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  •   All IsDB Group entites are catalysts of development TASHKENT Uzbekistan September 6 2021 APO Group The private sector institutions of the Islamic Development Bank IsDB Group www IsDB org the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC the Islamic Corporation for the Development of the Private Sector ICD and the International Islamic Trade Finance Corporation ITFC in cooperation with IsDB Group Business Forum THIQAH organized the Private Sector Forum on September 2 2021 in Tashkent the Republic of Uzbekistan in conjunction with the 46th Annual Board of Governors Meeting of the Islamic Development Bank Group under the theme Respond Restore Restart Post COVID Resilience and Prosperity for all The Private Sector Forum highlighted the IsDB Group activities services initiatives and joint solutions in member countries on the investment trade and insurance fronts The Private Sector Forum provided a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community to share their related experience success stories and best practices while jointly exploring the investment and trade opportunities offered by CIS countries Furthermore the forum connected business communities in member countries by arranging parallel B2B and B2G scheduled meetings H E Dr Muhammad Al Jasser Chairman of IsDB said All IsDB Group entites are catalysts of development Every dollar spent by them brings more activities I invite you to take advantage of the technical know how present here Private sector has a huge role to play in rebooting economies and buildingback better The Forum discussed the future outlook to overcome the COVID 19 pandemic In addition the Forum highlighted the IsDB Group s US 2 3 billion Strategic Preparedness and Response Program SPRP for COVID 19 under its 3Rs approach Respond Restore and Restart Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and insurance in member countries The sessions also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both CIS and other member countires by nurturing an environment where the parties can benefit from the opportunities that exist In his opening address Mr Oussama Kaissi said The pandemic is not yet over but one thing we are certain of is that ICIEC will continue supporting its member countries through its full suite of Shariah compliant credit and political risk mitigation solutions to overcome this crisis together and adjust to the new collective reality stronger and more resilient than before Eng Hani Salem Sonbol said In line with its pandemic Response Plan ITFC allocated 1 1 billion of financing and launched several development programs to support member countries recovery that targeted improving food security building resilience and supporting the health and export sectors Out of the 1 1 billion approved around 400 million was directed to SMEs reflecting the focus on supporting SMEs recovery sustaining agriculture value chains and building capacities Mr Ayman Sejiny said The IsDB Group Strategic Preparedness and Response Facility can underpin our joint efforts to not only cope with the crisis but to overcome it with a concrete actionable blueprint ICD s geographical outreach across 55 member countries along with its network of over 100 financial institutions and 5 regional offices and their local linkages has doubled our collective capabilities and potential to efficiently mitigate the pandemic s short term fallout This collaborative facility is the first of its kind and designed to unite the power of the public and private sectors to serve humanity in times of emergency The Forum gathered more than 1 000 participants from multiple sectors across the globe such as government officials Chairmen Presidents amp CEOs of local and international companies multilateral and financial institutions Chambers of Commerce amp Industry business associations investment promotion agencies individual investors entrepreneurs hundreds of policy and decision makers as well as their Excellencies the Governors of the Islamic Development Bank
    Islamic Development Bank (IsDB) Group Private Sector Institutions Hosted the Private Sector Forum 2021
      All IsDB Group entites are catalysts of development TASHKENT Uzbekistan September 6 2021 APO Group The private sector institutions of the Islamic Development Bank IsDB Group www IsDB org the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC the Islamic Corporation for the Development of the Private Sector ICD and the International Islamic Trade Finance Corporation ITFC in cooperation with IsDB Group Business Forum THIQAH organized the Private Sector Forum on September 2 2021 in Tashkent the Republic of Uzbekistan in conjunction with the 46th Annual Board of Governors Meeting of the Islamic Development Bank Group under the theme Respond Restore Restart Post COVID Resilience and Prosperity for all The Private Sector Forum highlighted the IsDB Group activities services initiatives and joint solutions in member countries on the investment trade and insurance fronts The Private Sector Forum provided a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community to share their related experience success stories and best practices while jointly exploring the investment and trade opportunities offered by CIS countries Furthermore the forum connected business communities in member countries by arranging parallel B2B and B2G scheduled meetings H E Dr Muhammad Al Jasser Chairman of IsDB said All IsDB Group entites are catalysts of development Every dollar spent by them brings more activities I invite you to take advantage of the technical know how present here Private sector has a huge role to play in rebooting economies and buildingback better The Forum discussed the future outlook to overcome the COVID 19 pandemic In addition the Forum highlighted the IsDB Group s US 2 3 billion Strategic Preparedness and Response Program SPRP for COVID 19 under its 3Rs approach Respond Restore and Restart Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and insurance in member countries The sessions also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both CIS and other member countires by nurturing an environment where the parties can benefit from the opportunities that exist In his opening address Mr Oussama Kaissi said The pandemic is not yet over but one thing we are certain of is that ICIEC will continue supporting its member countries through its full suite of Shariah compliant credit and political risk mitigation solutions to overcome this crisis together and adjust to the new collective reality stronger and more resilient than before Eng Hani Salem Sonbol said In line with its pandemic Response Plan ITFC allocated 1 1 billion of financing and launched several development programs to support member countries recovery that targeted improving food security building resilience and supporting the health and export sectors Out of the 1 1 billion approved around 400 million was directed to SMEs reflecting the focus on supporting SMEs recovery sustaining agriculture value chains and building capacities Mr Ayman Sejiny said The IsDB Group Strategic Preparedness and Response Facility can underpin our joint efforts to not only cope with the crisis but to overcome it with a concrete actionable blueprint ICD s geographical outreach across 55 member countries along with its network of over 100 financial institutions and 5 regional offices and their local linkages has doubled our collective capabilities and potential to efficiently mitigate the pandemic s short term fallout This collaborative facility is the first of its kind and designed to unite the power of the public and private sectors to serve humanity in times of emergency The Forum gathered more than 1 000 participants from multiple sectors across the globe such as government officials Chairmen Presidents amp CEOs of local and international companies multilateral and financial institutions Chambers of Commerce amp Industry business associations investment promotion agencies individual investors entrepreneurs hundreds of policy and decision makers as well as their Excellencies the Governors of the Islamic Development Bank
    Islamic Development Bank (IsDB) Group Private Sector Institutions Hosted the Private Sector Forum 2021
    Africa1 year ago

    Islamic Development Bank (IsDB) Group Private Sector Institutions Hosted the Private Sector Forum 2021

    All IsDB Group entites are catalysts of development

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

    The private sector institutions of the Islamic Development Bank (IsDB) Group (www.IsDB.org): the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in cooperation with IsDB Group Business Forum (THIQAH) organized the "Private Sector Forum" on September 2, 2021, in Tashkent - the Republic of Uzbekistan, in conjunction with the 46th Annual Board of Governors Meeting of the Islamic Development Bank Group, under the theme "Respond, Restore, Restart: Post-COVID Resilience and Prosperity for all".

    The Private Sector Forum highlighted the IsDB Group activities, services, initiatives and joint solutions in member countries on the investment, trade and insurance fronts. The Private Sector Forum provided a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community to share their related experience, success stories and best practices, while jointly exploring the investment and trade opportunities offered by CIS countries. Furthermore, the forum connected business communities in member countries by arranging parallel B2B and B2G scheduled meetings.

    H.E. Dr. Muhammad Al Jasser Chairman of IsDB said “All IsDB Group entites are catalysts of development. Every dollar spent by them brings more activities. I invite you to take advantage of the technical know-how present here. Private sector has a huge role to play in rebooting economies and buildingback better.”

    The Forum discussed the future outlook to overcome the COVID-19 pandemic. In addition, the Forum highlighted the IsDB Group's US$ 2.3 billion Strategic Preparedness and Response Program (SPRP) for COVID-19 under its 3Rs approach "Respond, Restore and Restart".

    Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade, investment and insurance in member countries. The sessions also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both CIS and other member countires by nurturing an environment where the parties can benefit from the opportunities that exist. 

    In his opening address, Mr. Oussama Kaissi, said: “The pandemic is not yet over, but one thing we are certain of is that ICIEC will continue supporting its member countries through its full suite of Shariah-compliant credit and political risk mitigation solutions to overcome this crisis together and adjust to the new collective reality, stronger and more resilient than before.”  

    Eng. Hani Salem Sonbol said: “In line with its pandemic Response Plan, ITFC allocated $1.1 billion of financing and launched several development programs to support member countries’ recovery that targeted improving food security, building resilience, and supporting the health and export sectors. Out of the $1.1 billion approved, around $400 million was directed to SMEs, reflecting the focus on supporting SMEs recovery, sustaining agriculture value chains and building capacities. ”

    Mr. Ayman Sejiny said “The IsDB Group ‘Strategic Preparedness and Response Facility’ can underpin our joint efforts to not only cope with the crisis, but to overcome it with a concrete, actionable blueprint. ICD’s geographical outreach across 55 member countries, along with its network of over 100 financial institutions and 5 regional offices and their local  linkages, has doubled our collective capabilities and potential to efficiently mitigate the pandemic’s short-term fallout. This collaborative facility is the first of its kind and  designed to unite the power of the public and private sectors to serve humanity in times of emergency.”

    The Forum gathered more than 1,000 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, Chambers of Commerce & Industry, business associations, investment promotion agencies, individual investors, entrepreneurs, hundreds of policy and decision-makers, as well as their Excellencies the Governors of the Islamic Development Bank.

  •   This virtual conference will gather participants from banks financial institutions factoring companies international importers and exporters as well as FCI members DUBAI United Arab Emirates September 3 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank Group IsDB is partnering with FCI to host an online conference on Islamic International Factoring To be held on the 13th September from 11 00 AM to 01 30 PM KSA Time the event will explore key topics including the benefits and principals of Islamic factoring Keynote speakers include Mr Peter Mulroy Secretary General FCI and Mr Basel Al Hussain ITFC Dubai Branch Manager who will share their perspective on Islamic factoring and what the implications are during present day challenges imposed by the COVID 19 pandemic During the event a panel discussion moderated by Mr Cagatay Baydar member of FCI Executive Committee and featuring panelists from Islamic members of FCI and ITFC will focus on diverse topics including unlocking the opportunities for growth with Islamic finance innovative finance solutions for SMEs financing chain through participation banking and the benefits of Murabaha vs factoring This will be followed by an interactive Q amp A session to address practical applications of Islamic Factoring This virtual conference will gather participants from banks financial institutions factoring companies international importers and exporters as well as FCI members For more information about the event and to register please visit https bit ly 3kQplMg Deadline for registration is 09th September 05 00 PM Dubai time
    International Islamic Trade Finance Corporation (ITFC) and FCI to host Online Conference on Islamic International Factoring
      This virtual conference will gather participants from banks financial institutions factoring companies international importers and exporters as well as FCI members DUBAI United Arab Emirates September 3 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org member of the Islamic Development Bank Group IsDB is partnering with FCI to host an online conference on Islamic International Factoring To be held on the 13th September from 11 00 AM to 01 30 PM KSA Time the event will explore key topics including the benefits and principals of Islamic factoring Keynote speakers include Mr Peter Mulroy Secretary General FCI and Mr Basel Al Hussain ITFC Dubai Branch Manager who will share their perspective on Islamic factoring and what the implications are during present day challenges imposed by the COVID 19 pandemic During the event a panel discussion moderated by Mr Cagatay Baydar member of FCI Executive Committee and featuring panelists from Islamic members of FCI and ITFC will focus on diverse topics including unlocking the opportunities for growth with Islamic finance innovative finance solutions for SMEs financing chain through participation banking and the benefits of Murabaha vs factoring This will be followed by an interactive Q amp A session to address practical applications of Islamic Factoring This virtual conference will gather participants from banks financial institutions factoring companies international importers and exporters as well as FCI members For more information about the event and to register please visit https bit ly 3kQplMg Deadline for registration is 09th September 05 00 PM Dubai time
    International Islamic Trade Finance Corporation (ITFC) and FCI to host Online Conference on Islamic International Factoring
    Africa1 year ago

    International Islamic Trade Finance Corporation (ITFC) and FCI to host Online Conference on Islamic International Factoring

    This virtual conference will gather participants from banks, financial institutions, factoring companies, international importers, and exporters as well as FCI members

    DUBAI, United Arab Emirates, September 3, 2021/APO Group/ --

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank Group (IsDB) is partnering with FCI to host an online conference on Islamic International Factoring. To be held on the 13th September from 11:00 AM to 01:30 PM KSA Time, the event will explore key topics including the benefits and principals of Islamic factoring. Keynote speakers include Mr. Peter Mulroy, Secretary General, FCI and Mr. Basel Al Hussain, ITFC Dubai Branch Manager who will share their perspective on Islamic factoring and what the implications are during present-day challenges imposed by the COVID-19 pandemic.

    During the event, a panel discussion moderated by Mr. Cagatay Baydar, member of FCI Executive Committee and featuring panelists from Islamic members of FCI and ITFC will focus on diverse topics including unlocking the opportunities for growth with Islamic finance, innovative finance solutions for SMEs, financing chain through participation banking, and the benefits of Murabaha vs factoring. This will be followed by an interactive Q&A session to address practical applications of Islamic Factoring.  

    This virtual conference will gather participants from banks, financial institutions, factoring companies, international importers, and exporters as well as FCI members.

    For more information about the event and to register, please visit https://bit.ly/3kQplMg. Deadline for registration is 09th September, 05:00 PM Dubai time. 

  •   Together with OIC countries and our partners ITFC has identified specific challenges and constraints to a more robust growth and competitiveness TASHKENT Uzbekistan September 2 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org organized its first event to bring together partner institutions from the Commonwealth of Independent States CIS Region on the sidelines of the 2021 Islamic Development Bank IsDB Group Annual Meetings held in the city of Tashkent in Uzbekistan The event was inaugurated by Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan H E Mr Sardor Umurzakov and IsDB President and Chairman of the IsDB Group H E Dr Muhammad Al Jasser Hosted by ITFC CEO Eng Hani Salem Sonbol the high profile event witnessed the presence of ranking officials and senior officers from the Ministry of Finance the Ministry of Investments and Foreign Trade as well as the Central Bank of the Republic of Uzbekistan Government officials and ITFC partner banks in the CIS region as well as Trade Support Institutions and Regional Bodies IsDB President and Chairman of IsDB Group Dr Muhammad Al Jasser in his keynote address meantime emphasized on the key role the Islamic Development Bank Group is playing in supporting its member countries to overcome the challenges of the COVID 19 pandemic through its Strategic Preparedness and Response Package SPRP under the 3Rs Framework Respond Restore and Restart tracks Dr Al Jasser added During our four decades of engagement the IsDB Group has played an important role in supporting several economic and social sectors regionally Total financing provided by IsDB Group to CIS member countries amounts to US 6 4 billion to support key sectors and development projects in education health energy transportation and rural development In the area of trade ITFC being IsDB Group s catalyst for trade takes the leading role in the region with approved financing exceeding US 1 2 billion These interventions have supported funding for the private sector Small and Medium Enterprises SMEs and the critical sectors of agriculture and food security Complementing the message Eng Hani Salem Sonbol emphasized on the important role ITFC partners played in supporting the member countries in the CIS region Together with OIC countries and our partners ITFC has identified specific challenges and constraints to a more robust growth and competitiveness Among them are issues related to access to trade finance by SMEs and trade related capacity development We at ITFC intend to do much more in these two areas to support the region s sustainable development Building on the successful development interventions in the region marking US 1 2 billion of trade financing the event showcased ITFC s Trade Solutions provided to support the private sector mainly SMEs for the procurement of equipment and raw material in addition to financing and developing the import and export of strategic commodities and essential goods ITFC also announced new Trade Development initiatives like the CIS Trade Development Program During the ceremony ITFC also recognized the efforts of its partners in addition to signing agreements including a financing facility of US 15 million with Joint Stock Commercial Bank Trustbank in Uzbekistan Furthermore Technical Assessment Agreements extending integrated Trade Solutions for Turonbank and Agro Bank in Uzbekistan to support their adoption of IFRS were signed along with an MoU which aims at extending technical assistance for the Uzbek Export Promotion Agency to enhance its key exporting sectors The Corporation has offered extensive support activities in Uzbekistan since 2018 through the approval of US 211 million in financing for 13 operations and conducted several rounds of capacity building activities benefitting 150 experts from the public and private sectors It has channeled its financing to SMEs via eight local Banks and supported the Ministry of Finance in collaboration with the State Fund for Agricultural Support Eng Hani Sonbol concluded ITFC s vision is to become a leading provider of trade solutions to its member countries while continuing to offer support as they look to overcome challenges imposed by the pandemic This commitment to restore economic growth in the post COVID era is best demonstrated by our COVID 19 Response Strategy for which ITFC provided US 1 1 billion of trade financing
    ITFC Brings Together Partners from CIS Region for Successful Partnerships at 2021 IsDB Group AMs in Tashkent
      Together with OIC countries and our partners ITFC has identified specific challenges and constraints to a more robust growth and competitiveness TASHKENT Uzbekistan September 2 2021 APO Group The International Islamic Trade Finance Corporation ITFC www ITFC idb org organized its first event to bring together partner institutions from the Commonwealth of Independent States CIS Region on the sidelines of the 2021 Islamic Development Bank IsDB Group Annual Meetings held in the city of Tashkent in Uzbekistan The event was inaugurated by Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan H E Mr Sardor Umurzakov and IsDB President and Chairman of the IsDB Group H E Dr Muhammad Al Jasser Hosted by ITFC CEO Eng Hani Salem Sonbol the high profile event witnessed the presence of ranking officials and senior officers from the Ministry of Finance the Ministry of Investments and Foreign Trade as well as the Central Bank of the Republic of Uzbekistan Government officials and ITFC partner banks in the CIS region as well as Trade Support Institutions and Regional Bodies IsDB President and Chairman of IsDB Group Dr Muhammad Al Jasser in his keynote address meantime emphasized on the key role the Islamic Development Bank Group is playing in supporting its member countries to overcome the challenges of the COVID 19 pandemic through its Strategic Preparedness and Response Package SPRP under the 3Rs Framework Respond Restore and Restart tracks Dr Al Jasser added During our four decades of engagement the IsDB Group has played an important role in supporting several economic and social sectors regionally Total financing provided by IsDB Group to CIS member countries amounts to US 6 4 billion to support key sectors and development projects in education health energy transportation and rural development In the area of trade ITFC being IsDB Group s catalyst for trade takes the leading role in the region with approved financing exceeding US 1 2 billion These interventions have supported funding for the private sector Small and Medium Enterprises SMEs and the critical sectors of agriculture and food security Complementing the message Eng Hani Salem Sonbol emphasized on the important role ITFC partners played in supporting the member countries in the CIS region Together with OIC countries and our partners ITFC has identified specific challenges and constraints to a more robust growth and competitiveness Among them are issues related to access to trade finance by SMEs and trade related capacity development We at ITFC intend to do much more in these two areas to support the region s sustainable development Building on the successful development interventions in the region marking US 1 2 billion of trade financing the event showcased ITFC s Trade Solutions provided to support the private sector mainly SMEs for the procurement of equipment and raw material in addition to financing and developing the import and export of strategic commodities and essential goods ITFC also announced new Trade Development initiatives like the CIS Trade Development Program During the ceremony ITFC also recognized the efforts of its partners in addition to signing agreements including a financing facility of US 15 million with Joint Stock Commercial Bank Trustbank in Uzbekistan Furthermore Technical Assessment Agreements extending integrated Trade Solutions for Turonbank and Agro Bank in Uzbekistan to support their adoption of IFRS were signed along with an MoU which aims at extending technical assistance for the Uzbek Export Promotion Agency to enhance its key exporting sectors The Corporation has offered extensive support activities in Uzbekistan since 2018 through the approval of US 211 million in financing for 13 operations and conducted several rounds of capacity building activities benefitting 150 experts from the public and private sectors It has channeled its financing to SMEs via eight local Banks and supported the Ministry of Finance in collaboration with the State Fund for Agricultural Support Eng Hani Sonbol concluded ITFC s vision is to become a leading provider of trade solutions to its member countries while continuing to offer support as they look to overcome challenges imposed by the pandemic This commitment to restore economic growth in the post COVID era is best demonstrated by our COVID 19 Response Strategy for which ITFC provided US 1 1 billion of trade financing
    ITFC Brings Together Partners from CIS Region for Successful Partnerships at 2021 IsDB Group AMs in Tashkent
    Africa1 year ago

    ITFC Brings Together Partners from CIS Region for Successful Partnerships at 2021 IsDB Group AMs in Tashkent

    Together with OIC countries and our partners, ITFC has identified specific challenges and constraints to a more robust growth and competitiveness

    TASHKENT, Uzbekistan, September 2, 2021/APO Group/ --

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) organized its first event to bring together partner institutions from the Commonwealth of Independent States (CIS) Region on the sidelines of the 2021 Islamic Development Bank (IsDB) Group Annual Meetings held in the city of Tashkent in Uzbekistan.

    The event was inaugurated by Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, H.E. Mr. Sardor Umurzakov, and IsDB President and Chairman of the IsDB Group H.E. Dr. Muhammad Al Jasser.

    Hosted by ITFC CEO, Eng. Hani Salem Sonbol, the high-profile event witnessed the presence of ranking officials and senior officers from the Ministry of Finance, the Ministry of Investments and Foreign Trade as well as the Central Bank of the Republic of Uzbekistan, Government officials and ITFC partner banks in the CIS region, as well as Trade Support Institutions and Regional Bodies.

    IsDB President and Chairman of IsDB Group, Dr. Muhammad Al Jasser, in his keynote address, meantime, emphasized on the key role the Islamic Development Bank Group is playing in supporting its member countries to overcome the challenges of the COVID-19 pandemic through its Strategic Preparedness and Response Package (SPRP) under the “3Rs” Framework: ‘Respond, Restore, and Restart’ tracks. Dr. Al Jasser added: “During our four decades of engagement, the IsDB Group has played an important role in supporting several economic and social sectors regionally. Total financing provided by IsDB Group to CIS member countries amounts to US$ 6.4 billion, to support key sectors and development projects - in education, health, energy, transportation, and rural development. In the area of trade, ITFC, being IsDB Group’s catalyst for trade, takes the leading role in the region with approved financing exceeding US$ 1.2 billion. These interventions have supported funding for the private sector, Small and Medium Enterprises (SMEs) and the critical sectors of agriculture and food security.”

    Complementing the message, Eng. Hani Salem Sonbol emphasized on the important role ITFC partners played in supporting the member countries in the CIS region. “Together with OIC countries and our partners, ITFC has identified specific challenges and constraints to a more robust growth and competitiveness. Among them are issues related to access to trade finance by SMEs and trade related capacity development. We, at ITFC, intend to do much more in these two areas to support the region’s sustainable development.”

    Building on the successful development interventions in the region marking US$ 1.2 billion of trade financing, the event showcased ITFC’s Trade Solutions provided to support the private sector, mainly SMEs, for the procurement of equipment and raw material in addition to financing and developing the import and export of strategic commodities and essential goods. ITFC also announced new Trade Development initiatives, like the CIS Trade Development Program.

    During the ceremony, ITFC also recognized the efforts of its partners in addition to signing agreements including a financing facility of US$ 15 million with Joint-Stock Commercial Bank, Trustbank in Uzbekistan. Furthermore, Technical Assessment Agreements extending integrated Trade Solutions for Turonbank and Agro Bank in Uzbekistan to support their adoption of IFRS were signed along with an MoU, which aims at extending technical assistance for the Uzbek Export Promotion Agency to enhance its key exporting sectors.

    The Corporation has offered extensive support activities in Uzbekistan since 2018 through the approval of US$ 211 million in financing for 13 operations and conducted several rounds of capacity building activities benefitting 150 experts from the public and private sectors. It has channeled its financing to SMEs via eight local Banks and supported the Ministry of Finance in collaboration with the State Fund for Agricultural Support.

    Eng. Hani Sonbol concluded: “ITFC's vision is to become a leading provider of trade solutions to its member countries while continuing to offer support as they look to overcome challenges imposed by the pandemic.  This commitment to restore economic growth in the post-COVID era is best demonstrated by our COVID-19 Response Strategy for which ITFC provided US$ 1.1 billion of trade financing.”

  •   Marking a key milestone for Africa s continental trade system and export led growth under the umbrella of Arab Africa Trade Bridges AATB Program the International Islamic Trade Finance Corporation ITFC www ITFC idb org in cooperation with the Egyptian Export Development Authority and under the patronage of Her Excellency Nevin Gamea Minister of Trade and Industry launched the first training program for exporters entitled Entering African Markets in Cairo The program takes place over five days with the participation of representatives of 50 Egyptian companies The conclusion of the training program which is set to take place on June 10 will be in the presence of HE Mrs Nevin Gamea Minister of Trade and Industry HE Dr Hala Al Saeed Minister of Planning and Economic Development and the Governor of Egypt at the Islamic Development Bank HE Eng Hani Salem Sonbol CEO ITFC and H E Mr Mamdouh Salman Executive Director of the Export Development Authority In his opening speech Eng Nasser Al Thekair General Manager of the Trade and Business Development at ITFC noted that Egypt is a key partner and supporter of the Arab Africa Trade Bridges AATB Program which was launched in 2019 Since the outbreak of the COVID 19 pandemic AATB had shaped a COVID 19 Action Plan to provide critical assistance to contain and mitigate the negative repercussions of the pandemic in cooperation with the Egyptian government To strengthen and enhance the export capacity of Egyptian exporters Al Thekair explained that the AATB Program included a series of workshops to catalyze investment into African markets with the first workshop being held in Cairo on December of last year followed by a workshop in Damietta for the furniture sector in March of this year He added that the importance of the current training program lies in formulating a clear integrated export strategy to enter the African market in addition to introducing marketing and promotion strategies to help Egyptian exporters connect with African consumers To facilitate trade in pharmaceuticals and medicine between African countries he stressed on the need to harmonize standards and regulations for medicine and medical supplies which will open the way for the development of Egyptian exports of pharmaceutical industries to African markets From his side Mr Mamdouh Salman explained that this training program is a result of the implementation of the joint activities program under the AATB Program which is a regional trade promotion program launched by ITFC and is implemented by the Export Development Authority since December of last year The program was initiated through a workshop that aimed to educate exporters about market opportunities in Africa followed by another workshop in Damietta in March of this year which aimed to enhance the potential of young entrepreneurs and prioritize productive capacities to tap the financing and e trade opportunities Lack of information on key market opportunities as well as the legal rights of exporters in the market often creates barriers to their success he added which is why it is significant to support exporters to build long term resilience into their business models and outline strategies to succeed in the world s next big growth market Mr Mamdouh Salman noted Major General Hafez Hassan Assistant Minister of Industry and Trade and supervisor of the Foreign Trade Training Center noted that the Ministry aims to build a bridge of communication between African countries and Egypt in order to support President Abdel Fattah El Sisi s initiative to increase Egyptian exports to US 100 billion adding that this requires a major shift in perceptions towards the African market He added that Africa is a key promising market that is open to a range of diverse sectors and that Egyptian exporters can benefit from the assistance provided by the International Islamic Trade Finance Corporation to boost Egyptian exports to Africa and replace imported goods with local goods that are already existing in the Egyptian market Sherif El Gabaly Head of the African Affairs Committee in the House of Representatives said that holding this training is a positive step in taking practical and tangible actions to enter the African market as while Africa was always talked about in terms of strategic relevance there were no clear practical or strategic steps to support the implementation process He added that the African market is the only market that can help Egypt to achieve its national objectives by increasing its exports by more than 20 annually Al Gabaly added that the African Affairs Committee has taken measures to develop cultural interlinkages between Africa and Egypt through conducting a number of tours for Egyptian exporters to African countries stressing the need to pay attention to logistic centers and for on ground direct communication with the African consumers to truly have impact in the market Spotlighting opportunities for trade in Africa the training program aims to forge an integrated export strategy for the African market and map the opportunities across Africa s diverse countries and cities focusing on promising industrial goods such as building materials chemical industries medical and pharmaceutical industries engineering industries printing and packaging and paper products furniture as well as food industries On top of that the program also creates a collaborative structure and environment to help solve logistics infrastructure and transportation issues while entering the African market all of which are aimed at facilitating trade through trainings to embed skills and boost the capacity of enterprises
    Under the Umbrella of the Arab Africa Trade Bridges Program: International Islamic Trade Finance Corporation (ITFC) and Export Development Authority launch First Training Program for Exporters ‘Entering African Markets’ in Cairo
      Marking a key milestone for Africa s continental trade system and export led growth under the umbrella of Arab Africa Trade Bridges AATB Program the International Islamic Trade Finance Corporation ITFC www ITFC idb org in cooperation with the Egyptian Export Development Authority and under the patronage of Her Excellency Nevin Gamea Minister of Trade and Industry launched the first training program for exporters entitled Entering African Markets in Cairo The program takes place over five days with the participation of representatives of 50 Egyptian companies The conclusion of the training program which is set to take place on June 10 will be in the presence of HE Mrs Nevin Gamea Minister of Trade and Industry HE Dr Hala Al Saeed Minister of Planning and Economic Development and the Governor of Egypt at the Islamic Development Bank HE Eng Hani Salem Sonbol CEO ITFC and H E Mr Mamdouh Salman Executive Director of the Export Development Authority In his opening speech Eng Nasser Al Thekair General Manager of the Trade and Business Development at ITFC noted that Egypt is a key partner and supporter of the Arab Africa Trade Bridges AATB Program which was launched in 2019 Since the outbreak of the COVID 19 pandemic AATB had shaped a COVID 19 Action Plan to provide critical assistance to contain and mitigate the negative repercussions of the pandemic in cooperation with the Egyptian government To strengthen and enhance the export capacity of Egyptian exporters Al Thekair explained that the AATB Program included a series of workshops to catalyze investment into African markets with the first workshop being held in Cairo on December of last year followed by a workshop in Damietta for the furniture sector in March of this year He added that the importance of the current training program lies in formulating a clear integrated export strategy to enter the African market in addition to introducing marketing and promotion strategies to help Egyptian exporters connect with African consumers To facilitate trade in pharmaceuticals and medicine between African countries he stressed on the need to harmonize standards and regulations for medicine and medical supplies which will open the way for the development of Egyptian exports of pharmaceutical industries to African markets From his side Mr Mamdouh Salman explained that this training program is a result of the implementation of the joint activities program under the AATB Program which is a regional trade promotion program launched by ITFC and is implemented by the Export Development Authority since December of last year The program was initiated through a workshop that aimed to educate exporters about market opportunities in Africa followed by another workshop in Damietta in March of this year which aimed to enhance the potential of young entrepreneurs and prioritize productive capacities to tap the financing and e trade opportunities Lack of information on key market opportunities as well as the legal rights of exporters in the market often creates barriers to their success he added which is why it is significant to support exporters to build long term resilience into their business models and outline strategies to succeed in the world s next big growth market Mr Mamdouh Salman noted Major General Hafez Hassan Assistant Minister of Industry and Trade and supervisor of the Foreign Trade Training Center noted that the Ministry aims to build a bridge of communication between African countries and Egypt in order to support President Abdel Fattah El Sisi s initiative to increase Egyptian exports to US 100 billion adding that this requires a major shift in perceptions towards the African market He added that Africa is a key promising market that is open to a range of diverse sectors and that Egyptian exporters can benefit from the assistance provided by the International Islamic Trade Finance Corporation to boost Egyptian exports to Africa and replace imported goods with local goods that are already existing in the Egyptian market Sherif El Gabaly Head of the African Affairs Committee in the House of Representatives said that holding this training is a positive step in taking practical and tangible actions to enter the African market as while Africa was always talked about in terms of strategic relevance there were no clear practical or strategic steps to support the implementation process He added that the African market is the only market that can help Egypt to achieve its national objectives by increasing its exports by more than 20 annually Al Gabaly added that the African Affairs Committee has taken measures to develop cultural interlinkages between Africa and Egypt through conducting a number of tours for Egyptian exporters to African countries stressing the need to pay attention to logistic centers and for on ground direct communication with the African consumers to truly have impact in the market Spotlighting opportunities for trade in Africa the training program aims to forge an integrated export strategy for the African market and map the opportunities across Africa s diverse countries and cities focusing on promising industrial goods such as building materials chemical industries medical and pharmaceutical industries engineering industries printing and packaging and paper products furniture as well as food industries On top of that the program also creates a collaborative structure and environment to help solve logistics infrastructure and transportation issues while entering the African market all of which are aimed at facilitating trade through trainings to embed skills and boost the capacity of enterprises
    Under the Umbrella of the Arab Africa Trade Bridges Program: International Islamic Trade Finance Corporation (ITFC) and Export Development Authority launch First Training Program for Exporters ‘Entering African Markets’ in Cairo
    Africa2 years ago

    Under the Umbrella of the Arab Africa Trade Bridges Program: International Islamic Trade Finance Corporation (ITFC) and Export Development Authority launch First Training Program for Exporters ‘Entering African Markets’ in Cairo

    Marking a key milestone for Africa’s continental trade system and export-led growth, under the umbrella of Arab Africa Trade Bridges (AATB) Program, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), in cooperation with the Egyptian Export Development Authority, and under the patronage of Her Excellency Nevin Gamea, Minister of Trade and Industry, launched the first training program for exporters entitled "Entering African Markets" in Cairo.

    The program takes place over five days with the participation of representatives of 50 Egyptian companies.

    The conclusion of the training program, which is set to take place on June 10, will be in the presence of HE. Mrs. Nevin Gamea Minister of Trade and Industry, HE. Dr. Hala Al-Saeed, Minister of Planning and Economic Development and the Governor of Egypt at the Islamic Development Bank, HE. Eng. Hani Salem Sonbol, CEO ITFC, and H.E Mr. Mamdouh Salman, Executive Director of the Export Development Authority.

    In his opening speech, Eng. Nasser Al-Thekair, General Manager of the Trade and Business Development at ITFC, noted that Egypt is a key partner and supporter of the Arab Africa Trade Bridges (AATB) Program, which was launched in 2019. Since the outbreak of the “COVID-19” pandemic, AATB had shaped a COVID-19 Action Plan to provide critical assistance to contain and mitigate the negative repercussions of the pandemic in cooperation with the Egyptian government.

    To strengthen and enhance the export capacity of Egyptian exporters, Al-Thekair explained that the AATB Program included a series of workshops to catalyze investment into African markets, with the first workshop being held in Cairo on December of last year followed by a workshop in Damietta for the furniture sector in March of this year.

    He added that the importance of the current training program lies in formulating a clear integrated export strategy to enter the African market, in addition to introducing marketing and promotion strategies to help Egyptian exporters connect with African consumers.

    To facilitate trade in pharmaceuticals and medicine between African countries, he stressed on the need to harmonize standards and regulations for medicine and medical supplies, which will open the way for the development of Egyptian exports of pharmaceutical industries to African markets.

    From his side, Mr. Mamdouh Salman explained that this training program is a result of the implementation of the joint activities program under the AATB Program, which is a regional trade promotion program launched by ITFC and is implemented by the Export Development Authority, since December of last year.

    The program was initiated through a workshop that aimed to educate exporters about market opportunities in Africa, followed by another workshop in Damietta in March of this year, which aimed to enhance the potential of young entrepreneurs and prioritize productive capacities to tap the financing and e-trade opportunities.

    Lack of information on key market opportunities as well as the legal rights of exporters in the market often creates barriers to their success, he added, which is why it is significant to support exporters to build long-term resilience into their business models and outline strategies to succeed in the world’s next big growth market, Mr. Mamdouh Salman noted.

    Major General Hafez Hassan, Assistant Minister of Industry and Trade and supervisor of the Foreign Trade Training Center, noted that the Ministry aims to build a bridge of communication between African countries and Egypt in order to support President Abdel Fattah El-Sisi's initiative to increase Egyptian exports to US$100 billion, adding that this requires a major shift in perceptions towards the African market.

    He added that Africa is a key promising market that is open to a range of diverse sectors, and that Egyptian exporters can benefit from the assistance provided by the International Islamic Trade Finance Corporation to boost Egyptian exports to Africa and replace imported goods with local goods that are already existing in the Egyptian market.

    Sherif El-Gabaly, Head of the African Affairs Committee in the House of Representatives, said that holding this training is a positive step in taking practical and tangible actions to enter the African market, as while Africa was always talked about in terms of strategic relevance, there were no clear practical or strategic steps to support the implementation process.

    He added that the African market is the only market that can help Egypt to achieve its national objectives by increasing its exports by more than 20% annually.

    Al-Gabaly added that the African Affairs Committee has taken measures to develop cultural interlinkages between Africa and Egypt through conducting a number of tours for Egyptian exporters to African countries, stressing the need to pay attention to logistic centers and for on-ground direct communication with the African consumers to truly have impact in the market.

    Spotlighting opportunities for trade in Africa, the training program aims to forge an integrated export strategy for the African market and map the opportunities across Africa’s diverse countries and cities, focusing on promising industrial goods such as building materials, chemical industries, medical and pharmaceutical industries, engineering industries, printing and packaging and paper products, furniture, as well as food industries.

    On top of that, the program also creates a collaborative structure and environment to help solve logistics, infrastructure and transportation issues while entering the African market, all of which are aimed at facilitating trade through trainings to embed skills and boost the capacity of enterprises.

  •   The International Islamic Trade Finance Corporation ITFC ITFC idb org a member of the Islamic Development Bank Group IsDB and the United Nations Industrial Development Organization UNIDO www UNIDO org today held a high level bilateral meeting to highlight two project agreements in a virtual kick off ceremony with Eng Hani Salem Sonbol CEO of ITFC and LI Yong Director General of UNIDO Following the ceremony the ongoing strategic partnership between the two entities was further discussed The projects will support two key initiatives the first is the Better Cotton Initiative BCI which aims to revive the Egyptian cotton industry by supporting growers to cultivate sustainable cotton The second project in Sudan aims at transforming the country s dairy sector which will see ITFC and UNIDO provide selected dairy enterprises with technical assistance for food safety production and will assist dairy plants to resume production The two institutions will ensure that these sectors remain resilient with increased production easier access to finance and an enhanced safe operating environment for workers In his opening remarks at the virtual meeting Eng Hani Salem Sonbol CEO ITFC noted that ITFC s participation demonstrates a commitment to nurture the cotton sector s economic prospects by strengthening the overall value chain ITFC is confident that our partnership with UNIDO will continue to add value to important economic sectors contribute to industrialization build stronger economies and ultimately support Organisation of Islamic Cooperation member countries as they emerge from the pandemic with more resilience The UNIDO Director General Li Yong stated that the mission of the United Nations Industrial Development Organization is to promote and accelerate inclusive and sustainable industrial development ISID This strategic partnership with ITFC will promote industrialization trade and sustainable development for our common member countries towards achieving the Sustainable Development Goals in general and SDG 9 in particular During the discussion on strategic partnerships Eng Sonbol highlighted ITFC s interest in expanding the partnership with UNIDO in Asia the CIS Europe and Latin America The participation of UNIDO in the second phase of the Aid for Trade Initiative for Arab States AfTIAS 2 0 was also addressed with its development objective to enhance the environment for international trade in the Arab region by making it more efficient and inclusive thereby creating opportunities for employment and contributing to sustainable development The discussion concluded with the exploration of new avenues of partnership in support of the African Continental Free Trade Area AfCFTA especially in the area of the sectoral and industrial impacts of the AfCFTA in OIC member countries
    International Islamic Trade Finance Corporation (ITFC) partners with United Nations Industrial Development Organization (UNIDO) to support Egypt’s cotton sector and Sudan’s dairy sector
      The International Islamic Trade Finance Corporation ITFC ITFC idb org a member of the Islamic Development Bank Group IsDB and the United Nations Industrial Development Organization UNIDO www UNIDO org today held a high level bilateral meeting to highlight two project agreements in a virtual kick off ceremony with Eng Hani Salem Sonbol CEO of ITFC and LI Yong Director General of UNIDO Following the ceremony the ongoing strategic partnership between the two entities was further discussed The projects will support two key initiatives the first is the Better Cotton Initiative BCI which aims to revive the Egyptian cotton industry by supporting growers to cultivate sustainable cotton The second project in Sudan aims at transforming the country s dairy sector which will see ITFC and UNIDO provide selected dairy enterprises with technical assistance for food safety production and will assist dairy plants to resume production The two institutions will ensure that these sectors remain resilient with increased production easier access to finance and an enhanced safe operating environment for workers In his opening remarks at the virtual meeting Eng Hani Salem Sonbol CEO ITFC noted that ITFC s participation demonstrates a commitment to nurture the cotton sector s economic prospects by strengthening the overall value chain ITFC is confident that our partnership with UNIDO will continue to add value to important economic sectors contribute to industrialization build stronger economies and ultimately support Organisation of Islamic Cooperation member countries as they emerge from the pandemic with more resilience The UNIDO Director General Li Yong stated that the mission of the United Nations Industrial Development Organization is to promote and accelerate inclusive and sustainable industrial development ISID This strategic partnership with ITFC will promote industrialization trade and sustainable development for our common member countries towards achieving the Sustainable Development Goals in general and SDG 9 in particular During the discussion on strategic partnerships Eng Sonbol highlighted ITFC s interest in expanding the partnership with UNIDO in Asia the CIS Europe and Latin America The participation of UNIDO in the second phase of the Aid for Trade Initiative for Arab States AfTIAS 2 0 was also addressed with its development objective to enhance the environment for international trade in the Arab region by making it more efficient and inclusive thereby creating opportunities for employment and contributing to sustainable development The discussion concluded with the exploration of new avenues of partnership in support of the African Continental Free Trade Area AfCFTA especially in the area of the sectoral and industrial impacts of the AfCFTA in OIC member countries
    International Islamic Trade Finance Corporation (ITFC) partners with United Nations Industrial Development Organization (UNIDO) to support Egypt’s cotton sector and Sudan’s dairy sector
    Africa2 years ago

    International Islamic Trade Finance Corporation (ITFC) partners with United Nations Industrial Development Organization (UNIDO) to support Egypt’s cotton sector and Sudan’s dairy sector

    The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB) and the United Nations Industrial Development Organization (UNIDO) (www.UNIDO.org) today held a high-level bilateral meeting to highlight two project agreements in a virtual kick-off ceremony with Eng. Hani Salem Sonbol, CEO of ITFC and LI Yong, Director General of UNIDO. Following the ceremony, the ongoing strategic partnership between the two entities was further discussed.

    The projects will support two key initiatives: the first is the Better Cotton Initiative (BCI), which aims to revive the Egyptian cotton industry by supporting growers to cultivate sustainable cotton. The second project in Sudan, aims at transforming the country’s dairy sector which will see ITFC and UNIDO provide selected dairy enterprises with technical assistance for food safety production and will assist dairy plants to resume production. The two institutions will ensure that these sectors remain resilient with increased production, easier access to finance and an enhanced safe operating environment for workers.

    In his opening remarks at the virtual meeting, Eng. Hani Salem Sonbol, CEO ITFC noted that “ITFC’s participation demonstrates a commitment to nurture the cotton sector’s economic prospects by strengthening the overall value chain. ITFC is confident that our partnership with UNIDO will continue to add value to important economic sectors, contribute to industrialization, build stronger economies and, ultimately, support Organisation of Islamic Cooperation member countries as they emerge from the pandemic with more resilience.”

    The UNIDO Director General, Li Yong, stated that “the mission of the United Nations Industrial Development Organization is to promote and accelerate inclusive and sustainable industrial development (ISID). This strategic partnership with ITFC will promote industrialization, trade, and sustainable development for our common member countries towards achieving the Sustainable Development Goals in general and SDG 9, in particular.”

    During the discussion on strategic partnerships, Eng. Sonbol highlighted ITFC’s interest in expanding the partnership with UNIDO in Asia, the CIS, Europe and Latin America. The participation of UNIDO in the second phase of the Aid-for-Trade Initiative for Arab States (AfTIAS 2.0) was also addressed, with its development objective to “enhance the environment for international trade in the Arab region by making it more efficient and inclusive, thereby creating opportunities for employment and contributing to sustainable development”. The discussion concluded with the exploration of new avenues of partnership in support of the African Continental Free Trade Area (AfCFTA), especially in the area of the sectoral and industrial impacts of the AfCFTA in OIC member countries.

  •   The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IDB group has signed a trade finance agreement with the Commercial Bank of Kyrgyzstan CBK The 4 million facility which is the second line of trade finance facility that ITFC is extending to CBK aims to support the import and export financing needs of its private sector clients including SMEs while strengthening the capacity of the Bank and the offering of Islamic finance instruments and products This funding is part of the Restore initiative of the IsDB Group s 3R strategy aimed at supporting member countries in their exit from the unfavorable socio economic impact of the Covid 19 pandemic The partnership signed by Mr Abdihamid Aweis Abu Director General of ITFC Trade Finance and Mr Dastan Kurmanbaev Vice Chairman of the Board of Directors of CBK is part of the framework agreement of three years of 150 million US dollars signed between ITFC and the Kyrgyz government in 2019 and will make way for further cooperation between the two sides to boost private sector development in the country Commenting on the agreement Abdihamid said The Commercial Bank of Kyrgyzstan has become a trusted partner in ITFC s quest to boost private sector development in member countries The SME sector in the Kyrgyz Republic is still underdeveloped and faces a number of challenges including access to long term finance This latest funding agreement with CBK aims to close the funding gap to increase the competitiveness of SMEs especially now that they are recovering from the effects of the pandemic and improve their integration into regional and global value chains through trade The Kyrgyz Republic became an ITFC member country in 2019 and has since received trade finance and development support to grow its economy in key sectors including agriculture private sector and SMEs The country is also central to ITFC s goal of expanding the reach of Islamic financing in the Commonwealth of Independent States CIS region
    Kyrgyz Republic’s Small and Medium-Sized Enterprises (SMEs) Sector to Benefit US $ 4 Million Trade Finance Line from International Islamic Trade Finance Corporation (ITFC)
      The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IDB group has signed a trade finance agreement with the Commercial Bank of Kyrgyzstan CBK The 4 million facility which is the second line of trade finance facility that ITFC is extending to CBK aims to support the import and export financing needs of its private sector clients including SMEs while strengthening the capacity of the Bank and the offering of Islamic finance instruments and products This funding is part of the Restore initiative of the IsDB Group s 3R strategy aimed at supporting member countries in their exit from the unfavorable socio economic impact of the Covid 19 pandemic The partnership signed by Mr Abdihamid Aweis Abu Director General of ITFC Trade Finance and Mr Dastan Kurmanbaev Vice Chairman of the Board of Directors of CBK is part of the framework agreement of three years of 150 million US dollars signed between ITFC and the Kyrgyz government in 2019 and will make way for further cooperation between the two sides to boost private sector development in the country Commenting on the agreement Abdihamid said The Commercial Bank of Kyrgyzstan has become a trusted partner in ITFC s quest to boost private sector development in member countries The SME sector in the Kyrgyz Republic is still underdeveloped and faces a number of challenges including access to long term finance This latest funding agreement with CBK aims to close the funding gap to increase the competitiveness of SMEs especially now that they are recovering from the effects of the pandemic and improve their integration into regional and global value chains through trade The Kyrgyz Republic became an ITFC member country in 2019 and has since received trade finance and development support to grow its economy in key sectors including agriculture private sector and SMEs The country is also central to ITFC s goal of expanding the reach of Islamic financing in the Commonwealth of Independent States CIS region
    Kyrgyz Republic’s Small and Medium-Sized Enterprises (SMEs) Sector to Benefit US $ 4 Million Trade Finance Line from International Islamic Trade Finance Corporation (ITFC)
    Africa2 years ago

    Kyrgyz Republic’s Small and Medium-Sized Enterprises (SMEs) Sector to Benefit US $ 4 Million Trade Finance Line from International Islamic Trade Finance Corporation (ITFC)

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IDB) group, has signed a trade finance agreement with the Commercial Bank of Kyrgyzstan (CBK ). The $ 4 million facility, which is the second line of trade finance facility that ITFC is extending to CBK, aims to support the import and export financing needs of its private sector clients. , including SMEs, while strengthening the capacity of the Bank and the offering of Islamic finance instruments and products.

    This funding is part of the “Restore” initiative of the IsDB Group's “3R” strategy aimed at supporting member countries in their exit from the unfavorable socio-economic impact of the Covid-19 pandemic.

    The partnership, signed by Mr. Abdihamid Aweis Abu, Director General of ITFC, Trade Finance and Mr. Dastan Kurmanbaev, Vice-Chairman of the Board of Directors of CBK, is part of the framework agreement of three years of 150 million US dollars, signed between ITFC and the Kyrgyz government. in 2019 and will make way for further cooperation between the two sides to boost private sector development in the country.

    Commenting on the agreement, Abdihamid said, “The Commercial Bank of Kyrgyzstan has become a trusted partner in ITFC's quest to boost private sector development in member countries. The SME sector in the Kyrgyz Republic is still underdeveloped and faces a number of challenges, including access to long-term finance. This latest funding agreement with CBK aims to close the funding gap to increase the competitiveness of SMEs, especially now that they are recovering from the effects of the pandemic, and improve their integration into regional and global value chains through trade. .

    The Kyrgyz Republic became an ITFC member country in 2019 and has since received trade finance and development support to grow its economy in key sectors including agriculture, private sector and SMEs. The country is also central to ITFC's goal of expanding the reach of Islamic financing in the Commonwealth of Independent States (CIS) region.

  •   CAIRO Egypt April 20 2021 African Media Agency AMA African Export Import Bank Afreximbank in collaboration with the United Nations Economic Commission for Africa ECA the African Development Bank AfDB and Making Finance Work for Africa Partnership MFW4A released the African Trade Finance Survey Report on April 15 2021 which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years the COVID 19 pandemic The report is the first of its kind surveying 185 banks across Africa representing more than 58 of the total assets of African banks In his opening remarks Professor Benedict Oramah Chairman of Afreximbank highlighted how the tightening of global financial conditions led to massive capital outflows from Africa exceeding 5 billion in the first quarter of 2020 These massive capital outflows affected African banks many of which recorded sharp falls in their net external assets This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade As a result of the pandemic and the inherent tightening of financing conditions increased balance of payments pressures and liquidity constraints the supply of trade finance was affected between January and April 2020 the period covered by the survey According to the report the number of correspondent banking relationships fell across the region and the rejection of L C applications increased with approximately 38 of local private banks and 30 of foreign banks reporting an increase in rejection rates respectively Dr Vera Songwe ECA Executive Secretary praised Afreximbank for the counter cyclical measures it took to help countries deal with the economic and health impacts of the COVID 19 pandemic The Bank has also played an important role in creating a 2 billion facility to help African member states purchase up to 400 million doses of COVID 19 vaccines Dr Songwe also urged African leaders especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases as such banks can take advantage of this capital five or six times and deploy more resources in Africa Recovery The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID 19 pandemic to accelerate the economic recovery process through growth in trade and investment It was deep and government interventions had to be bold and swift to help banks support businesses and limit insolvencies Most sectors of the economies were severely affected and we took various measures to support the economy in general and trade finance in particular including easing monetary policy easing regulatory requirements and instituting moratoriums on repayment of loans in the amount of 619 million said Mr Uanguta According to Ms Mervat Soltan President and CEO of the Export Development Bank of Egypt the bank had experienced a great acceptance of its digital services during the pandemic recession Egypt is one of the few countries where production expanded in the face of a synchronized global recession Digitization which sustained business and trade growth during the pandemic offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade after COVID 19 she added The report noted that African trade amounts to 1 077 billion but that banks intermediate 417 billion of this roughly 40 while the world average is 80 Bola Adesola Senior Vice President for Africa at Standard Chartered highlighted the need to increase business on the continent to help boost trade both extra African and intra African and banking intermediation The African Continental Free Trade Agreement AfCFTA he added can provide a platform to help drive more business Mr Amr Kamel Executive Vice President of Business Development and Corporate Banking at Afreximbank highlighted the role of development finance institutions during recessions noting that Afreximbank s Pandemic Trade Impact Mitigation Mechanism PATIMFA has provided timely support to banks helping to settle overdue payments and avoid payment defaults He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade such as the Pan African Payment and Settlement System PAPSS and the Afreximbank Trade Finance and Trade Facilitation AFTRAF program to increase the provision of correspondent banking services to African banks One of the Bank s long time partners Eng Hani Salem Sonbol Executive Director of the International Islamic Trade Finance Corporation ITFC reiterated the importance of international collaboration even if the initial instinct in a crisis is to look towards indoors Its response to the crisis in Africa has been based on three R s assist to help Respond to the pandemic helps with recovery and contribute to restart the economy The report made numerous recommendations These include increased engagement between central banks and industry drive greater digitization and adoption of technologies and better data which will help to better understand and assess risk In his closing remarks Dr Hippolyte Fofack Afreximbank s chief economist reiterated the need to sustainably grow the supply of trade finance across the region Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises he added
    New report highlights impact of COVID-19 on African trade finance
      CAIRO Egypt April 20 2021 African Media Agency AMA African Export Import Bank Afreximbank in collaboration with the United Nations Economic Commission for Africa ECA the African Development Bank AfDB and Making Finance Work for Africa Partnership MFW4A released the African Trade Finance Survey Report on April 15 2021 which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years the COVID 19 pandemic The report is the first of its kind surveying 185 banks across Africa representing more than 58 of the total assets of African banks In his opening remarks Professor Benedict Oramah Chairman of Afreximbank highlighted how the tightening of global financial conditions led to massive capital outflows from Africa exceeding 5 billion in the first quarter of 2020 These massive capital outflows affected African banks many of which recorded sharp falls in their net external assets This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade As a result of the pandemic and the inherent tightening of financing conditions increased balance of payments pressures and liquidity constraints the supply of trade finance was affected between January and April 2020 the period covered by the survey According to the report the number of correspondent banking relationships fell across the region and the rejection of L C applications increased with approximately 38 of local private banks and 30 of foreign banks reporting an increase in rejection rates respectively Dr Vera Songwe ECA Executive Secretary praised Afreximbank for the counter cyclical measures it took to help countries deal with the economic and health impacts of the COVID 19 pandemic The Bank has also played an important role in creating a 2 billion facility to help African member states purchase up to 400 million doses of COVID 19 vaccines Dr Songwe also urged African leaders especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases as such banks can take advantage of this capital five or six times and deploy more resources in Africa Recovery The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID 19 pandemic to accelerate the economic recovery process through growth in trade and investment It was deep and government interventions had to be bold and swift to help banks support businesses and limit insolvencies Most sectors of the economies were severely affected and we took various measures to support the economy in general and trade finance in particular including easing monetary policy easing regulatory requirements and instituting moratoriums on repayment of loans in the amount of 619 million said Mr Uanguta According to Ms Mervat Soltan President and CEO of the Export Development Bank of Egypt the bank had experienced a great acceptance of its digital services during the pandemic recession Egypt is one of the few countries where production expanded in the face of a synchronized global recession Digitization which sustained business and trade growth during the pandemic offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade after COVID 19 she added The report noted that African trade amounts to 1 077 billion but that banks intermediate 417 billion of this roughly 40 while the world average is 80 Bola Adesola Senior Vice President for Africa at Standard Chartered highlighted the need to increase business on the continent to help boost trade both extra African and intra African and banking intermediation The African Continental Free Trade Agreement AfCFTA he added can provide a platform to help drive more business Mr Amr Kamel Executive Vice President of Business Development and Corporate Banking at Afreximbank highlighted the role of development finance institutions during recessions noting that Afreximbank s Pandemic Trade Impact Mitigation Mechanism PATIMFA has provided timely support to banks helping to settle overdue payments and avoid payment defaults He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade such as the Pan African Payment and Settlement System PAPSS and the Afreximbank Trade Finance and Trade Facilitation AFTRAF program to increase the provision of correspondent banking services to African banks One of the Bank s long time partners Eng Hani Salem Sonbol Executive Director of the International Islamic Trade Finance Corporation ITFC reiterated the importance of international collaboration even if the initial instinct in a crisis is to look towards indoors Its response to the crisis in Africa has been based on three R s assist to help Respond to the pandemic helps with recovery and contribute to restart the economy The report made numerous recommendations These include increased engagement between central banks and industry drive greater digitization and adoption of technologies and better data which will help to better understand and assess risk In his closing remarks Dr Hippolyte Fofack Afreximbank s chief economist reiterated the need to sustainably grow the supply of trade finance across the region Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises he added
    New report highlights impact of COVID-19 on African trade finance
    AMA2 years ago

    New report highlights impact of COVID-19 on African trade finance

    CAIRO, Egypt, April 20, 2021 - / African Media Agency (AMA) / - African Export-Import Bank (Afreximbank), in collaboration with the United Nations Economic Commission for Africa (ECA), the African Development Bank (AfDB) and Making Finance Work for Africa Partnership (MFW4A) released the African Trade Finance Survey Report on April 15, 2021, which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years. the COVID-19 pandemic. The report is the first of its kind, surveying 185 banks across Africa, representing more than 58% of the total assets of African banks.

    In his opening remarks, Professor Benedict Oramah, Chairman of Afreximbank, highlighted how the tightening of global financial conditions led to massive capital outflows from Africa, exceeding $ 5 billion in the first quarter of 2020. “These massive capital outflows affected African banks, many of which recorded sharp falls in their net external assets. This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade. "As a result of the pandemic and the inherent tightening of financing conditions, increased balance of payments pressures and liquidity constraints, the supply of trade finance was affected between January and April 2020, the period covered. by the survey. According to the report, the number of correspondent banking relationships fell across the region and the rejection of L / C applications increased, with approximately 38% of local / private banks and 30% of foreign banks reporting an increase in rejection rates respectively.

    Dr. Vera Songwe, ECA Executive Secretary, praised Afreximbank for the counter-cyclical measures it took to help countries deal with the economic and health impacts of the COVID-19 pandemic. "The Bank has also played an important role in creating a $ 2 billion facility to help African member states purchase up to 400 million doses of COVID-19 vaccines."Dr. Songwe also urged African leaders, especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases, as such banks can take advantage of this capital five or six times and deploy more resources in Africa. Recovery.

    The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID-19 pandemic to accelerate the economic recovery process through growth in trade and investment. It was deep, and government interventions had to be bold and swift to help banks support businesses and limit insolvencies. "Most sectors of the economies were severely affected, and we took various measures to support the economy in general and trade finance in particular, including easing monetary policy, easing regulatory requirements, and instituting moratoriums on repayment of loans in the amount of $ 619 million "said Mr. Uanguta.

    According to Ms. Mervat Soltan, President and CEO of the Export Development Bank of Egypt, the bank had experienced a great acceptance of its digital services during the pandemic recession. Egypt is one of the few countries where production expanded in the face of a synchronized global recession. "Digitization, which sustained business and trade growth during the pandemic, offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade. after COVID-19 "she added.

    The report noted that African trade amounts to $ 1.077 billion but that banks intermediate $ 417 billion of this, roughly 40%, while the world average is 80%. Bola Adesola, Senior Vice President for Africa at Standard Chartered, highlighted the need to increase business on the continent, to help boost trade, both extra-African and intra-African, and banking intermediation. The African Continental Free Trade Agreement (AfCFTA), he added, can provide a platform to help drive more business.

    Mr. Amr Kamel, Executive Vice President of Business Development and Corporate Banking at Afreximbank, highlighted the role of development finance institutions during recessions, noting that "Afreximbank's Pandemic Trade Impact Mitigation Mechanism (PATIMFA) has provided timely support to banks, helping to settle overdue payments and avoid payment defaults." He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade, such as the Pan African Payment and Settlement System (PAPSS) and the Afreximbank Trade Finance and Trade Facilitation (AFTRAF) program. to increase the provision of correspondent banking services to African banks.

    One of the Bank's long-time partners, Eng. Hani Salem Sonbol, Executive Director of the International Islamic Trade Finance Corporation (ITFC) reiterated the importance of international collaboration, even if the initial instinct in a crisis is to look towards indoors. Its response to the crisis in Africa has been based on three R's: assist to help Respond to the pandemic; helps with recovery; and contribute to restart the economy.
    The report made numerous recommendations. These include: increased engagement between central banks and industry; drive greater digitization and adoption of technologies; and better data, which will help to better understand and assess risk.

    In his closing remarks, Dr. Hippolyte Fofack, Afreximbank's chief economist, reiterated the need to sustainably grow the supply of trade finance across the region. "Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises."he added.

  •   CAIRO Egypt April 20 2021 African Media Agency AMA African Export Import Bank Afreximbank in collaboration with the United Nations Economic Commission for Africa ECA the African Development Bank AfDB and Making Finance Work for Africa Partnership MFW4A released the African Trade Finance Survey Report on April 15 2021 which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years the COVID 19 pandemic The report is the first of its kind surveying 185 banks across Africa representing more than 58 of the total assets of African banks In his opening remarks Professor Benedict Oramah Chairman of Afreximbank highlighted how the tightening of global financial conditions led to massive capital outflows from Africa exceeding 5 billion in the first quarter of 2020 These massive capital outflows affected African banks many of which recorded sharp falls in their net external assets This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade As a result of the pandemic and the inherent tightening of financing conditions increased balance of payments pressures and liquidity constraints the supply of trade finance was affected between January and April 2020 the period covered by the survey According to the report the number of correspondent banking relationships decreased across the region and the rejection of credit applications increased with approximately 38 of local private banks and 30 of foreign banks reporting an increase in rates of rejection respectively Dr Vera Songwe ECA Executive Secretary praised Afreximbank for the countercyclical measures it took to help countries deal with the economic and health impacts of the COVID 19 pandemic The Bank has also played an important role in creating a 2 billion facility to help African member states purchase up to 400 million doses of COVID 19 vaccines Dr Songwe also urged African leaders especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases as such banks can take advantage of this capital five or six times and deploy more resources in Africa Recovery The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID 19 pandemic to accelerate the economic recovery process through growth in trade and investment It was deep and government interventions had to be bold and swift to help banks support businesses and limit insolvencies Most sectors of the economies were severely affected and we took various measures to support the economy in general and trade finance in particular including easing monetary policy easing regulatory requirements and instituting moratoriums on repayment of loans in the amount of 619 million said Mr Uanguta According to Ms Mervat Soltan President and CEO of the Export Development Bank of Egypt the bank had experienced a great acceptance of its digital services during the pandemic recession Egypt is one of the few countries where production expanded in the face of a synchronized global recession Digitization which sustained business and trade growth during the pandemic offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade after COVID 19 she added The report noted that African trade amounts to 1 077 billion but that banks intermediate 417 billion of this roughly 40 while the world average is 80 Bola Adesola Senior Vice President for Africa at Standard Chartered highlighted the need to increase business on the continent to help boost trade both extra African and intra African and banking intermediation The African Continental Free Trade Agreement AfCFTA he added can provide a platform to help drive more business Mr Amr Kamel Executive Vice President of Business Development and Corporate Banking at Afreximbank highlighted the role of development finance institutions during recessions noting that Afreximbank s Pandemic Trade Impact Mitigation Mechanism PATIMFA has provided timely support to banks helping to settle overdue payments and avoid payment defaults He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade such as the Pan African Payment and Settlement System PAPSS and the Afreximbank Trade Finance and Trade Facilitation AFTRAF program to increase the provision of correspondent banking services to African banks One of the Bank s long time partners Eng Hani Salem Sonbol Executive Director of the International Islamic Trade Finance Corporation ITFC reiterated the importance of international collaboration even if the initial instinct in a crisis is to look towards indoors Its response to the crisis in Africa has been based on three R s assist to help Respond to the pandemic helps with recovery and contribute to restart the economy The report made numerous recommendations These include increased engagement between central banks and industry drive greater digitization and adoption of technologies and better data which will help to better understand and assess risk In his closing remarks Dr Hippolyte Fofack Afreximbank s chief economist reiterated the need to sustainably grow the supply of trade finance across the region Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises he added
    New report highlights impact of COVID-19 on African trade finance
      CAIRO Egypt April 20 2021 African Media Agency AMA African Export Import Bank Afreximbank in collaboration with the United Nations Economic Commission for Africa ECA the African Development Bank AfDB and Making Finance Work for Africa Partnership MFW4A released the African Trade Finance Survey Report on April 15 2021 which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years the COVID 19 pandemic The report is the first of its kind surveying 185 banks across Africa representing more than 58 of the total assets of African banks In his opening remarks Professor Benedict Oramah Chairman of Afreximbank highlighted how the tightening of global financial conditions led to massive capital outflows from Africa exceeding 5 billion in the first quarter of 2020 These massive capital outflows affected African banks many of which recorded sharp falls in their net external assets This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade As a result of the pandemic and the inherent tightening of financing conditions increased balance of payments pressures and liquidity constraints the supply of trade finance was affected between January and April 2020 the period covered by the survey According to the report the number of correspondent banking relationships decreased across the region and the rejection of credit applications increased with approximately 38 of local private banks and 30 of foreign banks reporting an increase in rates of rejection respectively Dr Vera Songwe ECA Executive Secretary praised Afreximbank for the countercyclical measures it took to help countries deal with the economic and health impacts of the COVID 19 pandemic The Bank has also played an important role in creating a 2 billion facility to help African member states purchase up to 400 million doses of COVID 19 vaccines Dr Songwe also urged African leaders especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases as such banks can take advantage of this capital five or six times and deploy more resources in Africa Recovery The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID 19 pandemic to accelerate the economic recovery process through growth in trade and investment It was deep and government interventions had to be bold and swift to help banks support businesses and limit insolvencies Most sectors of the economies were severely affected and we took various measures to support the economy in general and trade finance in particular including easing monetary policy easing regulatory requirements and instituting moratoriums on repayment of loans in the amount of 619 million said Mr Uanguta According to Ms Mervat Soltan President and CEO of the Export Development Bank of Egypt the bank had experienced a great acceptance of its digital services during the pandemic recession Egypt is one of the few countries where production expanded in the face of a synchronized global recession Digitization which sustained business and trade growth during the pandemic offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade after COVID 19 she added The report noted that African trade amounts to 1 077 billion but that banks intermediate 417 billion of this roughly 40 while the world average is 80 Bola Adesola Senior Vice President for Africa at Standard Chartered highlighted the need to increase business on the continent to help boost trade both extra African and intra African and banking intermediation The African Continental Free Trade Agreement AfCFTA he added can provide a platform to help drive more business Mr Amr Kamel Executive Vice President of Business Development and Corporate Banking at Afreximbank highlighted the role of development finance institutions during recessions noting that Afreximbank s Pandemic Trade Impact Mitigation Mechanism PATIMFA has provided timely support to banks helping to settle overdue payments and avoid payment defaults He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade such as the Pan African Payment and Settlement System PAPSS and the Afreximbank Trade Finance and Trade Facilitation AFTRAF program to increase the provision of correspondent banking services to African banks One of the Bank s long time partners Eng Hani Salem Sonbol Executive Director of the International Islamic Trade Finance Corporation ITFC reiterated the importance of international collaboration even if the initial instinct in a crisis is to look towards indoors Its response to the crisis in Africa has been based on three R s assist to help Respond to the pandemic helps with recovery and contribute to restart the economy The report made numerous recommendations These include increased engagement between central banks and industry drive greater digitization and adoption of technologies and better data which will help to better understand and assess risk In his closing remarks Dr Hippolyte Fofack Afreximbank s chief economist reiterated the need to sustainably grow the supply of trade finance across the region Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises he added
    New report highlights impact of COVID-19 on African trade finance
    AMA2 years ago

    New report highlights impact of COVID-19 on African trade finance

    CAIRO, Egypt, April 20, 2021 - / African Media Agency (AMA) / - African Export-Import Bank (Afreximbank), in collaboration with the United Nations Economic Commission for Africa (ECA), the African Development Bank (AfDB) and Making Finance Work for Africa Partnership (MFW4A) released the African Trade Finance Survey Report on April 15, 2021, which provides a better understanding of the trade finance landscape in Africa and how it has evolved over the years. the COVID-19 pandemic. The report is the first of its kind, surveying 185 banks across Africa, representing more than 58% of the total assets of African banks.

    In his opening remarks, Professor Benedict Oramah, Chairman of Afreximbank, highlighted how the tightening of global financial conditions led to massive capital outflows from Africa, exceeding $ 5 billion in the first quarter of 2020. “These massive capital outflows affected African banks, many of which recorded sharp falls in their net external assets. This further exacerbated liquidity constraints and undermined the ability of banks to finance African trade. "As a result of the pandemic and the inherent tightening of financing conditions, increased balance of payments pressures and liquidity constraints, the supply of trade finance was affected between January and April 2020, the period covered. by the survey. According to the report, the number of correspondent banking relationships decreased across the region and the rejection of credit applications increased, with approximately 38% of local / private banks and 30% of foreign banks reporting an increase in rates. of rejection. respectively.

    Dr. Vera Songwe, ECA Executive Secretary, praised Afreximbank for the countercyclical measures it took to help countries deal with the economic and health impacts of the COVID-19 pandemic. "The Bank has also played an important role in creating a $ 2 billion facility to help African member states purchase up to 400 million doses of COVID-19 vaccines."Dr. Songwe also urged African leaders, especially central bank governors and finance ministers and other development partners to further support institutions such as Afreximbank through capital increases, as such banks can take advantage of this capital five or six times and deploy more resources in Africa. Recovery.

    The report highlighted the role that trade finance can play in overcoming the social and economic consequences of the COVID-19 pandemic to accelerate the economic recovery process through growth in trade and investment. It was deep, and government interventions had to be bold and swift to help banks support businesses and limit insolvencies. "Most sectors of the economies were severely affected, and we took various measures to support the economy in general and trade finance in particular, including easing monetary policy, easing regulatory requirements, and instituting moratoriums on repayment of loans in the amount of $ 619 million "said Mr. Uanguta.

    According to Ms. Mervat Soltan, President and CEO of the Export Development Bank of Egypt, the bank had experienced a great acceptance of its digital services during the pandemic recession. Egypt is one of the few countries where production expanded in the face of a synchronized global recession. "Digitization, which sustained business and trade growth during the pandemic, offers a great opportunity to help reduce costs and increase the use of trade finance facilities and should become an integral part of the strategy to boost African trade. after COVID-19 "she added.

    The report noted that African trade amounts to $ 1.077 billion but that banks intermediate $ 417 billion of this, roughly 40%, while the world average is 80%. Bola Adesola, Senior Vice President for Africa at Standard Chartered, highlighted the need to increase business on the continent, to help boost trade, both extra-African and intra-African, and banking intermediation. The African Continental Free Trade Agreement (AfCFTA), he added, can provide a platform to help drive more business.

    Mr. Amr Kamel, Executive Vice President of Business Development and Corporate Banking at Afreximbank, highlighted the role of development finance institutions during recessions, noting that "Afreximbank's Pandemic Trade Impact Mitigation Mechanism (PATIMFA) has provided timely support to banks, helping to settle overdue payments and avoid payment defaults." He also shared some of the key initiatives the Bank is taking to address the challenges of liquidity constraints and boost African trade, such as the Pan African Payment and Settlement System (PAPSS) and the Afreximbank Trade Finance and Trade Facilitation (AFTRAF) program. to increase the provision of correspondent banking services to African banks.

    One of the Bank's long-time partners, Eng. Hani Salem Sonbol, Executive Director of the International Islamic Trade Finance Corporation (ITFC) reiterated the importance of international collaboration, even if the initial instinct in a crisis is to look towards indoors. Its response to the crisis in Africa has been based on three R's: assist to help Respond to the pandemic; helps with recovery; and contribute to restart the economy.

    The report made numerous recommendations. These include: increased engagement between central banks and industry; drive greater digitization and adoption of technologies; and better data, which will help to better understand and assess risk.

    In his closing remarks, Dr. Hippolyte Fofack, Afreximbank's chief economist, reiterated the need to sustainably grow the supply of trade finance across the region. "Trade finance is the lifeblood of trade and will play a key role in the recovery and structural transformation of African economies to better prepare the region for future global crises."he added.

  •   The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank Group IDB and the Republic of Cameroon signed two agreements on April 12 2021 during a virtual signing ceremony between HE Alamine Ousmane Mey Minister of the Economy Planning and Regional Development Governor of the IDB and Ing Hani Salem Sonbol CEO ITFC The first signing is a three year framework agreement in the amount of US 750 million under which ITFC will provide Cameroon with a funding envelope of US 250 million per year over a three year period to facilitate imports of key commodities in strategic energy sectors mining in addition to the health sector with medical supplies including health equipment It will also maintain its already strong support for the priority sector of agriculture with exports of agricultural products such as cotton soybeans among others Through this framework agreement ITFC will also extend its support to SMEs and the private sector through financing mechanisms to local banks and financial institutions It will also support trade development through capacity building initiatives aimed at strengthening key sectors including health care The agreement also enshrines Cameroon s membership in ITFC s flagship program the Arab African Trade Bridges Program AATB which aims to facilitate trade and investment flows between the Arab and African regions In this regard HE Alamine Ousmane Mey stated that We are very satisfied with the agreements signed with ITFC The three year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and ITFC and the continued goodwill to implement a successful planning strategy in the country The funding of 750 million will help the Cameroonian government to consolidate its economic recovery efforts in the specific context of the fight against the COVID 19 pandemic by facilitate the importation of crucial energy products medical supplies and agricultural inputs while strengthening the fundamentals of Cameroon s economy through the development of the private sector and SMEs This is an opportunity for us to reiterate Cameroon s sincere thanks to the ITFC ITFC CEO Eng Hani Salem Sonbol reiterated the Company s commitment to support the economic recovery in Cameroon saying that We would like to continue our fruitful collaboration with the government of Cameroon by providing business solutions that best meet the needs of the country especially in view of the impact of COVID 19 We pledge to work more closely with our partners and to support the country in its efforts to develop important sectors such as agriculture in particular cotton which is a major export product as well as to support financial institutions of the country to stimulate private sector development and SME growth The second signature is linked to a Murabaha financing agreement of 98 million euros in favor of the Cotton Development Company SODECOTON to facilitate the purchase of agricultural inputs such as fertilizers pesticides and herbicides seed cotton and soybeans ITFC has a long standing relationship with Cameroon and SODECOTON ITFC funding to date has enabled the country to achieve a record production of 328 454 tonnes of seed cotton collected in 2019 2020 of which 115 000 tonnes of cotton lint has been exported despite the COVID 19 pandemic
    ITFC and Republic of Cameroon sign three-year US $ 750 million framework agreement to support key sectors in Cameroon through integrated business solutions
      The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank Group IDB and the Republic of Cameroon signed two agreements on April 12 2021 during a virtual signing ceremony between HE Alamine Ousmane Mey Minister of the Economy Planning and Regional Development Governor of the IDB and Ing Hani Salem Sonbol CEO ITFC The first signing is a three year framework agreement in the amount of US 750 million under which ITFC will provide Cameroon with a funding envelope of US 250 million per year over a three year period to facilitate imports of key commodities in strategic energy sectors mining in addition to the health sector with medical supplies including health equipment It will also maintain its already strong support for the priority sector of agriculture with exports of agricultural products such as cotton soybeans among others Through this framework agreement ITFC will also extend its support to SMEs and the private sector through financing mechanisms to local banks and financial institutions It will also support trade development through capacity building initiatives aimed at strengthening key sectors including health care The agreement also enshrines Cameroon s membership in ITFC s flagship program the Arab African Trade Bridges Program AATB which aims to facilitate trade and investment flows between the Arab and African regions In this regard HE Alamine Ousmane Mey stated that We are very satisfied with the agreements signed with ITFC The three year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and ITFC and the continued goodwill to implement a successful planning strategy in the country The funding of 750 million will help the Cameroonian government to consolidate its economic recovery efforts in the specific context of the fight against the COVID 19 pandemic by facilitate the importation of crucial energy products medical supplies and agricultural inputs while strengthening the fundamentals of Cameroon s economy through the development of the private sector and SMEs This is an opportunity for us to reiterate Cameroon s sincere thanks to the ITFC ITFC CEO Eng Hani Salem Sonbol reiterated the Company s commitment to support the economic recovery in Cameroon saying that We would like to continue our fruitful collaboration with the government of Cameroon by providing business solutions that best meet the needs of the country especially in view of the impact of COVID 19 We pledge to work more closely with our partners and to support the country in its efforts to develop important sectors such as agriculture in particular cotton which is a major export product as well as to support financial institutions of the country to stimulate private sector development and SME growth The second signature is linked to a Murabaha financing agreement of 98 million euros in favor of the Cotton Development Company SODECOTON to facilitate the purchase of agricultural inputs such as fertilizers pesticides and herbicides seed cotton and soybeans ITFC has a long standing relationship with Cameroon and SODECOTON ITFC funding to date has enabled the country to achieve a record production of 328 454 tonnes of seed cotton collected in 2019 2020 of which 115 000 tonnes of cotton lint has been exported despite the COVID 19 pandemic
    ITFC and Republic of Cameroon sign three-year US $ 750 million framework agreement to support key sectors in Cameroon through integrated business solutions
    Africa2 years ago

    ITFC and Republic of Cameroon sign three-year US $ 750 million framework agreement to support key sectors in Cameroon through integrated business solutions

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank Group (IDB) and the Republic of Cameroon signed two agreements on April 12, 2021 during a virtual signing ceremony between HE Alamine Ousmane Mey, Minister of the Economy, Planning and Regional Development (Governor of the IDB) and Ing. Hani Salem Sonbol, CEO, ITFC.

    The first signing is a three-year framework agreement in the amount of US $ 750 million under which ITFC will provide Cameroon with a funding envelope of US $ 250 million per year over a three-year period to facilitate imports of key commodities in strategic energy sectors, mining, in addition to the health sector with medical supplies, including health equipment. It will also maintain its already strong support for the priority sector of agriculture with exports of agricultural products such as cotton, soybeans among others.

    Through this framework agreement, ITFC will also extend its support to SMEs and the private sector through financing mechanisms to local banks and financial institutions. It will also support trade development through capacity building initiatives aimed at strengthening key sectors, including health care. The agreement also enshrines Cameroon's membership in ITFC's flagship program, the Arab-African Trade Bridges Program (AATB), which aims to facilitate trade and investment flows between the Arab and African regions.

    In this regard, HE Alamine Ousmane Mey stated that “We are very satisfied with the agreements signed with ITFC. The three-year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and ITFC, and the continued goodwill to implement a successful planning strategy in the country. The funding of $ 750 million will help the Cameroonian government to consolidate its economic recovery efforts in the specific context of the fight against the COVID-19 pandemic, by facilitate the importation of crucial energy products, medical supplies and agricultural inputs, while strengthening the fundamentals of Cameroon's economy through the development of the private sector and SMEs. This is an opportunity for us to reiterate Cameroon's sincere thanks to the ITFC.

    ITFC CEO, Eng. Hani Salem Sonbol reiterated the Company's commitment to support the economic recovery in Cameroon saying that, “We would like to continue our fruitful collaboration with the government of Cameroon by providing business solutions that best meet the needs of the country, especially in view of the impact of COVID-19. We pledge to work more closely with our partners and to support the country in its efforts to develop important sectors such as agriculture, in particular cotton, which is a major export product, as well as to support financial institutions. of the country to stimulate private sector development and SME growth. "

    The second signature is linked to a Murabaha financing agreement of 98 million euros in favor of the Cotton Development Company (SODECOTON), to facilitate the purchase of agricultural inputs such as fertilizers, pesticides and herbicides, seed cotton and soybeans. ITFC has a long-standing relationship with Cameroon and SODECOTON. ITFC funding to date has enabled the country to achieve a record production of 328,454 tonnes of seed cotton collected in 2019/2020, of which 115,000 tonnes of cotton lint has been exported despite the COVID-19 pandemic.

  •   The Arab Africa Trade Bridges AATB program a multi partner program led by the International Islamic Trade Finance Corporation ITFC www ITFC idb org partners with OCP Africa to support OCP s Agribooster program Africa to reach rice farmers and improve agricultural value chains in C te d Ivoire The agreement was signed by Dr Mohamed Anouar Jamali Managing Director of OCP Africa a subsidiary of the OCP Group and Eng Hani Salem Sonbol Managing Director ITFC in Rabat Morocco The program will benefit 20 000 farmers It serves as an end to end value chain solution that brings together all the conditions necessary to improve rice productivity and smallholder farmers incomes including the provision of high quality fertilizers and hybrid seeds training of the right ones agricultural practices and soil fertility as well as market linkages The program will also serve to protect the health of farmers across the country in the aftermath of COVID 19 through the provision of personal protective equipment to smallholder farms the ITFC CEO Eng Hani Salem Sonbol underlined the importance of this partnership declaring ITFC grant for the OCP Africa Agribooster program in C te d Ivoire intended to mitigate the economic impacts of COVID 19 and help boost global food supply chains while improving agricultural value chains in the country especially under these difficult circumstances African countries must work to secure their local agricultural production to minimize their exposure to imports and to advance the food security of their populations This grant will also cover the training of trainers to build their capacity through innovative training and digital technical assistance to ensure the sustainability of the program for future generations of farmers Dr Mohamed Anouar Jamali CEO of OCP Africa also added Covid 19 exposed the limitations of our current production models The repercussions of the pandemic on food security call for new holistic models to produce enough food in Africa The Agribooster program is a good example of an initiative designed to help African food systems become more resilient and we are pleased to have ITFC as a strong partner in C te d Ivoire The Agribooster program placed under the aegis of OCP Africa and dedicated to the sustainable development of agriculture requires in depth training in good agricultural practices and regular monitoring throughout the year At the continental level the Agribooster program has reached more than 630 000 smallholder farmers in four countries Ghana Senegal Nigeria and C te d Ivoire with an increase in their yield of up to 40 for the main farmers
    The Trade Bridges with Arab Africa Program (AATB) extends its support to OCP Africa’s Agribooster program in Côte d’Ivoire
      The Arab Africa Trade Bridges AATB program a multi partner program led by the International Islamic Trade Finance Corporation ITFC www ITFC idb org partners with OCP Africa to support OCP s Agribooster program Africa to reach rice farmers and improve agricultural value chains in C te d Ivoire The agreement was signed by Dr Mohamed Anouar Jamali Managing Director of OCP Africa a subsidiary of the OCP Group and Eng Hani Salem Sonbol Managing Director ITFC in Rabat Morocco The program will benefit 20 000 farmers It serves as an end to end value chain solution that brings together all the conditions necessary to improve rice productivity and smallholder farmers incomes including the provision of high quality fertilizers and hybrid seeds training of the right ones agricultural practices and soil fertility as well as market linkages The program will also serve to protect the health of farmers across the country in the aftermath of COVID 19 through the provision of personal protective equipment to smallholder farms the ITFC CEO Eng Hani Salem Sonbol underlined the importance of this partnership declaring ITFC grant for the OCP Africa Agribooster program in C te d Ivoire intended to mitigate the economic impacts of COVID 19 and help boost global food supply chains while improving agricultural value chains in the country especially under these difficult circumstances African countries must work to secure their local agricultural production to minimize their exposure to imports and to advance the food security of their populations This grant will also cover the training of trainers to build their capacity through innovative training and digital technical assistance to ensure the sustainability of the program for future generations of farmers Dr Mohamed Anouar Jamali CEO of OCP Africa also added Covid 19 exposed the limitations of our current production models The repercussions of the pandemic on food security call for new holistic models to produce enough food in Africa The Agribooster program is a good example of an initiative designed to help African food systems become more resilient and we are pleased to have ITFC as a strong partner in C te d Ivoire The Agribooster program placed under the aegis of OCP Africa and dedicated to the sustainable development of agriculture requires in depth training in good agricultural practices and regular monitoring throughout the year At the continental level the Agribooster program has reached more than 630 000 smallholder farmers in four countries Ghana Senegal Nigeria and C te d Ivoire with an increase in their yield of up to 40 for the main farmers
    The Trade Bridges with Arab Africa Program (AATB) extends its support to OCP Africa’s Agribooster program in Côte d’Ivoire
    Africa2 years ago

    The Trade Bridges with Arab Africa Program (AATB) extends its support to OCP Africa’s Agribooster program in Côte d’Ivoire

    The Arab Africa Trade Bridges (AATB) program, a multi-partner program led by the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), partners with OCP Africa to support OCP's Agribooster program Africa to reach rice farmers and improve agricultural value chains in Côte d'Ivoire. The agreement was signed by Dr. Mohamed Anouar Jamali, Managing Director of OCP Africa, a subsidiary of the OCP Group, and Eng. Hani Salem Sonbol, Managing Director, ITFC, in Rabat, Morocco.

    The program will benefit 20,000 farmers. It serves as an end-to-end value chain solution that brings together all the conditions necessary to improve rice productivity and smallholder farmers' incomes, including the provision of high quality fertilizers and hybrid seeds, training of the right ones. agricultural practices and soil fertility, as well as market linkages. The program will also serve to protect the health of farmers across the country in the aftermath of COVID-19 through the provision of personal protective equipment to smallholder farms.

    the ITFC CEO, Eng. Hani Salem Sonbol, underlined the importance of this partnership, declaring: "ITFC grant for the OCP Africa Agribooster program in Côte d'Ivoire intended to mitigate the economic impacts of COVID-19 and help boost global food supply chains while improving agricultural value chains in the country, especially under these difficult circumstances. African countries must work to secure their local agricultural production, to minimize their exposure to imports and to advance the food security of their populations.. This grant will also cover the training of trainers to build their capacity through innovative training and digital technical assistance to ensure the sustainability of the program for future generations of farmers."

    Dr Mohamed Anouar Jamali, CEO of OCP Africa also added, "Covid-19 exposed the limitations of our current production models. The repercussions of the pandemic on food security call for new holistic models to produce enough food in Africa. The Agribooster program is a good example of an initiative designed to help African food systems become more resilient, and we are pleased to have ITFC as a strong partner in Côte d'Ivoire.

    The Agribooster program, placed under the aegis of OCP Africa and dedicated to the sustainable development of agriculture, requires in-depth training in good agricultural practices and regular monitoring throughout the year.

    At the continental level, the Agribooster program has reached more than 630,000 smallholder farmers in four countries (Ghana, Senegal, Nigeria and Côte d'Ivoire), with an increase in their yield of up to 40% for the main farmers.

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