women owned SMEs are expected to benefit from this programme Through this collaboration the Commonwealth Secretariat and the ITFC aim to help create decent jobs increased trade and greener economies for the benefit of all but especially women and SMEs
    Commonwealth Signs MoU with the International Islamic Trade Finance Corporation
      The Commonwealth Secretariat www TheCommonwealth org and the International Islamic Trade Finance Corporation ITFC www ITFC idb org have signed a Memorandum of Understanding MoU to collaborate in key areas of development Key areas of focus in the MoU include women s economic empowerment digital trade and e commerce private sector and small and medium enterprise development climate change and environmental protection capacity building for trade negotiations and trade finance The virtual signing ceremony took place during a high level bilateral meeting between the Commonwealth Secretary General Rt Hon Patricia Scotland QC and ITFC CEO Eng Hani Salem Sonbol At the signing ceremony Secretary General Scotland said Both the Commonwealth and the International Islamic Trade Finance Corporation share the goal of strengthening and supporting the economic and development aspirations of our member states Our collaboration will provide us with greater opportunities and better access to harness our collective ideas knowledge skills and combined financial resources to serve the development needs of our common members The six agreed areas of cooperation together with our combined defense and convening power can provide vital support for the recovery of our small and developing states which are the most vulnerable to global economic shocks ITFC CEO Ing Hani Salem Sonbol said Commenting on the signing Mr Hani Salem Sonbol ITFC Chief Executive Officer said really pleased to see that ITFC s partnership with the Commonwealth Secretariat is a partnership of action As we celebrate the signing of a new Memorandum of Understanding we are also making official the first two projects ready for implementation in Cameroon and Pakistan Recognizing the role of alliances in promoting trade development Mr Hani Salem Sonbol said At ITFC our goal is to work effectively with our partners to identify and offer the best solutions in all areas of trade finance and business development including taking advantage of opportunities manifested in emerging business issues such as digitalization agriculture technology and climate change to name a few There are twelve common member states between the two organizations showing significant common interest These countries include Cameroon Gambia Mozambique Nigeria Sierra Leone Uganda Guyana Bangladesh Pakistan Maldives Brunei and Malaysia A project highlighted in the MoU between the Commonwealth Secretariat and the ITFC includes a trade development project in Pakistan that improves the country s overall trade competitiveness by building the capacity of the Pakistan Ministry of Commerce and improving its overall trade negotiation skills Another agreed initiative is a digital boot camp to be held in Cameroon to support the government s e commerce strategy through capacity building programs that support women and SMEs Approximately 100 women owned SMEs are expected to benefit from this programme Through this collaboration the Commonwealth Secretariat and the ITFC aim to help create decent jobs increased trade and greener economies for the benefit of all but especially women and SMEs
    Commonwealth Signs MoU with the International Islamic Trade Finance Corporation
    Africa5 months ago

    Commonwealth Signs MoU with the International Islamic Trade Finance Corporation

    The Commonwealth Secretariat (www.TheCommonwealth.org) and the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) have signed a Memorandum of Understanding (MoU) to collaborate in key areas of development.

    Key areas of focus in the MoU include women's economic empowerment, digital trade and e-commerce, private sector and small and medium enterprise development, climate change and environmental protection, capacity building for trade negotiations and trade finance.

    The virtual signing ceremony took place during a high-level bilateral meeting between the Commonwealth Secretary General, Rt Hon Patricia Scotland QC and ITFC CEO Eng Hani Salem Sonbol.

    At the signing ceremony, Secretary General Scotland said:

    “Both the Commonwealth and the International Islamic Trade Finance Corporation share the goal of strengthening and supporting the economic and development aspirations of our member states. Our collaboration will provide us with greater opportunities and better access to harness our collective ideas, knowledge, skills and combined financial resources to serve the development needs of our common members. The six agreed areas of cooperation, together with our combined defense and convening power, can provide vital support for the recovery of our small and developing states, which are the most vulnerable to global economic shocks.”

    ITFC CEO Ing. Hani Salem Sonbol said:

    Commenting on the signing, Mr. Hani Salem Sonbol, ITFC Chief Executive Officer, said "really pleased to see that ITFC's partnership with the Commonwealth Secretariat is a partnership of action. As we celebrate the signing of a new Memorandum of Understanding, we are also making official the first two projects ready for implementation in Cameroon and Pakistan”.

    Recognizing the role of alliances in promoting trade development, Mr. Hani Salem Sonbol said: "At ITFC, our goal is to work effectively with our partners to identify and offer the best solutions, in all areas of trade finance. and business development, including taking advantage of opportunities manifested in emerging business issues such as digitalization, agriculture technology and climate change, to name a few."

    There are twelve common member states between the two organizations, showing significant common interest. These countries include Cameroon, Gambia, Mozambique, Nigeria, Sierra Leone, Uganda, Guyana, Bangladesh, Pakistan, Maldives, Brunei, and Malaysia.

    A project highlighted in the MoU between the Commonwealth Secretariat and the ITFC includes a trade development project in Pakistan that improves the country's overall trade competitiveness by building the capacity of the Pakistan Ministry of Commerce and improving its overall trade negotiation skills.

    Another agreed initiative is a digital boot camp to be held in Cameroon to support the government's e-commerce strategy through capacity building programs that support women and SMEs. Approximately 100 women-owned SMEs are expected to benefit from this programme.

    Through this collaboration, the Commonwealth Secretariat and the ITFC aim to help create decent jobs, increased trade and greener economies for the benefit of all, but especially women and SMEs.