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  •   Conflict both contributes to high levels of malnutrition and makes it more difficult to respond to it GENEVA Switzerland November 19 2021 APO Group The international medical humanitarian organization M decins Sans Fronti res M decins Sans Fronti res MSF has launched a new program to treat malnourished children in Katsina State northwestern Nigeria as conflict and insecurity increase in the region and that access to health care remains limited Malnutrition is rampant in northern Nigeria with cases generally decreasing in October although this year MSF teams continue to see alarming levels MSF is working with the Nigerian Ministry of Health to manage a 62 bed Inpatient Therapeutic Treatment Center ITFC in Katsina City as well as five Outpatient Therapeutic Treatment Centers ATFC one in Katsina City and the four others in Jibia Local government area near the border with Niger where many Nigerian parents seek care for their malnourished children Since the launch of activities in Jibia in August MSF has admitted 4 513 malnourished children 78 percent of whom suffered from severe acute malnutrition Since these centers were only open two days a week due to security concerns these numbers are surprisingly high In Katsina town from the start of activities on September 20 until the last week of October MSF staff admitted 1 784 severely malnourished children to ATFC and 324 to ITFC MSF is still admitting patients to its ITFC in Katsina City showing that there are still malnourished children in need of treatment in an area where care options are very limited During the summer MSF conducted a nutritional survey in Katsina which revealed alarming levels of malnutrition said Dr Guyguy Manangama deputy head of the MSF emergency unit According to this survey the prevalence of global acute malnutrition was 26 1 percent and that of severe acute malnutrition was 7 4 percent The fact that we are not yet seeing the number of admissions drop to our centers makes us both worry about the gravity of the current situation and how it will evolve if the response is not stepped up Manangama said People in the northwest of the country including Katsina are also currently experiencing a wave of violence with kidnappings for ransom common and frequent clashes between various armed groups and Nigerian forces Conflicts have also had an impact on agricultural activities as people are afraid to work in the fields travel is more difficult and the cost of food has increased People are also facing an economic crisis driven by several factors including the consequences of the COVID 19 pandemic Conflict contributes both to high levels of malnutrition and makes it more difficult to respond to it said Dr Manangama The delivery of health care is increasingly complicated medical personnel may be targets of kidnappings and fear attacks on medical centers Insecurity also means that we cannot travel to all the regions where we would like to offer care Insecurity is a real problem in the region but international organizations must do more to help the Nigerian authorities deal with this very worrying malnutrition situation MSF teams in Nigeria are also carrying out nutrition activities in Zamfara State with three ITFCs in Anka Shinkafi and Zurmi local government areas as well as 12 ATFCs spread across the state
    Nigeria: MSF responds to extremely high child malnutrition in northwest as conflict escalates
      Conflict both contributes to high levels of malnutrition and makes it more difficult to respond to it GENEVA Switzerland November 19 2021 APO Group The international medical humanitarian organization M decins Sans Fronti res M decins Sans Fronti res MSF has launched a new program to treat malnourished children in Katsina State northwestern Nigeria as conflict and insecurity increase in the region and that access to health care remains limited Malnutrition is rampant in northern Nigeria with cases generally decreasing in October although this year MSF teams continue to see alarming levels MSF is working with the Nigerian Ministry of Health to manage a 62 bed Inpatient Therapeutic Treatment Center ITFC in Katsina City as well as five Outpatient Therapeutic Treatment Centers ATFC one in Katsina City and the four others in Jibia Local government area near the border with Niger where many Nigerian parents seek care for their malnourished children Since the launch of activities in Jibia in August MSF has admitted 4 513 malnourished children 78 percent of whom suffered from severe acute malnutrition Since these centers were only open two days a week due to security concerns these numbers are surprisingly high In Katsina town from the start of activities on September 20 until the last week of October MSF staff admitted 1 784 severely malnourished children to ATFC and 324 to ITFC MSF is still admitting patients to its ITFC in Katsina City showing that there are still malnourished children in need of treatment in an area where care options are very limited During the summer MSF conducted a nutritional survey in Katsina which revealed alarming levels of malnutrition said Dr Guyguy Manangama deputy head of the MSF emergency unit According to this survey the prevalence of global acute malnutrition was 26 1 percent and that of severe acute malnutrition was 7 4 percent The fact that we are not yet seeing the number of admissions drop to our centers makes us both worry about the gravity of the current situation and how it will evolve if the response is not stepped up Manangama said People in the northwest of the country including Katsina are also currently experiencing a wave of violence with kidnappings for ransom common and frequent clashes between various armed groups and Nigerian forces Conflicts have also had an impact on agricultural activities as people are afraid to work in the fields travel is more difficult and the cost of food has increased People are also facing an economic crisis driven by several factors including the consequences of the COVID 19 pandemic Conflict contributes both to high levels of malnutrition and makes it more difficult to respond to it said Dr Manangama The delivery of health care is increasingly complicated medical personnel may be targets of kidnappings and fear attacks on medical centers Insecurity also means that we cannot travel to all the regions where we would like to offer care Insecurity is a real problem in the region but international organizations must do more to help the Nigerian authorities deal with this very worrying malnutrition situation MSF teams in Nigeria are also carrying out nutrition activities in Zamfara State with three ITFCs in Anka Shinkafi and Zurmi local government areas as well as 12 ATFCs spread across the state
    Nigeria: MSF responds to extremely high child malnutrition in northwest as conflict escalates
    Africa1 year ago

    Nigeria: MSF responds to extremely high child malnutrition in northwest as conflict escalates

    Conflict both contributes to high levels of malnutrition and makes it more difficult to respond to it

    GENEVA, Switzerland, November 19, 2021 / APO Group / -

    The international medical humanitarian organization Médecins Sans Frontières / Médecins Sans Frontières (MSF) has launched a new program to treat malnourished children in Katsina State, northwestern Nigeria, as conflict and insecurity increase in the region and that access to health care remains limited. Malnutrition is rampant in northern Nigeria, with cases generally decreasing in October, although this year MSF teams continue to see alarming levels.

    MSF is working with the Nigerian Ministry of Health to manage a 62-bed Inpatient Therapeutic Treatment Center (ITFC) in Katsina City, as well as five Outpatient Therapeutic Treatment Centers (ATFC): one in Katsina City and the four others in Jibia. Local government area, near the border with Niger, where many Nigerian parents seek care for their malnourished children.

    Since the launch of activities in Jibia in August, MSF has admitted 4,513 malnourished children, 78 percent of whom suffered from severe acute malnutrition. Since these centers were only open two days a week due to security concerns, these numbers are surprisingly high.

    In Katsina town, from the start of activities on September 20 until the last week of October, MSF staff admitted 1,784 severely malnourished children to ATFC and 324 to ITFC. MSF is still admitting patients to its ITFC in Katsina City, showing that there are still malnourished children in need of treatment in an area where care options are very limited.

    “During the summer, MSF conducted a nutritional survey in Katsina which revealed alarming levels of malnutrition,” said Dr Guyguy Manangama, deputy head of the MSF emergency unit. According to this survey, the prevalence of global acute malnutrition was 26.1 percent and that of severe acute malnutrition was 7.4 percent.

    "The fact that we are not yet seeing the number of admissions drop to our centers makes us both worry about the gravity of the current situation and how it will evolve if the response is not stepped up," Manangama said. .

    People in the northwest of the country, including Katsina, are also currently experiencing a wave of violence, with kidnappings for ransom common and frequent clashes between various armed groups and Nigerian forces. Conflicts have also had an impact on agricultural activities as people are afraid to work in the fields, travel is more difficult and the cost of food has increased. People are also facing an economic crisis driven by several factors, including the consequences of the COVID-19 pandemic.

    “Conflict contributes both to high levels of malnutrition and makes it more difficult to respond to it,” said Dr Manangama. “The delivery of health care is increasingly complicated; medical personnel may be targets of kidnappings and fear attacks on medical centers. Insecurity also means that we cannot travel to all the regions where we would like to offer care. Insecurity is a real problem in the region, but international organizations must do more to help the Nigerian authorities deal with this very worrying malnutrition situation.

    MSF teams in Nigeria are also carrying out nutrition activities in Zamfara State, with three ITFCs in Anka, Shinkafi and Zurmi local government areas, as well as 12 ATFCs spread across the state.

  •   ITFC has always been committed to high impact socio economic projects in Africa DURBAN South Africa November 18 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org the African Import Export Bank Afreximbank the Arab Bank for Economic Development in Africa BADEA and the African Organization for Harmonization ARSO Africa The Continental Free Trade Area AfCFTA Secretariat joined other partners and strategic stakeholders for a strategic roundtable on harmonization of standards for pharmaceuticals and medical devices in Africa The event which took place on November 17 2021 on the sidelines of the 2021 edition of the Intra African Trade Fair IATF highlighted the progress made on the harmonization process and the impact that will have its full implementation in the continental economy in the context of the African Continental Free Trade Area AfCFTA Speakers at the event included Eng ITFC CEO Hani Salem Sonbol Dr Sidi Ould Tah Director General of BADEA Mr Amr Kamel Executive Vice President EVP Business Development and Corporate Banking Afreximbank HE Albert M Muchanga Commissioner African Union Commission HE Mr Wamkele Mene Secretary General of AfCFTA Dr Vera Songwe Executive Secretary United Nations Economic Commission for Africa Dr Hermogene Nsengimana Secretary General of ARSO and Dr Paulyne Wairimu PPB Kenya AMDF Issues addressed included national and regional partnerships on industrialization the potential of the pharmaceutical industry in Africa and its role in the continent s economic recovery beyond the COVID 19 pandemic Discussions highlighted the impact of local vaccine and drug manufacturing on Africa s pharmaceutical value chains and preparedness to fight future pandemics be channeled to industry thereby encouraging governments and the business community to use the AfCFTA Agreement to facilitate trade and investment in the sector Africa s pharmaceutical industry is expected to be worth 70 billion by 2030 thanks to its growing urban population changing economic landscapes challenges of climate change increasing health spending and delivery capacities health care Emphasizing ITFC s commitment to the harmonization project and to health in Africa Eng ITFC CEO Hani Salem Sonbol said ITFC has always been committed to high impact socio economic projects in Africa and it is mainly to structure this engagement that we launched the Arab Africa program Trade Bridge AATB under which the harmonization project is being implemented The continent s pharmaceutical and healthcare sectors hold great potential and we stand ready to support strategic projects like this one that will go a long way in boosting industrialization on the continent and will play a crucial role in providing people with healthcare services health and medication they need We are excited to take this trip with ARSO Afreximbank and BADEA and look forward to seeing the long term impact of the project Mr Amr Kamel EVP Afreximbank also said Afreximbank is committed to supporting various aspects of quality infrastructure in Africa In partnership with ARSO and the African Union the Bank developed the African Quality Policy to harmonize automotive standards Afreximbank also supports the development of African Quality Assurance Centers AQAC across the continent AQAC is an initiative launched by the Bank to remove the main obstacle to trade of non compliance with international trade standards and technical requirements for export markets The initiative supports the emergence of internationally accredited gallopers for testing inspection and certification services of Made in Africa products across the continent Dr Sidi Ould Tah Director General of BADEA speaking on behalf of the organization said Potential benefits of AfCFTA as corroborated by economic analysis And BADEA reiterates its commitment to support this initiative alongside other partners The roundtable ended by reiterating the commitment of stakeholders to complete the harmonization process and invest more in health focused projects on the continent under the AfCFTA
    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO organized a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa at IATF 2021 in Durban.
      ITFC has always been committed to high impact socio economic projects in Africa DURBAN South Africa November 18 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org the African Import Export Bank Afreximbank the Arab Bank for Economic Development in Africa BADEA and the African Organization for Harmonization ARSO Africa The Continental Free Trade Area AfCFTA Secretariat joined other partners and strategic stakeholders for a strategic roundtable on harmonization of standards for pharmaceuticals and medical devices in Africa The event which took place on November 17 2021 on the sidelines of the 2021 edition of the Intra African Trade Fair IATF highlighted the progress made on the harmonization process and the impact that will have its full implementation in the continental economy in the context of the African Continental Free Trade Area AfCFTA Speakers at the event included Eng ITFC CEO Hani Salem Sonbol Dr Sidi Ould Tah Director General of BADEA Mr Amr Kamel Executive Vice President EVP Business Development and Corporate Banking Afreximbank HE Albert M Muchanga Commissioner African Union Commission HE Mr Wamkele Mene Secretary General of AfCFTA Dr Vera Songwe Executive Secretary United Nations Economic Commission for Africa Dr Hermogene Nsengimana Secretary General of ARSO and Dr Paulyne Wairimu PPB Kenya AMDF Issues addressed included national and regional partnerships on industrialization the potential of the pharmaceutical industry in Africa and its role in the continent s economic recovery beyond the COVID 19 pandemic Discussions highlighted the impact of local vaccine and drug manufacturing on Africa s pharmaceutical value chains and preparedness to fight future pandemics be channeled to industry thereby encouraging governments and the business community to use the AfCFTA Agreement to facilitate trade and investment in the sector Africa s pharmaceutical industry is expected to be worth 70 billion by 2030 thanks to its growing urban population changing economic landscapes challenges of climate change increasing health spending and delivery capacities health care Emphasizing ITFC s commitment to the harmonization project and to health in Africa Eng ITFC CEO Hani Salem Sonbol said ITFC has always been committed to high impact socio economic projects in Africa and it is mainly to structure this engagement that we launched the Arab Africa program Trade Bridge AATB under which the harmonization project is being implemented The continent s pharmaceutical and healthcare sectors hold great potential and we stand ready to support strategic projects like this one that will go a long way in boosting industrialization on the continent and will play a crucial role in providing people with healthcare services health and medication they need We are excited to take this trip with ARSO Afreximbank and BADEA and look forward to seeing the long term impact of the project Mr Amr Kamel EVP Afreximbank also said Afreximbank is committed to supporting various aspects of quality infrastructure in Africa In partnership with ARSO and the African Union the Bank developed the African Quality Policy to harmonize automotive standards Afreximbank also supports the development of African Quality Assurance Centers AQAC across the continent AQAC is an initiative launched by the Bank to remove the main obstacle to trade of non compliance with international trade standards and technical requirements for export markets The initiative supports the emergence of internationally accredited gallopers for testing inspection and certification services of Made in Africa products across the continent Dr Sidi Ould Tah Director General of BADEA speaking on behalf of the organization said Potential benefits of AfCFTA as corroborated by economic analysis And BADEA reiterates its commitment to support this initiative alongside other partners The roundtable ended by reiterating the commitment of stakeholders to complete the harmonization process and invest more in health focused projects on the continent under the AfCFTA
    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO organized a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa at IATF 2021 in Durban.
    Africa1 year ago

    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO organized a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa at IATF 2021 in Durban.

    ITFC has always been committed to high impact socio-economic projects in Africa

    DURBAN, South Africa, November 18, 2021 / APO Group / -

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), the African Import-Export Bank (Afreximbank), the Arab Bank for Economic Development in Africa (BADEA) and the African Organization for Harmonization (ARSO), Africa The Continental Free Trade Area (AfCFTA) Secretariat joined other partners and strategic stakeholders for a strategic roundtable on harmonization of standards for pharmaceuticals and medical devices in Africa.

    The event, which took place on November 17, 2021 on the sidelines of the 2021 edition of the Intra-African Trade Fair (IATF), highlighted the progress made on the harmonization process and the impact that will have its full implementation in the continental economy in the context of the African Continental Free Trade Area (AfCFTA).

    Speakers at the event included Eng. ITFC CEO Hani Salem Sonbol; Dr Sidi Ould Tah, Director General of BADEA; Mr. Amr Kamel, Executive Vice President (EVP) - Business Development and Corporate Banking, Afreximbank; HE Albert M. Muchanga, Commissioner, African Union Commission; HE Mr. Wamkele Mene, Secretary General of AfCFTA; Dr Vera Songwe, Executive Secretary, United Nations Economic Commission for Africa; Dr Hermogene Nsengimana, Secretary General of ARSO and Dr Paulyne Wairimu, PPB, Kenya / AMDF.

    Issues addressed included national and regional partnerships on industrialization, the potential of the pharmaceutical industry in Africa and its role in the continent's economic recovery beyond the COVID-19 pandemic. Discussions highlighted the impact of local vaccine and drug manufacturing on Africa's pharmaceutical value chains and preparedness to fight future pandemics. be channeled to industry; thereby encouraging governments and the business community to use the AfCFTA Agreement to facilitate trade and investment in the sector. Africa's pharmaceutical industry is expected to be worth $ 70 billion by 2030 thanks to its growing urban population, changing economic landscapes, challenges of climate change, increasing health spending and delivery capacities health care.

    Emphasizing ITFC's commitment to the harmonization project and to health in Africa, Eng. ITFC CEO Hani Salem Sonbol said: “ITFC has always been committed to high impact socio-economic projects in Africa and it is mainly to structure this engagement that we launched the Arab Africa program. Trade Bridge (AATB) under which the harmonization project is being implemented. The continent's pharmaceutical and healthcare sectors hold great potential and we stand ready to support strategic projects like this one that will go a long way in boosting industrialization on the continent and will play a crucial role in providing people with healthcare services. health and medication they need. We are excited to take this trip with ARSO, Afreximbank and BADEA and look forward to seeing the long term impact of the project.

    Mr. Amr Kamel, EVP Afreximbank also said: “Afreximbank is committed to supporting various aspects of quality infrastructure in Africa. In partnership with ARSO and the African Union, the Bank developed the African Quality Policy to harmonize automotive standards. Afreximbank also supports the development of African Quality Assurance Centers (AQAC) across the continent. AQAC is an initiative launched by the Bank to remove the main obstacle to trade of non-compliance with international trade standards and technical requirements for export markets. The initiative supports the emergence of internationally accredited gallopers for testing, inspection and certification services of 'Made in Africa' products across the continent ”.

    Dr Sidi Ould Tah, Director General of BADEA, speaking on behalf of the organization, said: Potential benefits of AfCFTA, as corroborated by economic analysis. And BADEA reiterates its commitment to support this initiative alongside other partners.

    The roundtable ended by reiterating the commitment of stakeholders to complete the harmonization process and invest more in health-focused projects on the continent under the AfCFTA.

  •   The initiative aims to harmonize African standards for pharmaceuticals and medical devices thereby improving intra African trade and investment JEDDAH Kingdom of Saudi Arabia November 11 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org in partnership with the African Import Export Bank Afreximbank the Arab Bank for Economic Development in Africa BADEA and the Organization Africaine pour l Harmonisation ARSO announce the organization of a round table on the sidelines of the Intra African Fair IATF on November 17 2021 from 10 30 am to 12 30 pm South Africa time The hybrid event will serve as a platform to take stock of their joint project entitled Harmonization of Standards for Pharmaceuticals and Medical Devices in Africa The initiative which was launched under the aegis of the Arab Africa Trade Bridges AATB program in 2020 aims to harmonize African standards for pharmaceuticals and medical devices thereby improving intra African trade and investment reducing substandard counterfeit products and strengthening regional health resilience systems The roundtable will be honored by Prof Benedict Oramah President of Afreximbank Ing ITFC CEO Hani Salem Sonbol Dr Sidi Ould Tah Director General of BADEA Wamkele Mene Secretary General of AfCFTA Dr Vera Songwe Executive Secretary United Nations Economic Commission for Africa HE Albert M Muchanga Commissioner African Union Commission Dr John N Nkengasong African Center for Disease Control Dr Hermogene Nsengimana Secretary General of ARSO and Dr Paulyne Wairimu PPB Kenya AMDF and will take place simultaneously physically on the IATF site and virtually on Zoom To access the event please log in here https bit ly 3wAn1P5
    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO will organize a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa on November 17, 2021
      The initiative aims to harmonize African standards for pharmaceuticals and medical devices thereby improving intra African trade and investment JEDDAH Kingdom of Saudi Arabia November 11 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org in partnership with the African Import Export Bank Afreximbank the Arab Bank for Economic Development in Africa BADEA and the Organization Africaine pour l Harmonisation ARSO announce the organization of a round table on the sidelines of the Intra African Fair IATF on November 17 2021 from 10 30 am to 12 30 pm South Africa time The hybrid event will serve as a platform to take stock of their joint project entitled Harmonization of Standards for Pharmaceuticals and Medical Devices in Africa The initiative which was launched under the aegis of the Arab Africa Trade Bridges AATB program in 2020 aims to harmonize African standards for pharmaceuticals and medical devices thereby improving intra African trade and investment reducing substandard counterfeit products and strengthening regional health resilience systems The roundtable will be honored by Prof Benedict Oramah President of Afreximbank Ing ITFC CEO Hani Salem Sonbol Dr Sidi Ould Tah Director General of BADEA Wamkele Mene Secretary General of AfCFTA Dr Vera Songwe Executive Secretary United Nations Economic Commission for Africa HE Albert M Muchanga Commissioner African Union Commission Dr John N Nkengasong African Center for Disease Control Dr Hermogene Nsengimana Secretary General of ARSO and Dr Paulyne Wairimu PPB Kenya AMDF and will take place simultaneously physically on the IATF site and virtually on Zoom To access the event please log in here https bit ly 3wAn1P5
    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO will organize a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa on November 17, 2021
    Africa1 year ago

    As part of the Arab Africa Trade Bridges (AATB) program, ITFC, Afreximbank, BADEA and ARSO will organize a high-level roundtable on the harmonization of standards for pharmaceuticals and medical devices in Africa on November 17, 2021

    The initiative aims to harmonize African standards for pharmaceuticals and medical devices, thereby improving intra-African trade and investment

    JEDDAH, Kingdom of Saudi Arabia, November 11, 2021 / APO Group / -

    The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org), in partnership with the African Import-Export Bank (Afreximbank), the Arab Bank for Economic Development in Africa (BADEA) and the Organization Africaine pour l'Harmonisation (ARSO) announce the organization of a round table on the sidelines of the Intra-African Fair (IATF) on November 17, 2021 from 10:30 am to 12:30 pm (South Africa time).

    The hybrid event will serve as a platform to take stock of their joint project entitled “Harmonization of Standards for Pharmaceuticals and Medical Devices in Africa”. The initiative which was launched under the aegis of the Arab Africa Trade Bridges (AATB) program in 2020, aims to harmonize African standards for pharmaceuticals and medical devices, thereby improving intra-African trade and investment, reducing substandard counterfeit products and strengthening regional health resilience. systems.

    The roundtable will be honored by Prof. Benedict Oramah, President of Afreximbank; Ing. ITFC CEO Hani Salem Sonbol; Dr Sidi Ould Tah, Director General of BADEA; Wamkele Mene, Secretary General of AfCFTA; Dr Vera Songwe, Executive Secretary, United Nations Economic Commission for Africa; HE Albert M. Muchanga, Commissioner, African Union Commission; Dr John N. Nkengasong, African Center for Disease Control; Dr. Hermogene Nsengimana, Secretary General of ARSO and Dr. Paulyne Wairimu, PPB, Kenya / AMDF and will take place simultaneously physically on the IATF site and virtually on Zoom.

    To access the event, please log in here: https://bit.ly/3wAn1P5

  •   ITFC and Afreximbank through this facility mark a new step in our mutual mandate to support the recovery of our member countries especially in Africa JEDDAH Kingdom of Saudi Arabia November 10 2021 APO Group The African Import Export Bank Afreximbank and the International Islamic Trade Finance Corporation ITFC ITFC idb org signed a 250 million facility to provide funds to the Bank to advance the purchase of COVID 19 vaccines and stimulate trade based on economic recovery The agreement was signed between Prof Benedict Oramah Chairman of Afreximbank and Eng ITFC CEO Hani Salem Sonbol during the official visit of Professor Oramah and the Afreximbank delegation to ITFC headquarters in Jeddah The installation of the ITFC will help advance Afreximbank s COVID 19 response program for the countries in which the two organizations operate securing goods vital to the health of local populations and enabling a faster return to the economic activity The facility will also strengthen the Bank s capacity to provide trade finance resources at a critical time for the continent s export development and industrialization The agreement expands Afreximbank s cooperation with ITFC the leading provider of trade solutions for OIC member countries the two organizations working to promote trade cooperation and demonstrate the benefits of South South cooperation Improving regional trade cooperation and strengthening trade between African and Arab countries promises significant economic opportunities and remains a strategic objective of both parties The facility considerably facilitates the execution of strategic interventions by Afreximbank It will promote employment increase economic activity and increase tax revenues by stimulating economic dynamism Prof Benedict Oramah President of Afreximbank commented The facility agreed between Afreximbank and ITFC will allow us to scale up our impactful interventions in African trade finance as well as our continent s response to the COVID pandemic 19 Africa s long term economic growth must look outward as well as intracontinental and today s agreement reflects the desire of the leaders of Arab and African trade finance institutions to increase our collaboration Ing ITFC CEO Hani Salem Sonbol said ITFC and Afreximbank through this facility mark another important milestone in our mutual mandate to support the recovery of our member countries especially in Africa The delivery of vaccines to the continent is a prerequisite for saving African lives and livelihoods safely reopening economies and resuming their economic development agenda It should be mentioned that the ITFC and Afreximbank partnership started in 2017 with the signing of the first trade finance agreement with the aim of facilitating and financing exports between African countries and between Africa and the rest of the world In 2020 ITFC and Afreximbank expanded their cooperation with another funding facility under the COVID 19 response program to support the agricultural sector in Africa The two institutions collaborate on various projects within the framework of the Arab Africa Trade Bridges AATB program Afreximbank will chair the 7th AATB Executive Committee meeting scheduled for December 5 2021 in Cairo in preparation for the AATB Ministerial Board of Directors to be held on December 6 7 2021 under the chairmanship of the Arab Republic of Egypt
    Afreximbank and the International Islamic Trade Finance Corporation (ITFC) ratify $ 250 million financing facility to support Africa
      ITFC and Afreximbank through this facility mark a new step in our mutual mandate to support the recovery of our member countries especially in Africa JEDDAH Kingdom of Saudi Arabia November 10 2021 APO Group The African Import Export Bank Afreximbank and the International Islamic Trade Finance Corporation ITFC ITFC idb org signed a 250 million facility to provide funds to the Bank to advance the purchase of COVID 19 vaccines and stimulate trade based on economic recovery The agreement was signed between Prof Benedict Oramah Chairman of Afreximbank and Eng ITFC CEO Hani Salem Sonbol during the official visit of Professor Oramah and the Afreximbank delegation to ITFC headquarters in Jeddah The installation of the ITFC will help advance Afreximbank s COVID 19 response program for the countries in which the two organizations operate securing goods vital to the health of local populations and enabling a faster return to the economic activity The facility will also strengthen the Bank s capacity to provide trade finance resources at a critical time for the continent s export development and industrialization The agreement expands Afreximbank s cooperation with ITFC the leading provider of trade solutions for OIC member countries the two organizations working to promote trade cooperation and demonstrate the benefits of South South cooperation Improving regional trade cooperation and strengthening trade between African and Arab countries promises significant economic opportunities and remains a strategic objective of both parties The facility considerably facilitates the execution of strategic interventions by Afreximbank It will promote employment increase economic activity and increase tax revenues by stimulating economic dynamism Prof Benedict Oramah President of Afreximbank commented The facility agreed between Afreximbank and ITFC will allow us to scale up our impactful interventions in African trade finance as well as our continent s response to the COVID pandemic 19 Africa s long term economic growth must look outward as well as intracontinental and today s agreement reflects the desire of the leaders of Arab and African trade finance institutions to increase our collaboration Ing ITFC CEO Hani Salem Sonbol said ITFC and Afreximbank through this facility mark another important milestone in our mutual mandate to support the recovery of our member countries especially in Africa The delivery of vaccines to the continent is a prerequisite for saving African lives and livelihoods safely reopening economies and resuming their economic development agenda It should be mentioned that the ITFC and Afreximbank partnership started in 2017 with the signing of the first trade finance agreement with the aim of facilitating and financing exports between African countries and between Africa and the rest of the world In 2020 ITFC and Afreximbank expanded their cooperation with another funding facility under the COVID 19 response program to support the agricultural sector in Africa The two institutions collaborate on various projects within the framework of the Arab Africa Trade Bridges AATB program Afreximbank will chair the 7th AATB Executive Committee meeting scheduled for December 5 2021 in Cairo in preparation for the AATB Ministerial Board of Directors to be held on December 6 7 2021 under the chairmanship of the Arab Republic of Egypt
    Afreximbank and the International Islamic Trade Finance Corporation (ITFC) ratify $ 250 million financing facility to support Africa
    Africa1 year ago

    Afreximbank and the International Islamic Trade Finance Corporation (ITFC) ratify $ 250 million financing facility to support Africa

    ITFC and Afreximbank, through this facility, mark a new step in our mutual mandate to support the recovery of our member countries, especially in Africa.

    JEDDAH, Kingdom of Saudi Arabia, November 10, 2021 / APO Group / -

    The African Import-Export Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org), signed a $ 250 million facility to provide funds to the Bank to advance the purchase of COVID-19 vaccines and stimulate trade -based on economic recovery. The agreement was signed between Prof. Benedict Oramah, Chairman of Afreximbank, and Eng. ITFC CEO Hani Salem Sonbol during the official visit of Professor Oramah and the Afreximbank delegation to ITFC headquarters in Jeddah.

    The installation of the ITFC will help advance Afreximbank's COVID-19 response program for the countries in which the two organizations operate, securing goods vital to the health of local populations and enabling a faster return to the economic activity. The facility will also strengthen the Bank's capacity to provide trade finance resources at a critical time for the continent's export development and industrialization.

    The agreement expands Afreximbank's cooperation with ITFC, the leading provider of trade solutions for OIC member countries, the two organizations working to promote trade cooperation and demonstrate the benefits of South-South cooperation. Improving regional trade cooperation and strengthening trade between African and Arab countries promises significant economic opportunities and remains a strategic objective of both parties.

    The facility considerably facilitates the execution of strategic interventions by Afreximbank. It will promote employment, increase economic activity and increase tax revenues by stimulating economic dynamism.

    Prof Benedict Oramah, President of Afreximbank, commented: “The facility agreed between Afreximbank and ITFC will allow us to scale up our impactful interventions in African trade finance as well as our continent's response to the COVID pandemic- 19. Africa's long-term economic growth must look outward as well as intracontinental, and today's agreement reflects the desire of the leaders of Arab and African trade finance institutions to increase our collaboration.

    Ing. ITFC CEO Hani Salem Sonbol said: “ITFC and Afreximbank, through this facility, mark another important milestone in our mutual mandate to support the recovery of our member countries, especially in Africa. The delivery of vaccines to the continent is a prerequisite for saving African lives and livelihoods, safely reopening economies and resuming their economic development agenda. "

    It should be mentioned that the ITFC and Afreximbank partnership started in 2017 with the signing of the first trade finance agreement with the aim of facilitating and financing exports between African countries and between Africa and the rest of the world. In 2020, ITFC and Afreximbank expanded their cooperation with another funding facility under the COVID-19 response program to support the agricultural sector in Africa. The two institutions collaborate on various projects within the framework of the Arab Africa Trade Bridges (AATB) program. Afreximbank will chair the 7th AATB Executive Committee meeting scheduled for December 5, 2021 in Cairo, in preparation for the AATB Ministerial Board of Directors to be held on December 6-7, 2021 under the chairmanship of the Arab Republic of Egypt.

  •   Trade is the main engine of economic growth promotion of development and attraction of investments and is a vector of support and development of relations between countries JEDDAH Kingdom of Saudi Arabia October 28 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org today launched the second phase of the Aid for Trade Initiative for the Arab States AfTIAS 2 0 at the Bank Group Headquarters Islamic Development Center IDB in Jeddah Kingdom of Saudi Arabia The main objective of AfTIAS 2 0 which will be implemented over five years is to improve the international business environment in the Arab region and make it more efficient and inclusive to create employment opportunities and contribute to sustainable development in the region The program also aims to facilitate access to foreign markets remove restrictions on the supply of goods and services and improve the business inclusion of women youth and disadvantaged groups who have recently suffered from the effects of the Covid 19 pandemic The launch ceremony was marked by the signing of grant agreements with the Islamic Republic of Mauritania and the Arab Organization for Agricultural Development AOAD through which each of them donated 1 million to the program The agreements were signed by Ing Hani Salem Sonbol Chief Executive Officer of ITFC and Chairman of the Board of Directors of AfTIAS on behalf of AfTIAS and HE Prof Ibrahim El Dukheri Director General of AOAD and Mr Mohammed Lamine Ould Dahbi on behalf of AOAD and Mauritania respectively On this occasion Ing Hani Salem Sonbol expressed the gratitude of the IDB Group for the support this initiative has received from Arab leaders reflected in the resolution adopted at the 4th Arab Economic Summit held in Beirut in January 2019 which invited ITFC to prepare and launch the second phase of the AfTIAS program in cooperation with the League of Arab States and its Member States Ing Sonbol also expressed his sincere thanks and gratitude to the Secretary General of the League of Arab States HE Mr Ahmed Aboul Gheit for his personal support to the IsDB Group for the implementation of this resolution and for ensuring the appropriate conditions for a launch of AfTIAS 2 0 He also thanked the donors who responded to the Arab Summit resolution and provided financial support to AfTIAS 2 0 including Mauritania AOAD Saudi Arabia Egypt Algeria the Africa Development Fund commerce IDB and ITFC In the second phase of the AfTIAS program Arab countries look forward to projects that will help them achieve the following goals Trade development and competitiveness Solve the problems related to the removal of non tariff barriers the promotion of regional trade the promotion of institutional innovation and the increase of technical readiness for action in the region as well as supporting access to trade finance Support for inclusion focus on low income groups empower women and increase youth participation in commerce Regional investment By preparing documentation for projects on tradable infrastructure South South Cooperation IsDB Reverse Link Mechanism to support and build the capacity of government agencies non governmental organizations chambers of commerce and others Research and investigation Support NGOs and provide information necessary for decision making on the Program AfTIAS 2 0 will also provide a platform for economic recovery to address the medium and long term effects of the COVID 19 pandemic on trade in the Arab region with a focus on unemployment issues new barriers trade difficulties in engaging in regional value chains scarcity of investment finance and the digitization of trade In a recorded statement HE Dr Muhammad Al Jasser Chairman of IsDB Group said The Islamic Development Bank Group views the AfTIAS 2 0 program with great optimism and hope With its new phase the program aspires to meet the needs of Arab countries facing the impact of the COVID 19 pandemic In his speech the CEO of ITFC underlined the importance of the initiative saying Our meeting today is the culmination of more than two years of preparation starting with the design of the AfTIAS program 2 0 and its unanimous approval by all parties He added Trade is the main engine of economic growth promotion of development and investment attraction and is a vehicle for sustaining and developing relations between countries Therefore through AfTIAS 2 0 we are calling for a joint action plan to support the development goals of Arab countries and help them recover from the impact of the pandemic This is possible thanks to our partners inside and outside the Arab region whom we invite to join this important program Dr Kamal Hassan Ali Assistant Secretary General for Economic Affairs of the League of Arab States on behalf of HE the Secretary General of the League of Arab States said AfTIAS 2 0 is aligned with the main objective of the League States which should increase economic integration among Arab countries and improve income levels reduce poverty and unemployment and make Arab economies more resilient to economic turmoil He also added that the second phase provides a new platform and a practical strategy to unleash the potential and resources that the region possesses and is working to meet the challenges imposed by the pandemic It should be noted that ITFC oversaw the execution of the first phase of the AfTIAS program between 2013 and 2018 with the aim of supporting trade in the Arab region During the first phase of this program 28 projects were implemented for the benefit of 19 Arab countries In early 2019 the IsDB Group responded to the request of HE the Secretary General of the League of Arab States to implement the decision of the Arab Economic Summit held in Beirut in 2019 which called the ITFC on behalf of the Group of the IsDB prepare and launch the second phase of the AfTIAS program in cooperation with the League of Arab States and its Member States Based on this mandate between 2019 and 2020 ITFC prepared and approved AfTIAS 2 0 with the aim of creating an enabling environment for international trade in the Arab region to make it more inclusive and effective in contributing to the job creation and the achievement of sustainable development
    As part of the launch of the second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program: US $ 15.5 million to support economic integration and job creation in Arab countries
      Trade is the main engine of economic growth promotion of development and attraction of investments and is a vector of support and development of relations between countries JEDDAH Kingdom of Saudi Arabia October 28 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org today launched the second phase of the Aid for Trade Initiative for the Arab States AfTIAS 2 0 at the Bank Group Headquarters Islamic Development Center IDB in Jeddah Kingdom of Saudi Arabia The main objective of AfTIAS 2 0 which will be implemented over five years is to improve the international business environment in the Arab region and make it more efficient and inclusive to create employment opportunities and contribute to sustainable development in the region The program also aims to facilitate access to foreign markets remove restrictions on the supply of goods and services and improve the business inclusion of women youth and disadvantaged groups who have recently suffered from the effects of the Covid 19 pandemic The launch ceremony was marked by the signing of grant agreements with the Islamic Republic of Mauritania and the Arab Organization for Agricultural Development AOAD through which each of them donated 1 million to the program The agreements were signed by Ing Hani Salem Sonbol Chief Executive Officer of ITFC and Chairman of the Board of Directors of AfTIAS on behalf of AfTIAS and HE Prof Ibrahim El Dukheri Director General of AOAD and Mr Mohammed Lamine Ould Dahbi on behalf of AOAD and Mauritania respectively On this occasion Ing Hani Salem Sonbol expressed the gratitude of the IDB Group for the support this initiative has received from Arab leaders reflected in the resolution adopted at the 4th Arab Economic Summit held in Beirut in January 2019 which invited ITFC to prepare and launch the second phase of the AfTIAS program in cooperation with the League of Arab States and its Member States Ing Sonbol also expressed his sincere thanks and gratitude to the Secretary General of the League of Arab States HE Mr Ahmed Aboul Gheit for his personal support to the IsDB Group for the implementation of this resolution and for ensuring the appropriate conditions for a launch of AfTIAS 2 0 He also thanked the donors who responded to the Arab Summit resolution and provided financial support to AfTIAS 2 0 including Mauritania AOAD Saudi Arabia Egypt Algeria the Africa Development Fund commerce IDB and ITFC In the second phase of the AfTIAS program Arab countries look forward to projects that will help them achieve the following goals Trade development and competitiveness Solve the problems related to the removal of non tariff barriers the promotion of regional trade the promotion of institutional innovation and the increase of technical readiness for action in the region as well as supporting access to trade finance Support for inclusion focus on low income groups empower women and increase youth participation in commerce Regional investment By preparing documentation for projects on tradable infrastructure South South Cooperation IsDB Reverse Link Mechanism to support and build the capacity of government agencies non governmental organizations chambers of commerce and others Research and investigation Support NGOs and provide information necessary for decision making on the Program AfTIAS 2 0 will also provide a platform for economic recovery to address the medium and long term effects of the COVID 19 pandemic on trade in the Arab region with a focus on unemployment issues new barriers trade difficulties in engaging in regional value chains scarcity of investment finance and the digitization of trade In a recorded statement HE Dr Muhammad Al Jasser Chairman of IsDB Group said The Islamic Development Bank Group views the AfTIAS 2 0 program with great optimism and hope With its new phase the program aspires to meet the needs of Arab countries facing the impact of the COVID 19 pandemic In his speech the CEO of ITFC underlined the importance of the initiative saying Our meeting today is the culmination of more than two years of preparation starting with the design of the AfTIAS program 2 0 and its unanimous approval by all parties He added Trade is the main engine of economic growth promotion of development and investment attraction and is a vehicle for sustaining and developing relations between countries Therefore through AfTIAS 2 0 we are calling for a joint action plan to support the development goals of Arab countries and help them recover from the impact of the pandemic This is possible thanks to our partners inside and outside the Arab region whom we invite to join this important program Dr Kamal Hassan Ali Assistant Secretary General for Economic Affairs of the League of Arab States on behalf of HE the Secretary General of the League of Arab States said AfTIAS 2 0 is aligned with the main objective of the League States which should increase economic integration among Arab countries and improve income levels reduce poverty and unemployment and make Arab economies more resilient to economic turmoil He also added that the second phase provides a new platform and a practical strategy to unleash the potential and resources that the region possesses and is working to meet the challenges imposed by the pandemic It should be noted that ITFC oversaw the execution of the first phase of the AfTIAS program between 2013 and 2018 with the aim of supporting trade in the Arab region During the first phase of this program 28 projects were implemented for the benefit of 19 Arab countries In early 2019 the IsDB Group responded to the request of HE the Secretary General of the League of Arab States to implement the decision of the Arab Economic Summit held in Beirut in 2019 which called the ITFC on behalf of the Group of the IsDB prepare and launch the second phase of the AfTIAS program in cooperation with the League of Arab States and its Member States Based on this mandate between 2019 and 2020 ITFC prepared and approved AfTIAS 2 0 with the aim of creating an enabling environment for international trade in the Arab region to make it more inclusive and effective in contributing to the job creation and the achievement of sustainable development
    As part of the launch of the second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program: US $ 15.5 million to support economic integration and job creation in Arab countries
    Africa1 year ago

    As part of the launch of the second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program: US $ 15.5 million to support economic integration and job creation in Arab countries

    Trade is the main engine of economic growth, promotion of development and attraction of investments, and is a vector of support and development of relations between countries

    JEDDAH, Kingdom of Saudi Arabia, October 28, 2021 / APO Group / -

    The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org) today launched the second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) at the Bank Group Headquarters Islamic Development Center (IDB) in Jeddah, Kingdom of Saudi Arabia.

    The main objective of AfTIAS 2.0, which will be implemented over five years, is to improve the international business environment in the Arab region and make it more efficient and inclusive, to create employment opportunities. and contribute to sustainable development in the region. The program also aims to facilitate access to foreign markets, remove restrictions on the supply of goods and services and improve the business inclusion of women, youth and disadvantaged groups, who have recently suffered from the effects of the Covid-19 pandemic.

    The launch ceremony was marked by the signing of grant agreements with the Islamic Republic of Mauritania and the Arab Organization for Agricultural Development (AOAD), through which each of them donated $ 1 million to the program. The agreements were signed by Ing. Hani Salem Sonbol, Chief Executive Officer of ITFC and Chairman of the Board of Directors of AfTIAS, on behalf of AfTIAS, and HE Prof. Ibrahim El Dukheri, Director General of AOAD, and Mr. Mohammed Lamine Ould Dahbi, on behalf of AOAD and Mauritania, respectively. On this occasion, Ing. Hani Salem Sonbol expressed the gratitude of the IDB Group for the support this initiative has received from Arab leaders, reflected in the resolution adopted at the 4th Arab Economic Summit, held in Beirut in January 2019, which invited ITFC to prepare and launch the second phase of the AfTIAS program, in cooperation with the League of Arab States and its Member States.

    Ing. Sonbol also expressed his sincere thanks and gratitude to the Secretary General of the League of Arab States, HE Mr. Ahmed Aboul Gheit, for his personal support to the IsDB Group for the implementation of this resolution and for ensuring the appropriate conditions for a launch of AfTIAS 2.0. He also thanked the donors who responded to the Arab Summit resolution and provided financial support to AfTIAS 2.0, including Mauritania, AOAD, Saudi Arabia, Egypt, Algeria, the Africa Development Fund. commerce, IDB and ITFC.

    In the second phase of the AfTIAS program, Arab countries look forward to projects that will help them achieve the following goals:

    Trade development and competitiveness: Solve the problems related to the removal of non-tariff barriers, the promotion of regional trade, the promotion of institutional innovation and the increase of technical readiness for action in the region, as well as supporting access to trade finance; Support for inclusion: focus on low income groups, empower women and increase youth participation in commerce; Regional investment: By preparing documentation for projects on tradable infrastructure; South-South Cooperation (IsDB Reverse Link Mechanism) to support and build the capacity of government agencies, non-governmental organizations, chambers of commerce and others. Research and investigation: Support NGOs and provide information necessary for decision-making on the Program.

    AfTIAS 2.0 will also provide a platform for economic recovery to address the medium and long term effects of the COVID-19 pandemic on trade in the Arab region, with a focus on unemployment issues, new barriers trade, difficulties in engaging in regional value chains, scarcity of investment finance and the digitization of trade.

    In a recorded statement, HE Dr. Muhammad Al Jasser, Chairman of IsDB Group, said: “The Islamic Development Bank Group views the AfTIAS 2.0 program with great optimism and hope. With its new phase, the program aspires to meet the needs of Arab countries facing the impact of the COVID-19 pandemic ”.

    In his speech, the CEO of ITFC underlined the importance of the initiative, saying: “Our meeting today is the culmination of more than two years of preparation, starting with the design of the AfTIAS program. 2.0 and its unanimous approval by all parties. He added, “Trade is the main engine of economic growth, promotion of development and investment attraction, and is a vehicle for sustaining and developing relations between countries. Therefore, through AfTIAS 2.0, we are calling for a joint action plan to support the development goals of Arab countries and help them recover from the impact of the pandemic. This is possible thanks to our partners inside and outside the Arab region, whom we invite to join this important program. "

    Dr. Kamal Hassan Ali, Assistant Secretary General for Economic Affairs of the League of Arab States, on behalf of HE the Secretary General of the League of Arab States, said: “AfTIAS 2.0 is aligned with the main objective of the League. States, which should increase economic integration among Arab countries and improve income levels - reduce poverty and unemployment and make Arab economies more resilient to economic turmoil. He also added that "the second phase provides a new platform and a practical strategy to unleash the potential and resources that the region possesses and is working to meet the challenges imposed by the pandemic."

    It should be noted that ITFC oversaw the execution of the first phase of the AfTIAS program between 2013 and 2018, with the aim of supporting trade in the Arab region. During the first phase of this program, 28 projects were implemented for the benefit of 19 Arab countries.

    In early 2019, the IsDB Group responded to the request of HE the Secretary General of the League of Arab States to implement the decision of the Arab Economic Summit held in Beirut in 2019, which called the ITFC on behalf of the Group. of the IsDB. prepare and launch the second phase of the AfTIAS program, in cooperation with the League of Arab States and its Member States. Based on this mandate, between 2019 and 2020, ITFC prepared and approved AfTIAS 2.0, with the aim of creating an enabling environment for international trade in the Arab region to make it more inclusive and effective in contributing to the job creation and the achievement of sustainable development. .

  •   ITFC subscribes to the Sustainable Development Goals and works to help member countries achieve them DAKAR Senegal October 20 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org has approved Murabaha funding of 100 million euros to SENELEC National Electricity Company of Senegal The strategic mandate of the company is to ensure the production transmission and distribution of electricity in Senegal This approval reflects ITFC s commitment to supporting the availability and affordability of electricity in member countries The facility is intended to cover nearly 20 of SENELEC s financing needs for the purchase of refined petroleum products directly impacting the production transmission and distribution of electrical energy throughout the country The operation supports the efforts of the Senegalese government to ensure constant availability of electricity and provide the energy necessary for the development of all economic sectors while contributing to SDG 7 Affordable energy and SDG 8 Decent work and economic growth Commenting on the signature Eng ITFC CEO Hani Salem Sonbol said ITFC is committed to the Sustainable Development Goals and works to help member countries achieve them On a related note we believe that access to electricity is crucial for individuals and businesses especially for a post covid global economic recovery and we consider this new funding being made available to the SENELEC as our contribution to the satisfaction of such a crucial need We have had a very good partnership with Senegal since our inception and we look forward to supporting the country in its quest for economic growth and development This 100 million Murabaha funding will help meet the growing demand for electricity improve the reliability of electricity supply reduce losses and expand access to previously unserved communities
    The International Islamic Trade Finance Company (ITFC) signs a 100 million euros Murabaha financing agreement with SENELEC, dedicated to supporting Senegal’s energy sector
      ITFC subscribes to the Sustainable Development Goals and works to help member countries achieve them DAKAR Senegal October 20 2021 APO Group The International Islamic Trade Finance Corporation ITFC ITFC idb org has approved Murabaha funding of 100 million euros to SENELEC National Electricity Company of Senegal The strategic mandate of the company is to ensure the production transmission and distribution of electricity in Senegal This approval reflects ITFC s commitment to supporting the availability and affordability of electricity in member countries The facility is intended to cover nearly 20 of SENELEC s financing needs for the purchase of refined petroleum products directly impacting the production transmission and distribution of electrical energy throughout the country The operation supports the efforts of the Senegalese government to ensure constant availability of electricity and provide the energy necessary for the development of all economic sectors while contributing to SDG 7 Affordable energy and SDG 8 Decent work and economic growth Commenting on the signature Eng ITFC CEO Hani Salem Sonbol said ITFC is committed to the Sustainable Development Goals and works to help member countries achieve them On a related note we believe that access to electricity is crucial for individuals and businesses especially for a post covid global economic recovery and we consider this new funding being made available to the SENELEC as our contribution to the satisfaction of such a crucial need We have had a very good partnership with Senegal since our inception and we look forward to supporting the country in its quest for economic growth and development This 100 million Murabaha funding will help meet the growing demand for electricity improve the reliability of electricity supply reduce losses and expand access to previously unserved communities
    The International Islamic Trade Finance Company (ITFC) signs a 100 million euros Murabaha financing agreement with SENELEC, dedicated to supporting Senegal’s energy sector
    Africa1 year ago

    The International Islamic Trade Finance Company (ITFC) signs a 100 million euros Murabaha financing agreement with SENELEC, dedicated to supporting Senegal’s energy sector

    ITFC subscribes to the Sustainable Development Goals and works to help member countries achieve them

    DAKAR, Senegal, October 20, 2021 / APO Group / -

    The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org) has approved Murabaha funding of 100 million euros to SENELEC (National Electricity Company of Senegal). The strategic mandate of the company is to ensure the production, transmission and distribution of electricity in Senegal. This approval reflects ITFC's commitment to supporting the availability and affordability of electricity in member countries.

    The facility is intended to cover nearly 20% of SENELEC's financing needs for the purchase of refined petroleum products, directly impacting the production, transmission and distribution of electrical energy throughout the country. The operation supports the efforts of the Senegalese government to ensure constant availability of electricity and provide the energy necessary for the development of all economic sectors while contributing to SDG 7 “Affordable energy” and SDG 8 “Decent work and economic growth”.

    Commenting on the signature, Eng. ITFC CEO Hani Salem Sonbol said: “ITFC is committed to the Sustainable Development Goals and works to help member countries achieve them. On a related note, we believe that access to electricity is crucial for individuals and businesses, especially for a post-covid global economic recovery, and we consider this new funding being made available to the SENELEC as our contribution to the satisfaction of such a crucial need. We have had a very good partnership with Senegal since our inception and we look forward to supporting the country in its quest for economic growth and development.

    This € 100 million Murabaha funding will help meet the growing demand for electricity, improve the reliability of electricity supply, reduce losses and expand access to previously unserved communities.

  •   I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners JEDDAH Kingdom of Saudi Arabia October 5 2021 APO Group The Global Banking Finance Review reported that ITFC CEO https ITFC idb org Eng Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking Finance Awards The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones Since its inception in 2011 the Global Banking Finance Awards have reflected innovation achievement strategy gradual and inspiring changes taking place within the global financial community The well known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world Commenting on the achievement Ing Sonbol said I am honored to have won such prestigious awards among our industry peers I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year even in the midst of a global pandemic Since his appointment in 2016 Eng Sonbol oversaw ITFC s strategic positioning on global trade finance in the African Asian and Arab regions and the strengthening of the institution s role on flagship programs such as the Arab Africa Trade Bridges AATB program and the Aid for Trade Initiative for Arab States AfTIAS ITFC a member of the Islamic Development Bank Group IDB has been since its inception in 2008 one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation OCI and has been at the forefront of trade finance and support for economic recovery during the pandemic Ing Sonbol s leadership before and during the crisis that accompanied the Covid 19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves
    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®
      I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners JEDDAH Kingdom of Saudi Arabia October 5 2021 APO Group The Global Banking Finance Review reported that ITFC CEO https ITFC idb org Eng Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking Finance Awards The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones Since its inception in 2011 the Global Banking Finance Awards have reflected innovation achievement strategy gradual and inspiring changes taking place within the global financial community The well known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world Commenting on the achievement Ing Sonbol said I am honored to have won such prestigious awards among our industry peers I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year even in the midst of a global pandemic Since his appointment in 2016 Eng Sonbol oversaw ITFC s strategic positioning on global trade finance in the African Asian and Arab regions and the strengthening of the institution s role on flagship programs such as the Arab Africa Trade Bridges AATB program and the Aid for Trade Initiative for Arab States AfTIAS ITFC a member of the Islamic Development Bank Group IDB has been since its inception in 2008 one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation OCI and has been at the forefront of trade finance and support for economic recovery during the pandemic Ing Sonbol s leadership before and during the crisis that accompanied the Covid 19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves
    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®
    Africa1 year ago

    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®

    I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners

    JEDDAH, Kingdom of Saudi Arabia, October 5, 2021 / APO Group / -

    The Global Banking & Finance Review reported that ITFC CEO (https://ITFC-idb.org), Eng. Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking & Finance Awards. The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones.

    Since its inception in 2011, the Global Banking & Finance Awards® have reflected innovation, achievement, strategy, gradual and inspiring changes taking place within the global financial community. The well-known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world.

    Commenting on the achievement, Ing. Sonbol said, “I am honored to have won such prestigious awards among our industry peers. I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year, even in the midst of a global pandemic. "

    Since his appointment in 2016, Eng. Sonbol oversaw ITFC's strategic positioning on global trade finance in the African, Asian and Arab regions and the strengthening of the institution's role on flagship programs such as the Arab Africa Trade Bridges (AATB) program and the 'Aid for Trade Initiative for Arab States (AfTIAS).

    ITFC, a member of the Islamic Development Bank Group (IDB), has been since its inception in 2008, one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation ( OCI) and has been at the forefront of trade finance and support for economic recovery during the pandemic. Ing. Sonbol's leadership before and during the crisis that accompanied the Covid-19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves.

  •   I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners JEDDAH Kingdom of Saudi Arabia October 5 2021 APO Group The Global Banking Finance Review reported that ITFC CEO https ITFC idb org Eng Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking Finance Awards The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones Since its inception in 2011 the Global Banking Finance Awards have reflected innovation achievement strategy gradual and inspiring changes taking place within the global financial community The well known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world Commenting on the achievement Ing Sonbol said I am honored to have won such prestigious awards among our industry peers I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year even in the midst of a global pandemic Since his appointment in 2016 Eng Sonbol oversaw ITFC s strategic positioning on global trade finance in the African Asian and Arab regions and the strengthening of the institution s role on flagship programs such as the Arab Africa Trade Bridges AATB program and the Aid for Trade Initiative for Arab States AfTIAS ITFC a member of the Islamic Development Bank Group IDB has been since its inception in 2008 one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation OCI and has been at the forefront of trade finance and support for economic recovery during the pandemic Ing Sonbol s leadership before and during the crisis that accompanied the Covid 19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves
    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®
      I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners JEDDAH Kingdom of Saudi Arabia October 5 2021 APO Group The Global Banking Finance Review reported that ITFC CEO https ITFC idb org Eng Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking Finance Awards The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones Since its inception in 2011 the Global Banking Finance Awards have reflected innovation achievement strategy gradual and inspiring changes taking place within the global financial community The well known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world Commenting on the achievement Ing Sonbol said I am honored to have won such prestigious awards among our industry peers I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year even in the midst of a global pandemic Since his appointment in 2016 Eng Sonbol oversaw ITFC s strategic positioning on global trade finance in the African Asian and Arab regions and the strengthening of the institution s role on flagship programs such as the Arab Africa Trade Bridges AATB program and the Aid for Trade Initiative for Arab States AfTIAS ITFC a member of the Islamic Development Bank Group IDB has been since its inception in 2008 one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation OCI and has been at the forefront of trade finance and support for economic recovery during the pandemic Ing Sonbol s leadership before and during the crisis that accompanied the Covid 19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves
    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®
    Africa1 year ago

    Ing. ITFC CEO Hani Salem Sonbol was named CEO of the Year for Islamic Trade Finance Saudi Arabia 2021 and CEO of the Year for Islamic Trade Finance in the Middle East at the 2021 Global Banking & Finance Awards®

    I dedicate this award to my team at ITFC who played a big role in this achievement and to our partners

    JEDDAH, Kingdom of Saudi Arabia, October 5, 2021 / APO Group / -

    The Global Banking & Finance Review reported that ITFC CEO (https://ITFC-idb.org), Eng. Hani Salem Sonbol as winner of the Islamic Trade Finance CEO of the Year Saudi Arabia and Islamic Trade Finance CEO of the Year Middle East categories at the 2021 Global Banking & Finance Awards. The awards program recognizes the work and achievements of players in the global banking and finance industry and celebrates their remarkable milestones.

    Since its inception in 2011, the Global Banking & Finance Awards® have reflected innovation, achievement, strategy, gradual and inspiring changes taking place within the global financial community. The well-known awards were created to recognize companies of all sizes who are leading areas of expertise and excellence in the financial world.

    Commenting on the achievement, Ing. Sonbol said, “I am honored to have won such prestigious awards among our industry peers. I dedicate this award to my team at ITFC who played an important role in this achievement and to our partners who have shown strong resilience and confidence in our ability to deliver more this year, even in the midst of a global pandemic. "

    Since his appointment in 2016, Eng. Sonbol oversaw ITFC's strategic positioning on global trade finance in the African, Asian and Arab regions and the strengthening of the institution's role on flagship programs such as the Arab Africa Trade Bridges (AATB) program and the 'Aid for Trade Initiative for Arab States (AfTIAS).

    ITFC, a member of the Islamic Development Bank Group (IDB), has been since its inception in 2008, one of the most important global facilitators of trade and finance in member states of the Organization of Islamic Cooperation ( OCI) and has been at the forefront of trade finance and support for economic recovery during the pandemic. Ing. Sonbol's leadership before and during the crisis that accompanied the Covid-19 pandemic has been a catalytic force for the organization and its partners in the many regions it serves.

  •   The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity JEDDAH Kingdom of Saudi Arabia September 16 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank IsDB Group has signed ten major Trade Financing Agreements worth more than US 1 2 Billion and Trade Development Agreements with its member countries from Asia and Africa at the 46th IsDB Annual Meeting of the IsDB Group held in Tashkent Uzbekistan earlier this month Furthermore the framework agreements which provide public and private sector financing as well as Trade Related Technical Assistance programs for export development and SME development initiatives target high growth industries including agricultural and energy and support the purchase of critical medical supplies ITFC CEO Eng Hani Salem Sonbol commented We are proud to have signed 10 trade financing and the trade development agreements at the 46th IsDB Annual Meeting The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity This significant milestone also reaffirms the mutual trust between our member countries throughout CIS and Africa regions and the ITFC teams Furthermore ITFC is dedicated to support economic growth among OIC member countries especially during the challenging times of the COVID 19 pandemic period Financing Agreements Signing of an Addendum to the US 1 5 billion Framework Agreement between ITFC amp Burkina Faso A 5 Year US 1 5 billion Framework Agreement between ITFC and the Government of Burkina Faso was initially signed in October 2018 to set the key areas of cooperation Following the global crisis linked to COVID 19 ITFC CEO and H E Lassane Kabore Minister of Economy Finance amp Development of Burkina Faso signed an Addendum to the revised Framework Agreement ITFC will contribute to finance priority projects in Burkina Faso in the agriculture sector health sector and the private sector including but not limited to export of agricultural commodities and import of energy commodities such as refined petroleum products provision of financing to secure the import of medicines and health equipment and the implementation of technical assistance programs for strategic sectors of the national economy Signing of a 3 Year EUR 330 million Framework Agreement between ITFC and The Union of Comoros To reinforce the cooperation between ITFC and the Union of Comoros ITFC CEO and the Alternate Governor for Union of Comoros H E Mr Fouady Goulame signed a EUR 330 million 3 year Framework Agreement to support the country s food and energy security with the importation of strategic commodities such as petroleum products rice and other foodstuff in line with Comoros s strategic requirements The Agreement will also provide health sector support and SME financing support and offer technical assistance projects to support the country s national development goals Signing of several Murabaha Agreements under the action plan for 2021 between ITFC and Mauritania Mohamed Lemine Ould Dehbi Minister of Finance Mauritania along with ITFC CEO signed a Murabaha Trade Financing Agreement to support the health sector of the country As part of this agreement ITFC will provide US 10 million to CAMEC the government entity in charge of distributing medicine in the public sector and a further US 20 million to SNIM the second largest African producer of iron ore and a major player in the country s economy A renewal of the facility with SOMELEC a state owned company with responsibility to ensure energy security in the country production of electricity was also signed to support the national development goals in the energy sector Amendment to Framework Agreement with Uzbekistan A US 500 million Agreement was signed between ITFC and the Republic of Uzbekistan in 2019 The purpose of the Amendment is to expand the cooperation by including new areas extend the validity of the Agreement by an additional one year make clarifications in the existing text and most importantly to increase the tenor of financing from 12 months to 24 months This extension will enable ITFC to better serve the financing needs of the Government entities and the private sector in Uzbekistan This was signed by Mr Shukhrat Vafaev Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan IsDB Alternate Governor Murabaha Agreements under the US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in 2019 to support SMEs with the recovery from the negative impact of COVID 19 pandemic part of the IsDB 3R Programme Trustbank Signing of US 15 million Line of Trade Finance Agreement between ITFC and Private Joint Stock Bank Trustbank Eng Hani Salem Sonbol CEO ITFC and Mr Sardor Normukhamedov Chairman of Management Board signed a Murabaha of US 15 million facility to meet the trade finance needs of private sector and SME clients of Trustbank Trustbank is an existing partner who is signing the third financing facility in Uzbekistan making it most active private sector partner of ITFC in Uzbekistan Uzbekistan Integrated Trade Solution Turonbank Signing of US 10 million Line of Trade Financing Terms between ITFC and Joint Stock Commercial Bank Turonbank Uzbekistan ITFC signed a US 10 million Murabaha with Joint Stock Commercial Bank Turonbank to to meet the trade finance needs of private sector and SME clients of the bank Turonbank Technical Assistance Agreement between ITFC and JSCB Turonbank on the building capacity of Turon Bank on IFRS reporting As part of its new strategy to offer integrated solutions for the development of trade for the benefit of its member countries ITFC agreed to provide and support a technical assistance project for the benefit of the bank In this regard ITFC is going to help Turonbank with developing internal capacity for transformation of its financial reporting to IFRS under ITFC s technical assistance Other Agreements Murabaha Trade Financing Amendment to the Agreement between STO Maldives for US 75 million to finance the purchase of fuel and staple food Mr Husen Amru Mohamed Rashad Chief Executive Officer and Managing Director of the State Trading Organization STO and ITFC CEO signed an agreement renewal Through this Agreement ITFC is supporting STO s financing of strategic commodities of petroleum products and staple food imports The financing is critical to nurture the livelihood of the population and support the recovery of the tourism sector for the country s economic growth Grant Agreement of US 50 000 for medical equipment The Government of Bangladesh represented by Ms Fatima Yasmin Secretary of Economic Relations Division ERD Ministry of Finance of People s Republic of Bangladesh and Alternate Governor of IsDB and ITFC CEO signed a Grant Agreement for the provision of five machines for public hospitals in Bangladesh whose facilities are overwhelmed by the surge in COVID 19 patients The Project will strengthen the country s capacity in terms of preparedness and response to the pandemic by providing the appropriate treatment for the critical condition of COVID 19 patients ITFC and the Islamic Food Processing Association Sign MOU Partnership to Extend Financing for Private Entities in Agricultural Sector IFPA CEO Sheikh Bilal Khan and ITFC CEO signed a Memorandum of Understanding with a goal to provide access to finance for SMEs through local banks and to aid private sector companies in the Agri food chain in selected OIC member countries IFPA is one of the strategic initiatives proposed by the Islamic Organization for Food Security during the second General Assembly held in Jeddah Saudi Arabia in August 2019 To enhance food security IFPA is supporting companies in the agri food sector to emerge from the COVID 19 global pandemic by pursuing growth opportunities
    International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US  The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity JEDDAH Kingdom of Saudi Arabia September 16 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank IsDB Group has signed ten major Trade Financing Agreements worth more than US 1 2 Billion and Trade Development Agreements with its member countries from Asia and Africa at the 46th IsDB Annual Meeting of the IsDB Group held in Tashkent Uzbekistan earlier this month Furthermore the framework agreements which provide public and private sector financing as well as Trade Related Technical Assistance programs for export development and SME development initiatives target high growth industries including agricultural and energy and support the purchase of critical medical supplies ITFC CEO Eng Hani Salem Sonbol commented We are proud to have signed 10 trade financing and the trade development agreements at the 46th IsDB Annual Meeting The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity This significant milestone also reaffirms the mutual trust between our member countries throughout CIS and Africa regions and the ITFC teams Furthermore ITFC is dedicated to support economic growth among OIC member countries especially during the challenging times of the COVID 19 pandemic period Financing Agreements Signing of an Addendum to the US 1 5 billion Framework Agreement between ITFC amp Burkina Faso A 5 Year US 1 5 billion Framework Agreement between ITFC and the Government of Burkina Faso was initially signed in October 2018 to set the key areas of cooperation Following the global crisis linked to COVID 19 ITFC CEO and H E Lassane Kabore Minister of Economy Finance amp Development of Burkina Faso signed an Addendum to the revised Framework Agreement ITFC will contribute to finance priority projects in Burkina Faso in the agriculture sector health sector and the private sector including but not limited to export of agricultural commodities and import of energy commodities such as refined petroleum products provision of financing to secure the import of medicines and health equipment and the implementation of technical assistance programs for strategic sectors of the national economy Signing of a 3 Year EUR 330 million Framework Agreement between ITFC and The Union of Comoros To reinforce the cooperation between ITFC and the Union of Comoros ITFC CEO and the Alternate Governor for Union of Comoros H E Mr Fouady Goulame signed a EUR 330 million 3 year Framework Agreement to support the country s food and energy security with the importation of strategic commodities such as petroleum products rice and other foodstuff in line with Comoros s strategic requirements The Agreement will also provide health sector support and SME financing support and offer technical assistance projects to support the country s national development goals Signing of several Murabaha Agreements under the action plan for 2021 between ITFC and Mauritania Mohamed Lemine Ould Dehbi Minister of Finance Mauritania along with ITFC CEO signed a Murabaha Trade Financing Agreement to support the health sector of the country As part of this agreement ITFC will provide US 10 million to CAMEC the government entity in charge of distributing medicine in the public sector and a further US 20 million to SNIM the second largest African producer of iron ore and a major player in the country s economy A renewal of the facility with SOMELEC a state owned company with responsibility to ensure energy security in the country production of electricity was also signed to support the national development goals in the energy sector Amendment to Framework Agreement with Uzbekistan A US 500 million Agreement was signed between ITFC and the Republic of Uzbekistan in 2019 The purpose of the Amendment is to expand the cooperation by including new areas extend the validity of the Agreement by an additional one year make clarifications in the existing text and most importantly to increase the tenor of financing from 12 months to 24 months This extension will enable ITFC to better serve the financing needs of the Government entities and the private sector in Uzbekistan This was signed by Mr Shukhrat Vafaev Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan IsDB Alternate Governor Murabaha Agreements under the US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in 2019 to support SMEs with the recovery from the negative impact of COVID 19 pandemic part of the IsDB 3R Programme Trustbank Signing of US 15 million Line of Trade Finance Agreement between ITFC and Private Joint Stock Bank Trustbank Eng Hani Salem Sonbol CEO ITFC and Mr Sardor Normukhamedov Chairman of Management Board signed a Murabaha of US 15 million facility to meet the trade finance needs of private sector and SME clients of Trustbank Trustbank is an existing partner who is signing the third financing facility in Uzbekistan making it most active private sector partner of ITFC in Uzbekistan Uzbekistan Integrated Trade Solution Turonbank Signing of US 10 million Line of Trade Financing Terms between ITFC and Joint Stock Commercial Bank Turonbank Uzbekistan ITFC signed a US 10 million Murabaha with Joint Stock Commercial Bank Turonbank to to meet the trade finance needs of private sector and SME clients of the bank Turonbank Technical Assistance Agreement between ITFC and JSCB Turonbank on the building capacity of Turon Bank on IFRS reporting As part of its new strategy to offer integrated solutions for the development of trade for the benefit of its member countries ITFC agreed to provide and support a technical assistance project for the benefit of the bank In this regard ITFC is going to help Turonbank with developing internal capacity for transformation of its financial reporting to IFRS under ITFC s technical assistance Other Agreements Murabaha Trade Financing Amendment to the Agreement between STO Maldives for US 75 million to finance the purchase of fuel and staple food Mr Husen Amru Mohamed Rashad Chief Executive Officer and Managing Director of the State Trading Organization STO and ITFC CEO signed an agreement renewal Through this Agreement ITFC is supporting STO s financing of strategic commodities of petroleum products and staple food imports The financing is critical to nurture the livelihood of the population and support the recovery of the tourism sector for the country s economic growth Grant Agreement of US 50 000 for medical equipment The Government of Bangladesh represented by Ms Fatima Yasmin Secretary of Economic Relations Division ERD Ministry of Finance of People s Republic of Bangladesh and Alternate Governor of IsDB and ITFC CEO signed a Grant Agreement for the provision of five machines for public hospitals in Bangladesh whose facilities are overwhelmed by the surge in COVID 19 patients The Project will strengthen the country s capacity in terms of preparedness and response to the pandemic by providing the appropriate treatment for the critical condition of COVID 19 patients ITFC and the Islamic Food Processing Association Sign MOU Partnership to Extend Financing for Private Entities in Agricultural Sector IFPA CEO Sheikh Bilal Khan and ITFC CEO signed a Memorandum of Understanding with a goal to provide access to finance for SMEs through local banks and to aid private sector companies in the Agri food chain in selected OIC member countries IFPA is one of the strategic initiatives proposed by the Islamic Organization for Food Security during the second General Assembly held in Jeddah Saudi Arabia in August 2019 To enhance food security IFPA is supporting companies in the agri food sector to emerge from the COVID 19 global pandemic by pursuing growth opportunities  .2bn
      The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity JEDDAH Kingdom of Saudi Arabia September 16 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank IsDB Group has signed ten major Trade Financing Agreements worth more than US 1 2 Billion and Trade Development Agreements with its member countries from Asia and Africa at the 46th IsDB Annual Meeting of the IsDB Group held in Tashkent Uzbekistan earlier this month Furthermore the framework agreements which provide public and private sector financing as well as Trade Related Technical Assistance programs for export development and SME development initiatives target high growth industries including agricultural and energy and support the purchase of critical medical supplies ITFC CEO Eng Hani Salem Sonbol commented We are proud to have signed 10 trade financing and the trade development agreements at the 46th IsDB Annual Meeting The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity This significant milestone also reaffirms the mutual trust between our member countries throughout CIS and Africa regions and the ITFC teams Furthermore ITFC is dedicated to support economic growth among OIC member countries especially during the challenging times of the COVID 19 pandemic period Financing Agreements Signing of an Addendum to the US 1 5 billion Framework Agreement between ITFC amp Burkina Faso A 5 Year US 1 5 billion Framework Agreement between ITFC and the Government of Burkina Faso was initially signed in October 2018 to set the key areas of cooperation Following the global crisis linked to COVID 19 ITFC CEO and H E Lassane Kabore Minister of Economy Finance amp Development of Burkina Faso signed an Addendum to the revised Framework Agreement ITFC will contribute to finance priority projects in Burkina Faso in the agriculture sector health sector and the private sector including but not limited to export of agricultural commodities and import of energy commodities such as refined petroleum products provision of financing to secure the import of medicines and health equipment and the implementation of technical assistance programs for strategic sectors of the national economy Signing of a 3 Year EUR 330 million Framework Agreement between ITFC and The Union of Comoros To reinforce the cooperation between ITFC and the Union of Comoros ITFC CEO and the Alternate Governor for Union of Comoros H E Mr Fouady Goulame signed a EUR 330 million 3 year Framework Agreement to support the country s food and energy security with the importation of strategic commodities such as petroleum products rice and other foodstuff in line with Comoros s strategic requirements The Agreement will also provide health sector support and SME financing support and offer technical assistance projects to support the country s national development goals Signing of several Murabaha Agreements under the action plan for 2021 between ITFC and Mauritania Mohamed Lemine Ould Dehbi Minister of Finance Mauritania along with ITFC CEO signed a Murabaha Trade Financing Agreement to support the health sector of the country As part of this agreement ITFC will provide US 10 million to CAMEC the government entity in charge of distributing medicine in the public sector and a further US 20 million to SNIM the second largest African producer of iron ore and a major player in the country s economy A renewal of the facility with SOMELEC a state owned company with responsibility to ensure energy security in the country production of electricity was also signed to support the national development goals in the energy sector Amendment to Framework Agreement with Uzbekistan A US 500 million Agreement was signed between ITFC and the Republic of Uzbekistan in 2019 The purpose of the Amendment is to expand the cooperation by including new areas extend the validity of the Agreement by an additional one year make clarifications in the existing text and most importantly to increase the tenor of financing from 12 months to 24 months This extension will enable ITFC to better serve the financing needs of the Government entities and the private sector in Uzbekistan This was signed by Mr Shukhrat Vafaev Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan IsDB Alternate Governor Murabaha Agreements under the US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in 2019 to support SMEs with the recovery from the negative impact of COVID 19 pandemic part of the IsDB 3R Programme Trustbank Signing of US 15 million Line of Trade Finance Agreement between ITFC and Private Joint Stock Bank Trustbank Eng Hani Salem Sonbol CEO ITFC and Mr Sardor Normukhamedov Chairman of Management Board signed a Murabaha of US 15 million facility to meet the trade finance needs of private sector and SME clients of Trustbank Trustbank is an existing partner who is signing the third financing facility in Uzbekistan making it most active private sector partner of ITFC in Uzbekistan Uzbekistan Integrated Trade Solution Turonbank Signing of US 10 million Line of Trade Financing Terms between ITFC and Joint Stock Commercial Bank Turonbank Uzbekistan ITFC signed a US 10 million Murabaha with Joint Stock Commercial Bank Turonbank to to meet the trade finance needs of private sector and SME clients of the bank Turonbank Technical Assistance Agreement between ITFC and JSCB Turonbank on the building capacity of Turon Bank on IFRS reporting As part of its new strategy to offer integrated solutions for the development of trade for the benefit of its member countries ITFC agreed to provide and support a technical assistance project for the benefit of the bank In this regard ITFC is going to help Turonbank with developing internal capacity for transformation of its financial reporting to IFRS under ITFC s technical assistance Other Agreements Murabaha Trade Financing Amendment to the Agreement between STO Maldives for US 75 million to finance the purchase of fuel and staple food Mr Husen Amru Mohamed Rashad Chief Executive Officer and Managing Director of the State Trading Organization STO and ITFC CEO signed an agreement renewal Through this Agreement ITFC is supporting STO s financing of strategic commodities of petroleum products and staple food imports The financing is critical to nurture the livelihood of the population and support the recovery of the tourism sector for the country s economic growth Grant Agreement of US 50 000 for medical equipment The Government of Bangladesh represented by Ms Fatima Yasmin Secretary of Economic Relations Division ERD Ministry of Finance of People s Republic of Bangladesh and Alternate Governor of IsDB and ITFC CEO signed a Grant Agreement for the provision of five machines for public hospitals in Bangladesh whose facilities are overwhelmed by the surge in COVID 19 patients The Project will strengthen the country s capacity in terms of preparedness and response to the pandemic by providing the appropriate treatment for the critical condition of COVID 19 patients ITFC and the Islamic Food Processing Association Sign MOU Partnership to Extend Financing for Private Entities in Agricultural Sector IFPA CEO Sheikh Bilal Khan and ITFC CEO signed a Memorandum of Understanding with a goal to provide access to finance for SMEs through local banks and to aid private sector companies in the Agri food chain in selected OIC member countries IFPA is one of the strategic initiatives proposed by the Islamic Organization for Food Security during the second General Assembly held in Jeddah Saudi Arabia in August 2019 To enhance food security IFPA is supporting companies in the agri food sector to emerge from the COVID 19 global pandemic by pursuing growth opportunities
    International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US  The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity JEDDAH Kingdom of Saudi Arabia September 16 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank IsDB Group has signed ten major Trade Financing Agreements worth more than US 1 2 Billion and Trade Development Agreements with its member countries from Asia and Africa at the 46th IsDB Annual Meeting of the IsDB Group held in Tashkent Uzbekistan earlier this month Furthermore the framework agreements which provide public and private sector financing as well as Trade Related Technical Assistance programs for export development and SME development initiatives target high growth industries including agricultural and energy and support the purchase of critical medical supplies ITFC CEO Eng Hani Salem Sonbol commented We are proud to have signed 10 trade financing and the trade development agreements at the 46th IsDB Annual Meeting The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity This significant milestone also reaffirms the mutual trust between our member countries throughout CIS and Africa regions and the ITFC teams Furthermore ITFC is dedicated to support economic growth among OIC member countries especially during the challenging times of the COVID 19 pandemic period Financing Agreements Signing of an Addendum to the US 1 5 billion Framework Agreement between ITFC amp Burkina Faso A 5 Year US 1 5 billion Framework Agreement between ITFC and the Government of Burkina Faso was initially signed in October 2018 to set the key areas of cooperation Following the global crisis linked to COVID 19 ITFC CEO and H E Lassane Kabore Minister of Economy Finance amp Development of Burkina Faso signed an Addendum to the revised Framework Agreement ITFC will contribute to finance priority projects in Burkina Faso in the agriculture sector health sector and the private sector including but not limited to export of agricultural commodities and import of energy commodities such as refined petroleum products provision of financing to secure the import of medicines and health equipment and the implementation of technical assistance programs for strategic sectors of the national economy Signing of a 3 Year EUR 330 million Framework Agreement between ITFC and The Union of Comoros To reinforce the cooperation between ITFC and the Union of Comoros ITFC CEO and the Alternate Governor for Union of Comoros H E Mr Fouady Goulame signed a EUR 330 million 3 year Framework Agreement to support the country s food and energy security with the importation of strategic commodities such as petroleum products rice and other foodstuff in line with Comoros s strategic requirements The Agreement will also provide health sector support and SME financing support and offer technical assistance projects to support the country s national development goals Signing of several Murabaha Agreements under the action plan for 2021 between ITFC and Mauritania Mohamed Lemine Ould Dehbi Minister of Finance Mauritania along with ITFC CEO signed a Murabaha Trade Financing Agreement to support the health sector of the country As part of this agreement ITFC will provide US 10 million to CAMEC the government entity in charge of distributing medicine in the public sector and a further US 20 million to SNIM the second largest African producer of iron ore and a major player in the country s economy A renewal of the facility with SOMELEC a state owned company with responsibility to ensure energy security in the country production of electricity was also signed to support the national development goals in the energy sector Amendment to Framework Agreement with Uzbekistan A US 500 million Agreement was signed between ITFC and the Republic of Uzbekistan in 2019 The purpose of the Amendment is to expand the cooperation by including new areas extend the validity of the Agreement by an additional one year make clarifications in the existing text and most importantly to increase the tenor of financing from 12 months to 24 months This extension will enable ITFC to better serve the financing needs of the Government entities and the private sector in Uzbekistan This was signed by Mr Shukhrat Vafaev Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan IsDB Alternate Governor Murabaha Agreements under the US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in 2019 to support SMEs with the recovery from the negative impact of COVID 19 pandemic part of the IsDB 3R Programme Trustbank Signing of US 15 million Line of Trade Finance Agreement between ITFC and Private Joint Stock Bank Trustbank Eng Hani Salem Sonbol CEO ITFC and Mr Sardor Normukhamedov Chairman of Management Board signed a Murabaha of US 15 million facility to meet the trade finance needs of private sector and SME clients of Trustbank Trustbank is an existing partner who is signing the third financing facility in Uzbekistan making it most active private sector partner of ITFC in Uzbekistan Uzbekistan Integrated Trade Solution Turonbank Signing of US 10 million Line of Trade Financing Terms between ITFC and Joint Stock Commercial Bank Turonbank Uzbekistan ITFC signed a US 10 million Murabaha with Joint Stock Commercial Bank Turonbank to to meet the trade finance needs of private sector and SME clients of the bank Turonbank Technical Assistance Agreement between ITFC and JSCB Turonbank on the building capacity of Turon Bank on IFRS reporting As part of its new strategy to offer integrated solutions for the development of trade for the benefit of its member countries ITFC agreed to provide and support a technical assistance project for the benefit of the bank In this regard ITFC is going to help Turonbank with developing internal capacity for transformation of its financial reporting to IFRS under ITFC s technical assistance Other Agreements Murabaha Trade Financing Amendment to the Agreement between STO Maldives for US 75 million to finance the purchase of fuel and staple food Mr Husen Amru Mohamed Rashad Chief Executive Officer and Managing Director of the State Trading Organization STO and ITFC CEO signed an agreement renewal Through this Agreement ITFC is supporting STO s financing of strategic commodities of petroleum products and staple food imports The financing is critical to nurture the livelihood of the population and support the recovery of the tourism sector for the country s economic growth Grant Agreement of US 50 000 for medical equipment The Government of Bangladesh represented by Ms Fatima Yasmin Secretary of Economic Relations Division ERD Ministry of Finance of People s Republic of Bangladesh and Alternate Governor of IsDB and ITFC CEO signed a Grant Agreement for the provision of five machines for public hospitals in Bangladesh whose facilities are overwhelmed by the surge in COVID 19 patients The Project will strengthen the country s capacity in terms of preparedness and response to the pandemic by providing the appropriate treatment for the critical condition of COVID 19 patients ITFC and the Islamic Food Processing Association Sign MOU Partnership to Extend Financing for Private Entities in Agricultural Sector IFPA CEO Sheikh Bilal Khan and ITFC CEO signed a Memorandum of Understanding with a goal to provide access to finance for SMEs through local banks and to aid private sector companies in the Agri food chain in selected OIC member countries IFPA is one of the strategic initiatives proposed by the Islamic Organization for Food Security during the second General Assembly held in Jeddah Saudi Arabia in August 2019 To enhance food security IFPA is supporting companies in the agri food sector to emerge from the COVID 19 global pandemic by pursuing growth opportunities  .2bn
    Africa1 year ago

    International Islamic Trade Finance Corporation signs ten high-level Trade Agreements representing more than US$1.2bn

    The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity

    JEDDAH, Kingdom of Saudi Arabia, September 16, 2021/APO Group/ --

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank (IsDB) Group, has signed ten major Trade Financing Agreements worth more than US$1.2 Billion, and Trade Development Agreements with its member countries from Asia and Africa, at the 46th IsDB Annual Meeting of the IsDB Group held in Tashkent, Uzbekistan earlier this month.

    Furthermore, the framework agreements, which provide public and private sector financing, as well as Trade Related Technical Assistance programs for export development and SME development initiatives, target high growth industries including agricultural and energy and support the purchase of critical medical supplies.  

    ITFC CEO, Eng. Hani Salem Sonbol commented, “We are proud to have signed 10 trade financing and the trade development agreements at the 46th IsDB Annual Meeting. The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity.  This significant milestone also reaffirms the mutual trust between our member countries throughout CIS and Africa regions and the ITFC teams.  Furthermore, ITFC is dedicated to support economic growth among OIC member countries, especially during the challenging times of the COVID-19 pandemic period.”

    Financing Agreements:

    Signing of an Addendum to the US$ 1.5 billion Framework Agreement between ITFC & Burkina Faso:  A 5-Year US$1.5 billion Framework Agreement between ITFC and the Government of Burkina Faso was initially signed in October 2018 to set the key areas of cooperation. Following the global crisis linked to COVID-19, ITFC CEO and H.E Lassane Kabore Minister of Economy, Finance & Development of Burkina Faso signed an Addendum to the revised Framework Agreement. ITFC will contribute to finance priority projects in Burkina Faso in the agriculture sector, health sector and the private sector, including but not limited to export of agricultural commodities and import of energy commodities, such as refined petroleum products, provision of financing to secure the import of medicines and health equipment, and the implementation of technical assistance programs for strategic sectors of the national economy.

    Signing of a 3-Year, EUR 330 million Framework Agreement between ITFC and The Union of Comoros: To reinforce the cooperation between ITFC and the Union of Comoros, ITFC CEO and the Alternate Governor for Union of Comoros H.E. Mr. Fouady Goulame signed a EUR 330 million 3 year Framework Agreement to support the country’s food and energy security with the importation of strategic commodities such as petroleum products, rice, and other foodstuff in line with Comoros’s strategic requirements. The Agreement will also provide health sector support and SME financing support and offer technical assistance projects to support the country’s national development goals.

    Signing of several Murabaha Agreements under the action plan for 2021 between ITFC and Mauritania: Mohamed Lemine Ould Dehbi, Minister of Finance, Mauritania along with ITFC CEO signed a Murabaha Trade Financing Agreement to support the health sector of the country. As part of this agreement, ITFC will provide US$10 million to CAMEC, the government entity in charge of distributing medicine in the public sector, and a further US$20 million to SNIM, the second largest African producer of iron ore and a major player in the country's economy.  A renewal of the facility with SOMELEC, a state-owned company with responsibility to ensure energy security in the country (production of electricity) was also signed to support the national development goals in the energy sector.

    Amendment to Framework Agreement with Uzbekistan.  A US$500 million Agreement was signed between ITFC and the Republic of Uzbekistan in 2019. The purpose of the Amendment is to expand the cooperation by including new areas, extend the validity of the Agreement by an additional one year, make clarifications in the existing text and most importantly to increase the tenor of financing from 12 months to 24 months.  This extension will enable ITFC to better serve the financing needs of the Government entities and the private sector in Uzbekistan. This was signed by Mr. Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan (IsDB Alternate Governor). 

    Murabaha Agreements under the US$500 million Framework Agreement, signed between the Republic of Uzbekistan and ITFC in 2019, to support SMEs with the recovery from the negative impact of COVID-19 pandemic, part of the IsDB 3R Programme:

    Trustbank - Signing of US$ 15 million Line of Trade Finance Agreement between ITFC and Private Joint-Stock Bank Trustbank. Eng. Hani Salem Sonbol, CEO ITFC and Mr. Sardor Normukhamedov, Chairman of Management Board signed a Murabaha of US$15 million facility to meet the trade finance needs of private sector and SME clients of Trustbank. Trustbank is an existing partner, who is signing the third financing facility in Uzbekistan, making it most active private sector partner of ITFC in Uzbekistan.

    Uzbekistan Integrated Trade Solution

    Turonbank - Signing of US$10 million Line of Trade Financing Terms between ITFC and Joint-Stock Commercial Bank “Turonbank”, Uzbekistan.  ITFC signed a US$ 10 million Murabaha with Joint-Stock Commercial Bank Turonbank to to meet the trade finance needs of private sector and SME clients of the bank.

    Turonbank - Technical Assistance Agreement between ITFC and JSCB Turonbank on the building capacity of Turon Bank on IFRS reporting.  As part of its new strategy to offer integrated solutions for the development of trade for the benefit of its member countries, ITFC agreed to provide and support a technical assistance project for the benefit of the bank. In this regard, ITFC is going to help Turonbank with developing internal capacity for transformation of its financial reporting to IFRS under ITFC’s technical assistance.

    Other Agreements

    Murabaha Trade Financing Amendment to the Agreement between STO, Maldives for US$75 million to finance the purchase of fuel and staple food.  Mr. Husen Amru Mohamed Rashad, Chief Executive Officer and Managing Director of the State Trading Organization (STO) and ITFC CEO signed an agreement renewal.  Through this Agreement, ITFC is supporting STO’s financing of strategic commodities of petroleum products and staple food imports. The financing is critical to nurture the livelihood of the population and support the recovery of the tourism sector for the country’s economic growth.  

    Grant Agreement of US$50,000 for medical equipment.  The Government of Bangladesh, represented by Ms. Fatima Yasmin, Secretary of Economic Relations Division (ERD), Ministry of Finance of People’s Republic of Bangladesh and Alternate Governor of IsDB, and ITFC CEO signed a Grant Agreement for the provision of five machines for public hospitals in Bangladesh whose facilities are overwhelmed by the surge in COVID-19 patients.  The Project will strengthen the country’s capacity in terms of preparedness and response to the pandemic by providing the appropriate treatment for the critical condition of COVID-19 patients.

    ITFC and the Islamic Food Processing Association Sign MOU Partnership to Extend Financing for Private Entities in Agricultural Sector.  IFPA CEO, Sheikh Bilal Khan and ITFC CEO signed a Memorandum of Understanding with a goal to provide access to finance for SMEs through local banks and to aid private sector companies in the Agri-food chain in selected OIC member countries. IFPA is one of the strategic initiatives proposed by the Islamic Organization for Food Security during the second General Assembly held in Jeddah, Saudi Arabia in August 2019.  To enhance food security, IFPA is supporting companies in the agri-food sector to emerge from the COVID-19 global pandemic by pursuing growth opportunities.

  •   IFPA will work closely with IsDB Group bodies to attract Islamic finance investment funds Takaful insurance and other Islamic instruments TASHKENT Uzbekistan September 6 2021 APO Group The International Islamic Food Processing Association IFPA signed three bilateral agreements with the Islamic Development Bank Group IsDB Group www IsDB org entities ICIEC ICD and ITFC respectively during the Private Sector Forum which was organized in conjunction of 46th IsDB Group Annual Meetings in Tashkent Uzbekistan and in collaboration with IsDB Group Business Forum THIQAH The major thrust of the agreements is to promote mutually beneficial cooperation to establish frameworks of partnership and understanding between IFPA and all the three IsDB Group bodies in furtherance of their respective mandates in several areas of Islamic financing and investments in the agri food sectors across the OIC Member States Firstly a Strategic Partnership Agreement SPA was signed by H E Mr Yerlan Baidaulet Director General of Islamic Organization for Food Security IOFS and Chair of the IFPA Board and H E Mr Oussama Kaissi the CEO of the Islamic Cooperation for the Insurance of Investment and Export Credit ICIEC The SPA aim to enhance cooperation and coordination in providing investment and export credit insurance solutions for intra OIC agri food trade compliant with Shariah principles through IFPA s multilateral private sector platform Mr Oussama Kaissi the CEO ICIEC commented Through IOFS we are keen to establish a framework for cooperation for promoting best practices among our Member States relating to exchange of knowledge in food and agriculture security and promote South South Triangular Cooperation On the other hand IFPA will help in to enabling the penetration of ICIEC trade and investment insurance solutions in the agri food sector within the OIC Member States Secondly a Memorandum of Understanding MoU was signed by H E Mr Yerlan Baidaulet and H E Mr Ayman Amin Sejiny the CEO of the Islamic Corporation for the Development of the Private Sector ICD the private sector arm of the IsDB Group The major objective of the MoU is to explore beneficial cooperation between IFPA and ICD in the areas of provision of Islamic finance and investment for agri food projects advisory services and technical assistance following principles of Shariah to encourage the establishment expansion and modernization of agri food private enterprises under the IFPA portfolio In addition ICD and IFPA intend to promote agri food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest Mr Ayman Sejiny the CEO ICD said ICD and IFPA are keen to explore the possibility of identifying and promoting agri food projects that relate to the use of Islamic Finance in our member states This includes co marketing activities finding sources of financing such as Sukuk and other Islamic Finance instruments Finally another Partnership Agreement PA was signed by H E Mr Yerlan A Baidaulet and H E Eng Hani Salem Sonbol CEO of the International Islamic Trade Finance Corporation ITFC This PA reaffirms the trust the parties have in their partnership and defines the framework for future cooperation between the entities Eng Hani Salem Sonbol the CEO ITFC said ITFC and IFPA will partner to provide access to financing for SMEs The financing which will be extended through local banks is designed for private sector companies in the Agri food chain in selected OIC Member Countries H E Sheikh Bilal Khan the Director General and CEO of IFPA appreciated these great partnerships with all IsDB Group private sector entities IFPA will work closely with IsDB Group bodies to attract Islamic finance investment funds Takaful insurance and other Islamic instruments to develop inward investments and outward export potential of small and medium businesses as well as the mega projects of the OIC agri food industry
    The International Islamic Food Processing Association (IFPA) is signing with IsDB Group Private Sector entities agreement to boost cooperation in the Food Security Sector
      IFPA will work closely with IsDB Group bodies to attract Islamic finance investment funds Takaful insurance and other Islamic instruments TASHKENT Uzbekistan September 6 2021 APO Group The International Islamic Food Processing Association IFPA signed three bilateral agreements with the Islamic Development Bank Group IsDB Group www IsDB org entities ICIEC ICD and ITFC respectively during the Private Sector Forum which was organized in conjunction of 46th IsDB Group Annual Meetings in Tashkent Uzbekistan and in collaboration with IsDB Group Business Forum THIQAH The major thrust of the agreements is to promote mutually beneficial cooperation to establish frameworks of partnership and understanding between IFPA and all the three IsDB Group bodies in furtherance of their respective mandates in several areas of Islamic financing and investments in the agri food sectors across the OIC Member States Firstly a Strategic Partnership Agreement SPA was signed by H E Mr Yerlan Baidaulet Director General of Islamic Organization for Food Security IOFS and Chair of the IFPA Board and H E Mr Oussama Kaissi the CEO of the Islamic Cooperation for the Insurance of Investment and Export Credit ICIEC The SPA aim to enhance cooperation and coordination in providing investment and export credit insurance solutions for intra OIC agri food trade compliant with Shariah principles through IFPA s multilateral private sector platform Mr Oussama Kaissi the CEO ICIEC commented Through IOFS we are keen to establish a framework for cooperation for promoting best practices among our Member States relating to exchange of knowledge in food and agriculture security and promote South South Triangular Cooperation On the other hand IFPA will help in to enabling the penetration of ICIEC trade and investment insurance solutions in the agri food sector within the OIC Member States Secondly a Memorandum of Understanding MoU was signed by H E Mr Yerlan Baidaulet and H E Mr Ayman Amin Sejiny the CEO of the Islamic Corporation for the Development of the Private Sector ICD the private sector arm of the IsDB Group The major objective of the MoU is to explore beneficial cooperation between IFPA and ICD in the areas of provision of Islamic finance and investment for agri food projects advisory services and technical assistance following principles of Shariah to encourage the establishment expansion and modernization of agri food private enterprises under the IFPA portfolio In addition ICD and IFPA intend to promote agri food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest Mr Ayman Sejiny the CEO ICD said ICD and IFPA are keen to explore the possibility of identifying and promoting agri food projects that relate to the use of Islamic Finance in our member states This includes co marketing activities finding sources of financing such as Sukuk and other Islamic Finance instruments Finally another Partnership Agreement PA was signed by H E Mr Yerlan A Baidaulet and H E Eng Hani Salem Sonbol CEO of the International Islamic Trade Finance Corporation ITFC This PA reaffirms the trust the parties have in their partnership and defines the framework for future cooperation between the entities Eng Hani Salem Sonbol the CEO ITFC said ITFC and IFPA will partner to provide access to financing for SMEs The financing which will be extended through local banks is designed for private sector companies in the Agri food chain in selected OIC Member Countries H E Sheikh Bilal Khan the Director General and CEO of IFPA appreciated these great partnerships with all IsDB Group private sector entities IFPA will work closely with IsDB Group bodies to attract Islamic finance investment funds Takaful insurance and other Islamic instruments to develop inward investments and outward export potential of small and medium businesses as well as the mega projects of the OIC agri food industry
    The International Islamic Food Processing Association (IFPA) is signing with IsDB Group Private Sector entities agreement to boost cooperation in the Food Security Sector
    Africa1 year ago

    The International Islamic Food Processing Association (IFPA) is signing with IsDB Group Private Sector entities agreement to boost cooperation in the Food Security Sector

    IFPA will work closely with IsDB Group bodies to attract Islamic finance, investment funds, Takaful insurance and other Islamic instruments

    TASHKENT, Uzbekistan, September 6, 2021/APO Group/ --

    The International Islamic Food Processing Association ("IFPA") signed three bilateral agreements with the Islamic Development Bank Group (“IsDB Group”) (www.IsDB.org) entities: ICIEC, ICD and ITFC respectively during the Private Sector Forum which was organized in conjunction of 46th IsDB Group Annual Meetings in Tashkent, Uzbekistan and in collaboration with IsDB Group Business Forum “THIQAH”.

    The major thrust of the agreements is to promote mutually beneficial cooperation to establish frameworks of partnership and understanding between IFPA and all the three IsDB Group bodies in furtherance of their respective mandates in several areas of Islamic financing and investments in the agri-food sectors across the OIC Member States.

    Firstly, a Strategic Partnership Agreement (“SPA”) was signed by H.E. Mr. Yerlan Baidaulet, Director General of Islamic Organization for Food Security (“IOFS”) and Chair of the IFPA Board and H.E. Mr. Oussama Kaissi, the CEO of the Islamic Cooperation for the Insurance of Investment and Export Credit ("ICIEC"). The SPA aim to enhance cooperation and coordination in providing investment and export credit insurance solutions for intra-OIC agri-food trade compliant with Shariah principles through IFPA's multilateral private sector platform.

    Mr. Oussama Kaissi the CEO, ICIEC, commented: “Through IOFS, we are keen to establish a framework for cooperation for promoting best practices among our Member States relating to exchange of knowledge in food and agriculture security and promote "South-South/Triangular Cooperation". On the other hand, IFPA will help in to enabling the penetration of ICIEC trade and investment insurance solutions in the agri-food sector within the OIC Member States.

    Secondly, a Memorandum of Understanding (“MoU”) was signed by H.E. Mr. Yerlan Baidaulet, and H.E. Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (“ICD”) - the private sector arm of the IsDB Group. The major objective of the MoU is to explore beneficial cooperation between IFPA and ICD in the areas of provision of Islamic finance and investment for agri-food projects, advisory services and technical assistance following principles of Shariah to encourage the establishment, expansion and modernization of agri-food private enterprises under the IFPA portfolio. In addition, ICD and IFPA intend to promote agri-food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest.

    Mr. Ayman Sejiny the CEO, ICD said "ICD and IFPA are keen to explore the possibility of identifying and promoting agri-food projects that relate to the use of Islamic Finance in our member states. This includes co-marketing activities, finding sources of financing such as Sukuk and other Islamic Finance instruments”.

    Finally, another Partnership Agreement (“PA”) was signed by H.E. Mr. Yerlan A. Baidaulet and H.E. Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (“ITFC”). This PA reaffirms the trust the parties have in their partnership and defines the framework for future cooperation between the entities.

    Eng. Hani Salem Sonbol the CEO, ITFC said: “ITFC and IFPA will partner to provide access to financing for SMEs. The financing which will be extended through local banks is designed for private sector companies in the Agri-food chain in selected OIC Member Countries.”

    H.E. Sheikh Bilal Khan, the Director General and CEO of IFPA appreciated these great partnerships with all IsDB Group private sector entities. IFPA will work closely with IsDB Group bodies to attract Islamic finance, investment funds, Takaful insurance and other Islamic instruments to develop inward investments and outward export potential of small and medium businesses as well as the mega projects of the OIC agri-food industry.

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