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  •   The International Islamic Trade Finance Corporation www ITFC IDB org hosted a virtual roundtable with high level speakers from the governments of the Kingdom of Saudi Arabia the Arab Republic of Egypt and the Kingdom of Spain the World Trade Organization the International Monetary Fund the International Trade Center and and Social Commission for Western Asia ESCWA on the impact of COVID 19 on trade in the Arab region and new business opportunities in the post Covid era Eng ITFC CEO Sonbol The COVID 19 pandemic has made it clearer the importance of AfTIAS 2 0 calling on donor countries and international development organizations to join AfTIAS 2 0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab Region The International Islamic Trade Finance Corporation ITFC on March 25 2021 hosted a virtual roundtable on the second phase of the Aid for Trade Initiative for the Arab States Program AfTIAS 2 0 on the theme Contribution to post COVID 19 economic recovery through inclusive job creation Speakers and contributors to the roundtable highlighted various aspects of the interventions expected from AfTIAS 2 0 namely poverty reduction inclusive job creation strengthening stability in fragile states and reducing migrations The round table was chaired by Eng Hani Salem Sonbol CEO of International Islamic Trade Finance Corporation ITFC and Chairman of the AfTIAS Program Board and with opening remarks by Mr Frederick Agah Yonov Deputy Director General World Trade Organization WTO The series of discussions and contributions kicked off with keynote addresses by Dr Majid bin Abdullah Al Qasabi Minister of Commerce of the Kingdom of Saudi Arabia Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade GAFT Dr Nevin Gamea Minister of Trade and Industry Arab Republic of Egypt and Dr Mahmoud Mohieldin Executive Director Arab Countries International Monetary Fund IMF followed by a brief presentation on the AfTIAS program by ITFC In his opening speech HE Mr Majid Al Qasabi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade reviewed the role of the Kingdom of Saudi Arabia in establishing of the Aid for Trade Initiative for the Arab States AfTIAS in its first phase reiterating the importance of promoting trade in the Arab world His Excellency also added The Kingdom of Saudi Arabia looks forward to optimizing the second phase of the AfTIAS program with the aim of strengthening the competitiveness of micro small and medium enterprises in order to increase the sector s contribution to the 20 GDP at 35 in line with the strategic objective of the Vision 2030 of the Kingdom Dr Nevin Gamea Minister of Trade and Industry of the Arab Republic of Egypt also announced Egypt s continued support to the program in its second phase stressing that every effort will be made to ensure the success of the trade promotion program in Arab countries world which is still at low levels compared to other regional trading blocks around the world Dr Mahmoud Mohieldin Executive Director Arab Countries International Monetary Fund IMF explained how AfTIAS 2 0 could improve stability in fragile Arab countries Giving an overview of the economic and trade landscape of the Arab region he stressed that trade can lead to improved future prospects through food security employment domestic incomes and resilience Speaking at the panel discussion Ms Rola Dashti United Nations Under Secretary General and Executive Secretary of the Economic and Social Commission for Western Asia ESCWA presented an assessment of the impact of COVID 19 on trade global and in the Arab region in particular by highlighting the challenges to be met Her address was attended by Dr Pamela Coke Hamilton Executive Director of International Trade ITC who presented on business creation and ways to accelerate internationalization for young entrepreneurs in Arab States in a post COVID context Ms Maria Molina Head of the Department of Cooperation with the Arab World and Asia Spanish Agency for International Cooperation for Development AECID underlined the need to curb migration by creating decent jobs in Arab countries Commenting on the importance of the round table Eng ITFC CEO Hani Salem Sonbol said The COVID 19 pandemic has made it clearer than anything before that today s global challenges do not stop at borders and that cooperation is key to overcome them The conception of AfTIAS 2 0 as a regional program corresponds directly to this vital need for cooperation The CEO called on donor countries and international development organizations to join AfTIAS 2 0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab region The AfTIAS 2 0 program was designed by ITFC in 2020 in consultation with recipient countries regional and international organizations following the successful completion of the first phase of the program in 2018 AfTIAS 2 0 focuses on inclusiveness A specific objective of AfTIAS 2 0 is to create jobs for young people and women thereby mitigating the negative impact of COVID 19 in the Arab region contributing to stability and alleviating migration problems The program will be officially launched in June 2021 and will run for five years
    Aid for Trade Initiative for Arab States program contributes to post-COVID-19 economic recovery through inclusive job creation
      The International Islamic Trade Finance Corporation www ITFC IDB org hosted a virtual roundtable with high level speakers from the governments of the Kingdom of Saudi Arabia the Arab Republic of Egypt and the Kingdom of Spain the World Trade Organization the International Monetary Fund the International Trade Center and and Social Commission for Western Asia ESCWA on the impact of COVID 19 on trade in the Arab region and new business opportunities in the post Covid era Eng ITFC CEO Sonbol The COVID 19 pandemic has made it clearer the importance of AfTIAS 2 0 calling on donor countries and international development organizations to join AfTIAS 2 0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab Region The International Islamic Trade Finance Corporation ITFC on March 25 2021 hosted a virtual roundtable on the second phase of the Aid for Trade Initiative for the Arab States Program AfTIAS 2 0 on the theme Contribution to post COVID 19 economic recovery through inclusive job creation Speakers and contributors to the roundtable highlighted various aspects of the interventions expected from AfTIAS 2 0 namely poverty reduction inclusive job creation strengthening stability in fragile states and reducing migrations The round table was chaired by Eng Hani Salem Sonbol CEO of International Islamic Trade Finance Corporation ITFC and Chairman of the AfTIAS Program Board and with opening remarks by Mr Frederick Agah Yonov Deputy Director General World Trade Organization WTO The series of discussions and contributions kicked off with keynote addresses by Dr Majid bin Abdullah Al Qasabi Minister of Commerce of the Kingdom of Saudi Arabia Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade GAFT Dr Nevin Gamea Minister of Trade and Industry Arab Republic of Egypt and Dr Mahmoud Mohieldin Executive Director Arab Countries International Monetary Fund IMF followed by a brief presentation on the AfTIAS program by ITFC In his opening speech HE Mr Majid Al Qasabi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade reviewed the role of the Kingdom of Saudi Arabia in establishing of the Aid for Trade Initiative for the Arab States AfTIAS in its first phase reiterating the importance of promoting trade in the Arab world His Excellency also added The Kingdom of Saudi Arabia looks forward to optimizing the second phase of the AfTIAS program with the aim of strengthening the competitiveness of micro small and medium enterprises in order to increase the sector s contribution to the 20 GDP at 35 in line with the strategic objective of the Vision 2030 of the Kingdom Dr Nevin Gamea Minister of Trade and Industry of the Arab Republic of Egypt also announced Egypt s continued support to the program in its second phase stressing that every effort will be made to ensure the success of the trade promotion program in Arab countries world which is still at low levels compared to other regional trading blocks around the world Dr Mahmoud Mohieldin Executive Director Arab Countries International Monetary Fund IMF explained how AfTIAS 2 0 could improve stability in fragile Arab countries Giving an overview of the economic and trade landscape of the Arab region he stressed that trade can lead to improved future prospects through food security employment domestic incomes and resilience Speaking at the panel discussion Ms Rola Dashti United Nations Under Secretary General and Executive Secretary of the Economic and Social Commission for Western Asia ESCWA presented an assessment of the impact of COVID 19 on trade global and in the Arab region in particular by highlighting the challenges to be met Her address was attended by Dr Pamela Coke Hamilton Executive Director of International Trade ITC who presented on business creation and ways to accelerate internationalization for young entrepreneurs in Arab States in a post COVID context Ms Maria Molina Head of the Department of Cooperation with the Arab World and Asia Spanish Agency for International Cooperation for Development AECID underlined the need to curb migration by creating decent jobs in Arab countries Commenting on the importance of the round table Eng ITFC CEO Hani Salem Sonbol said The COVID 19 pandemic has made it clearer than anything before that today s global challenges do not stop at borders and that cooperation is key to overcome them The conception of AfTIAS 2 0 as a regional program corresponds directly to this vital need for cooperation The CEO called on donor countries and international development organizations to join AfTIAS 2 0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab region The AfTIAS 2 0 program was designed by ITFC in 2020 in consultation with recipient countries regional and international organizations following the successful completion of the first phase of the program in 2018 AfTIAS 2 0 focuses on inclusiveness A specific objective of AfTIAS 2 0 is to create jobs for young people and women thereby mitigating the negative impact of COVID 19 in the Arab region contributing to stability and alleviating migration problems The program will be officially launched in June 2021 and will run for five years
    Aid for Trade Initiative for Arab States program contributes to post-COVID-19 economic recovery through inclusive job creation
    Africa2 years ago

    Aid for Trade Initiative for Arab States program contributes to post-COVID-19 economic recovery through inclusive job creation

    The International Islamic Trade Finance Corporation (www.ITFC-IDB.org) hosted a virtual roundtable with high-level speakers from the governments of the Kingdom of Saudi Arabia, the Arab Republic of Egypt and the Kingdom of Spain, the World Trade Organization, the International Monetary Fund, the International Trade Center and and Social Commission for Western Asia (ESCWA) on the impact of COVID-19 on trade in the Arab region and new business opportunities in the post-Covid era.

    Eng. ITFC CEO Sonbol: “The COVID-19 pandemic has made it clearer the importance of AfTIAS 2.0”, calling on donor countries and international development organizations to join AfTIAS 2.0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab Region.

    The International Islamic Trade Finance Corporation (ITFC), on March 25, 2021, hosted a virtual roundtable on the second phase of the Aid for Trade Initiative for the Arab States Program (AfTIAS 2.0) on the theme " Contribution to post COVID-19 economic recovery through inclusive job creation. ". Speakers and contributors to the roundtable highlighted various aspects of the interventions expected from AfTIAS 2.0, namely poverty reduction, inclusive job creation, strengthening stability in fragile states and reducing migrations.

    The round table was chaired by Eng. Hani Salem Sonbol, CEO of International Islamic Trade Finance Corporation (ITFC) and Chairman of the AfTIAS Program Board and with opening remarks by Mr. Frederick Agah Yonov, Deputy Director-General, World Trade Organization (WTO). The series of discussions and contributions kicked off with keynote addresses by Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce of the Kingdom of Saudi Arabia, Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade (GAFT), Dr Nevin Gamea, Minister of Trade and Industry, Arab Republic of Egypt and Dr.Mahmoud Mohieldin, Executive Director (Arab Countries), International Monetary Fund (IMF), followed by a brief presentation on the AfTIAS program by ITFC.

    In his opening speech, HE Mr. Majid Al-Qasabi, Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, reviewed the role of the Kingdom of Saudi Arabia in establishing of the Aid for Trade Initiative for the Arab States. (AfTIAS) in its first phase, reiterating the importance of promoting trade in the Arab world. His Excellency also added: "The Kingdom of Saudi Arabia looks forward to optimizing the second phase of the AfTIAS program, with the aim of strengthening the competitiveness of micro, small and medium enterprises, in order to increase the sector's contribution to the 20% GDP. at 35% in line with the strategic objective of the Vision 2030 of the Kingdom. "

    Dr Nevin Gamea, Minister of Trade and Industry of the Arab Republic of Egypt, also announced Egypt's continued support to the program in its second phase, stressing that every effort will be made to ensure the success of the trade promotion program in Arab countries. world, which is still at low levels compared to other regional trading blocks around the world.

    Dr Mahmoud Mohieldin, Executive Director (Arab Countries), International Monetary Fund (IMF), explained how AfTIAS 2.0 could improve stability in fragile Arab countries. Giving an overview of the economic and trade landscape of the Arab region, he stressed that trade can lead to improved future prospects through food security, employment, domestic incomes and resilience.

    Speaking at the panel discussion, Ms. Rola Dashti, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA) presented an assessment of the impact of COVID-19 on trade global and in the Arab region in particular, by highlighting the challenges to be met. Her address was attended by Dr Pamela Coke-Hamilton, Executive Director of International Trade (ITC), who presented on business creation and ways to accelerate internationalization for young entrepreneurs in Arab States in a post-COVID context. Ms. Maria Molina, Head of the Department of Cooperation with the Arab World and Asia, Spanish Agency for International Cooperation for Development (AECID) underlined the need to curb migration by creating decent jobs in Arab countries.

    Commenting on the importance of the round table, Eng. ITFC CEO Hani Salem Sonbol said: “The COVID-19 pandemic has made it clearer than anything before that today's global challenges do not stop at borders and that cooperation is key to overcome them. The conception of AfTIAS 2.0 as a regional program corresponds directly to this vital need for cooperation ”. The CEO called on donor countries and international development organizations to join AfTIAS 2.0 and contribute to the formidable task of supporting the most vulnerable and fragile countries in the Arab region.

    The AfTIAS 2.0 program was designed by ITFC in 2020 in consultation with recipient countries, regional and international organizations, following the successful completion of the first phase of the program in 2018. AfTIAS 2.0 focuses on inclusiveness. A specific objective of AfTIAS 2.0 is to create jobs for young people and women, thereby mitigating the negative impact of COVID-19 in the Arab region, contributing to stability and alleviating migration problems. The program will be officially launched in June 2021 and will run for five years.

  •   Makhdum Khusro Bakhtyar Minister of Economic Affairs attended the signing ceremony for the 2021 annual financing plan of the International Islamic Trade Finance Corporation ITFC www ITFC IDB org for the Government of Pakistan d an amount of 1 1 billion The document was signed by Mr Noor Ahmed Secretary Economic Affairs Division and Eng Hani Salem Sonbol Managing Director International Islamic Trade Finance Corporation ITFC a subsidiary organization of the Islamic Development Bank Group According to the 2021 Annual Funding Plan ITFC will mobilize trade finance of US 1 1 billion during the year 2021 The funding available through this facility will be used by Pakistan State Oil PSO Pak Arab Refinery Ltd PARCO and Pakistan LNG Ltd PLL for the import of crude oil refined petroleum products and LNG during the year 2021 This will be useful to increase the foreign exchange reserves of the country and provide resources to meet the import bill of oil These funding commitments reflect the confidence of international financial institutions in the Pakistani economy Eng ITFC Director General Hani Salem Sonbol pointed out that Pakistan and ITFC have been cooperating for a long time since ITFC was established in 2008 He pointed out that Pakistan is the second largest recipient of ITFC funding ITFC He assured that ITFC will continue its support to meet Pakistan s financial needs for importing crude oil petroleum products and LNG Makhdum Khusor Bakhtyar Minister of Economic Affairs thanked and appreciated ITFC s support in Pakistan The Minister underlined the importance of the partnership between ITFC and Pakistan and underlined that ITFC finances the importation of oil and LNG The Minister also appreciated the role of ITFC in the development of trade and finance in the OIC member countries During the ceremony it was also discussed and agreed in principle to expand the scope of future cooperation for the financing of agricultural products including fertilizers and to help Pakistan develop a receipt financing system warehouse The two sides agreed to finalize a new framework agreement potentially by June 2021 The minister welcomed and encouraged ITFC to play a greater role in trade finance in Pakistan
    The Government of Pakistan and the International Islamic Trade Finance Corporation signed an annual financing plan amounting to US $ 1.1 billion
      Makhdum Khusro Bakhtyar Minister of Economic Affairs attended the signing ceremony for the 2021 annual financing plan of the International Islamic Trade Finance Corporation ITFC www ITFC IDB org for the Government of Pakistan d an amount of 1 1 billion The document was signed by Mr Noor Ahmed Secretary Economic Affairs Division and Eng Hani Salem Sonbol Managing Director International Islamic Trade Finance Corporation ITFC a subsidiary organization of the Islamic Development Bank Group According to the 2021 Annual Funding Plan ITFC will mobilize trade finance of US 1 1 billion during the year 2021 The funding available through this facility will be used by Pakistan State Oil PSO Pak Arab Refinery Ltd PARCO and Pakistan LNG Ltd PLL for the import of crude oil refined petroleum products and LNG during the year 2021 This will be useful to increase the foreign exchange reserves of the country and provide resources to meet the import bill of oil These funding commitments reflect the confidence of international financial institutions in the Pakistani economy Eng ITFC Director General Hani Salem Sonbol pointed out that Pakistan and ITFC have been cooperating for a long time since ITFC was established in 2008 He pointed out that Pakistan is the second largest recipient of ITFC funding ITFC He assured that ITFC will continue its support to meet Pakistan s financial needs for importing crude oil petroleum products and LNG Makhdum Khusor Bakhtyar Minister of Economic Affairs thanked and appreciated ITFC s support in Pakistan The Minister underlined the importance of the partnership between ITFC and Pakistan and underlined that ITFC finances the importation of oil and LNG The Minister also appreciated the role of ITFC in the development of trade and finance in the OIC member countries During the ceremony it was also discussed and agreed in principle to expand the scope of future cooperation for the financing of agricultural products including fertilizers and to help Pakistan develop a receipt financing system warehouse The two sides agreed to finalize a new framework agreement potentially by June 2021 The minister welcomed and encouraged ITFC to play a greater role in trade finance in Pakistan
    The Government of Pakistan and the International Islamic Trade Finance Corporation signed an annual financing plan amounting to US $ 1.1 billion
    Africa2 years ago

    The Government of Pakistan and the International Islamic Trade Finance Corporation signed an annual financing plan amounting to US $ 1.1 billion

    Makhdum Khusro Bakhtyar, Minister of Economic Affairs, attended the signing ceremony for the 2021 annual financing plan of the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) for the Government of Pakistan, d 'an amount of $ 1.1 billion. The document was signed by Mr. Noor Ahmed, Secretary, Economic Affairs Division and Eng. Hani Salem Sonbol, Managing Director, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of the Islamic Development Bank Group).

    According to the 2021 Annual Funding Plan, ITFC will mobilize trade finance of US $ 1.1 billion during the year 2021. The funding available through this facility will be used by Pakistan State Oil (PSO), Pak- Arab Refinery Ltd. (PARCO) and Pakistan LNG Ltd. (PLL) for the import of crude oil, refined petroleum products and LNG during the year 2021. This will be useful to increase the foreign exchange reserves of the country and provide resources to meet the import bill of oil. These funding commitments reflect the confidence of international financial institutions in the Pakistani economy.

    Eng. ITFC Director General Hani Salem Sonbol pointed out that Pakistan and ITFC have been cooperating for a long time since ITFC was established in 2008. He pointed out that Pakistan is the second largest recipient of ITFC funding. ITFC. He assured that ITFC will continue its support to meet Pakistan's financial needs for importing crude oil, petroleum products and LNG.

    Makhdum Khusor Bakhtyar, Minister of Economic Affairs, thanked and appreciated ITFC's support in Pakistan. The Minister underlined the importance of the partnership between ITFC and Pakistan and underlined that ITFC finances the importation of oil and LNG. The Minister also appreciated the role of ITFC in the development of trade and finance in the OIC member countries.

    During the ceremony, it was also discussed and agreed in principle to expand the scope of future cooperation for the financing of agricultural products, including fertilizers, and to help Pakistan develop a receipt financing system. warehouse. The two sides agreed to finalize a new framework agreement potentially by June 2021. The minister welcomed and encouraged ITFC to play a greater role in trade finance in Pakistan.

  •  In collaboration with the Central Bank of West African States BCEAO the International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group organized a virtual workshop on trends and developments in CBDC and their potential impact on boosting interregional trade between West African countries and internationally The workshop highlighted the growing interest of central banks in digital currencies around the world and aimed to explore how BCEAO can adopt CBDC in its operations Speakers included Matthieu Saint Olive of ConsenSys David Wray and Willy Lim from R3 Harold Bosse S bastien Le Callonnec Kamran Shahin and Arn Vogels from Mastercard Pascal Ordonneau former CEO of HSBC Invoice Financing and Erin English and Catherine Gu from Visa The experts addressed the key trends in integrating CBDC into mainstream finance exploring a variety of topics and topics including policy security legal and regulatory considerations They explored the impact on the global banking system and the role of commercial banks the impact on foreign exchange reserves and the need to educate the general public The panel also highlighted the potential benefits of digital currencies including greater financial inclusion integrity and stability operational efficiency and effectiveness of monetary policy Highlighting the importance of the workshop Nazeem Noordali ITFC s chief operating officer said The fourth industrial revolution will change the face of the traditional monetary system as we know it Technology is already changing the way commerce is conducted creating vast new opportunities for greater efficiency and impact ITFC strongly believes in the potential of digital currencies to drive trade and drive greater financial inclusion and stability in the developing world Madame Justine Amenan Tano Beugre Advisor to the Director General of the West African Center for Banking Studies and Training COFEB a division of BCEAO noted that the Bank had the same opinion as evidenced by the organization of a press conference in December last with the theme Cryptomoney Emergence Fears and Controversies and moderated by Professor Michel Ruimy a world renowned expert in the field It is important to note that the BCEAO pays special interest to technological and financial innovations considered as fundamental levers to strengthen financial inclusion Likewise like the main central banks our issuing institute is concerned about digital developments to consider in the context of monetary issuance Therefore this workshop offers the opportunity to explore the issuance of digital currency in a theoretical and practical way but also to discuss the implications for monetary policy and financial stability said Beugre
    Workshop organized by the International Islamic Trade Finance Corporation and the Central Bank of West African States (BCEAO) explores central bank digital currencies (CBDC) and their impact on interregional trade
     In collaboration with the Central Bank of West African States BCEAO the International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group organized a virtual workshop on trends and developments in CBDC and their potential impact on boosting interregional trade between West African countries and internationally The workshop highlighted the growing interest of central banks in digital currencies around the world and aimed to explore how BCEAO can adopt CBDC in its operations Speakers included Matthieu Saint Olive of ConsenSys David Wray and Willy Lim from R3 Harold Bosse S bastien Le Callonnec Kamran Shahin and Arn Vogels from Mastercard Pascal Ordonneau former CEO of HSBC Invoice Financing and Erin English and Catherine Gu from Visa The experts addressed the key trends in integrating CBDC into mainstream finance exploring a variety of topics and topics including policy security legal and regulatory considerations They explored the impact on the global banking system and the role of commercial banks the impact on foreign exchange reserves and the need to educate the general public The panel also highlighted the potential benefits of digital currencies including greater financial inclusion integrity and stability operational efficiency and effectiveness of monetary policy Highlighting the importance of the workshop Nazeem Noordali ITFC s chief operating officer said The fourth industrial revolution will change the face of the traditional monetary system as we know it Technology is already changing the way commerce is conducted creating vast new opportunities for greater efficiency and impact ITFC strongly believes in the potential of digital currencies to drive trade and drive greater financial inclusion and stability in the developing world Madame Justine Amenan Tano Beugre Advisor to the Director General of the West African Center for Banking Studies and Training COFEB a division of BCEAO noted that the Bank had the same opinion as evidenced by the organization of a press conference in December last with the theme Cryptomoney Emergence Fears and Controversies and moderated by Professor Michel Ruimy a world renowned expert in the field It is important to note that the BCEAO pays special interest to technological and financial innovations considered as fundamental levers to strengthen financial inclusion Likewise like the main central banks our issuing institute is concerned about digital developments to consider in the context of monetary issuance Therefore this workshop offers the opportunity to explore the issuance of digital currency in a theoretical and practical way but also to discuss the implications for monetary policy and financial stability said Beugre
    Workshop organized by the International Islamic Trade Finance Corporation and the Central Bank of West African States (BCEAO) explores central bank digital currencies (CBDC) and their impact on interregional trade
    Africa2 years ago

    Workshop organized by the International Islamic Trade Finance Corporation and the Central Bank of West African States (BCEAO) explores central bank digital currencies (CBDC) and their impact on interregional trade


    In collaboration with the Central Bank of West African States (BCEAO), the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, organized a virtual workshop on trends and developments in CBDC and their potential impact on boosting interregional trade between West African countries and internationally. The workshop highlighted the growing interest of central banks in digital currencies around the world and aimed to explore how BCEAO can adopt CBDC in its operations.

    Speakers included Matthieu Saint Olive of ConsenSys; David Wray and Willy Lim from R3; Harold Bosse, Sébastien Le Callonnec, Kamran Shahin and Arn Vogels from Mastercard; Pascal Ordonneau, former CEO of HSBC Invoice Financing; and Erin English and Catherine Gu from Visa.

    The experts addressed the key trends in integrating CBDC into mainstream finance, exploring a variety of topics and topics including policy, security, legal and regulatory considerations. They explored the impact on the global banking system and the role of commercial banks, the impact on foreign exchange reserves, and the need to educate the general public. The panel also highlighted the potential benefits of digital currencies, including greater financial inclusion, integrity and stability, operational efficiency, and effectiveness of monetary policy.

    Highlighting the importance of the workshop, Nazeem Noordali, ITFC's chief operating officer, said: “The fourth industrial revolution will change the face of the traditional monetary system as we know it. Technology is already changing the way commerce is conducted, creating vast new opportunities for greater efficiency and impact. ITFC strongly believes in the potential of digital currencies to drive trade and drive greater financial inclusion and stability in the developing world. "

    Madame Justine Amenan Tano Beugre, Advisor to the Director General of the West African Center for Banking Studies and Training (COFEB), a division of BCEAO, noted that the Bank had the same opinion, as evidenced by the organization of a press conference in December last. with the theme 'Cryptomoney Emergence: Fears and Controversies', and moderated by Professor Michel Ruimy, a world-renowned expert in the field.

    “It is important to note that the BCEAO pays special interest to technological and financial innovations, considered as fundamental levers to strengthen financial inclusion. Likewise, like the main central banks, our issuing institute is concerned about digital developments to consider in the context of monetary issuance. Therefore, this workshop offers the opportunity to explore the issuance of digital currency in a theoretical and practical way, but also to discuss the implications for monetary policy and financial stability, ”said Beugre.

  •  The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has signed a framework agreement with the Government of Tunisia represented by the Ministry of Economy and Finance and Investment Support to increase trade flows and develop trade capacity within the Republic The US 1 5 billion deal aims to help Tunisian state owned companies finance the import of commodities such as energy and industrial products among others as well as access business development programs to boost exports and promote interregional trade with other Arab and African countries According to the agreement signed by Eng Hani Salem Sonbol CEO of ITFC and HE Ali Kooli Minister of Economy Finance and Investment Support ITFC will contribute to mobilizing financial resources from international and regional banks and financial institutions Furthermore the agreement will give way to further cooperation between the two sides in the areas of business development Tunisian SOEs will have access to ITFC s integrated business solutions and benefit from regional trade platforms such as the Aid for Trade Initiative for the Arab States AfTIAS and the Arab Africa Trade Bridges AATB programs which promote trade and investment Flows between Arab and African countries by improving business competitiveness reducing trade costs and enhancing technological capabilities These companies will also benefit from ITFC s LC confirmation ICR issuance products to secure export related transactions In addition a grant agreement was signed for a total of US 15 000 to cover the cost of subscriptions to virtual educational and training platforms that provide education and certification training for the benefit of the National Center for Technologies in Education as part of its Program of Distance Education in Luz of the COVID 19 pandemic Referring to the agreement Tunisian Minister of Economy Finance and Investment Support HE Ali Kooli praised the successful partnership and cooperation between Tunisia and the International Islamic Trade Finance Corporation considering the support it provides for the benefit of many national institutions and plays in strategic sectors to help them ensure their raw material needs He also emphasized that the Tunisian government is interested in further improving this cooperation and benefiting from the various programs and mechanisms of the financial institution Reiterating ITFC s commitment to supporting its member countries Eng Hani Salem Sonbol ITFC CEO said The continued support of ITFC s financial and commercial development in Tunisia is part of our efforts to diversify the local economy and boost recovering from the impact of COVID 19 It is essential that Tunisian import and export companies continue to trade with their Arab and African counterparts The agreement will facilitate access to ITFC s integrated business solutions and key trade related platforms such as AfTIAS and AATB which focus on value added sectors promote a skilled workforce and drive knowledge and technology transfer between companies local business enterprises It is worth mentioning that ITFC had provided around US 1 5 billion during the last three years under the last framework agreement signed in 2018 to boost and diversify the Tunisian economy in the agricultural energy industrial and pharmaceutical sectors Recipients of ITFC funding to date include Soci t Tunisienne de l Electricit et du Gaz STEG Groupe Chimique Tunisien the Tunisian Refining Industries Company STIR and El Fouladh the Tunisian steel company
    The International Islamic Trade Finance Corporation signs an agreement with the Tunisian government to mobilize US $ 1.5 billion as part of its integrated business solutions
     The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has signed a framework agreement with the Government of Tunisia represented by the Ministry of Economy and Finance and Investment Support to increase trade flows and develop trade capacity within the Republic The US 1 5 billion deal aims to help Tunisian state owned companies finance the import of commodities such as energy and industrial products among others as well as access business development programs to boost exports and promote interregional trade with other Arab and African countries According to the agreement signed by Eng Hani Salem Sonbol CEO of ITFC and HE Ali Kooli Minister of Economy Finance and Investment Support ITFC will contribute to mobilizing financial resources from international and regional banks and financial institutions Furthermore the agreement will give way to further cooperation between the two sides in the areas of business development Tunisian SOEs will have access to ITFC s integrated business solutions and benefit from regional trade platforms such as the Aid for Trade Initiative for the Arab States AfTIAS and the Arab Africa Trade Bridges AATB programs which promote trade and investment Flows between Arab and African countries by improving business competitiveness reducing trade costs and enhancing technological capabilities These companies will also benefit from ITFC s LC confirmation ICR issuance products to secure export related transactions In addition a grant agreement was signed for a total of US 15 000 to cover the cost of subscriptions to virtual educational and training platforms that provide education and certification training for the benefit of the National Center for Technologies in Education as part of its Program of Distance Education in Luz of the COVID 19 pandemic Referring to the agreement Tunisian Minister of Economy Finance and Investment Support HE Ali Kooli praised the successful partnership and cooperation between Tunisia and the International Islamic Trade Finance Corporation considering the support it provides for the benefit of many national institutions and plays in strategic sectors to help them ensure their raw material needs He also emphasized that the Tunisian government is interested in further improving this cooperation and benefiting from the various programs and mechanisms of the financial institution Reiterating ITFC s commitment to supporting its member countries Eng Hani Salem Sonbol ITFC CEO said The continued support of ITFC s financial and commercial development in Tunisia is part of our efforts to diversify the local economy and boost recovering from the impact of COVID 19 It is essential that Tunisian import and export companies continue to trade with their Arab and African counterparts The agreement will facilitate access to ITFC s integrated business solutions and key trade related platforms such as AfTIAS and AATB which focus on value added sectors promote a skilled workforce and drive knowledge and technology transfer between companies local business enterprises It is worth mentioning that ITFC had provided around US 1 5 billion during the last three years under the last framework agreement signed in 2018 to boost and diversify the Tunisian economy in the agricultural energy industrial and pharmaceutical sectors Recipients of ITFC funding to date include Soci t Tunisienne de l Electricit et du Gaz STEG Groupe Chimique Tunisien the Tunisian Refining Industries Company STIR and El Fouladh the Tunisian steel company
    The International Islamic Trade Finance Corporation signs an agreement with the Tunisian government to mobilize US $ 1.5 billion as part of its integrated business solutions
    Africa2 years ago

    The International Islamic Trade Finance Corporation signs an agreement with the Tunisian government to mobilize US $ 1.5 billion as part of its integrated business solutions


    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a framework agreement with the Government of Tunisia, represented by the Ministry of Economy and Finance. and Investment Support, to increase trade flows and develop trade capacity within the Republic. The US $ 1.5 billion deal aims to help Tunisian state-owned companies finance the import of commodities such as energy and industrial products, among others, as well as access business development programs to boost exports and promote interregional trade with other Arab and African countries.

    According to the agreement, signed by Eng. Hani Salem Sonbol, CEO of ITFC and HE Ali Kooli, Minister of Economy, Finance and Investment Support, ITFC will contribute to mobilizing financial resources from international and regional banks and financial institutions. Furthermore, the agreement will give way to further cooperation between the two sides in the areas of business development. Tunisian SOEs will have access to ITFC's integrated business solutions and benefit from regional trade platforms such as the Aid for Trade Initiative for the Arab States (AfTIAS) and the Arab-Africa Trade Bridges (AATB) programs, which promote trade and investment. Flows between Arab and African countries by improving business competitiveness, reducing trade costs and enhancing technological capabilities. These companies will also benefit from ITFC's LC confirmation / ICR issuance products to secure export-related transactions.

    In addition, a grant agreement was signed for a total of US $ 15,000, to cover the cost of subscriptions to virtual educational and training platforms that provide education and certification training for the benefit of the National Center for Technologies in Education as part of its Program of Distance Education in Luz. of the COVID-19 pandemic.

    Referring to the agreement, Tunisian Minister of Economy, Finance and Investment Support HE Ali Kooli praised the successful partnership and cooperation between Tunisia and the International Islamic Trade Finance Corporation, considering the support it provides for the benefit of many national institutions and plays in strategic sectors, to help them ensure their raw material needs. He also emphasized that the Tunisian government is interested in further improving this cooperation and benefiting from the various programs and mechanisms of the financial institution.

    Reiterating ITFC's commitment to supporting its member countries, Eng. Hani Salem Sonbol, ITFC CEO, said: “The continued support of ITFC's financial and commercial development in Tunisia is part of our efforts to diversify the local economy and boost recovering from the impact of COVID-19. It is essential that Tunisian import and export companies continue to trade with their Arab and African counterparts. The agreement will facilitate access to ITFC's integrated business solutions and key trade-related platforms such as AfTIAS and AATB, which focus on value-added sectors, promote a skilled workforce, and drive knowledge and technology transfer between companies. local business enterprises ".

    It is worth mentioning that ITFC had provided around US $ 1.5 billion during the last three years under the last framework agreement signed in 2018 to boost and diversify the Tunisian economy in the agricultural, energy, industrial and pharmaceutical sectors. Recipients of ITFC funding to date include Société Tunisienne de l'Electricité et du Gaz (STEG) Groupe Chimique Tunisien, the Tunisian Refining Industries Company (STIR) and El Fouladh, the Tunisian steel company.

  •  Under the umbrella of the Arab Africa Trade Bridges AATB Program three IsDB Group Private Sector Entities hosted a webinar on key trade finance and investment components aimed at fostering regional trade The entities included the International Islamic Trade Finance Corporation ITFC www ITFC IDB org the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC and the Islamic Corporation for the Development of the Private Sector ICD in collaboration with IsDB Group Business Forum ldquo THIQAH rdquo Over 1 000 development institutions sovereign funds banks investment and private equity companies and key government and corporate sector representatives were in attendance The event which focused on the investment trade and insurance pillars of the AATB program showcased potential business opportunities existing between the two regions particularly in key industries such as agro food health and pharmaceutical building and construction materials and equipment as well as machinery and electrical equipment Projects and activities involving the growth of trade related investment and knowledge and technology transfer between the Arab and African countries were explored with the aim of growing AATB member base The webinar was inaugurated with keynote speeches from Mr Oussama Kaissi Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC Mr Ayman Sejiny Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector ICD and Eng Hani Salem Sonbol Chief Executive Officer of International Islamic Trade Finance Corporation ITFC Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and technology transfer between Arab and African countries The session also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both regions by nurturing an environment where the parties can benefit from the opportunities that exist nbsp In his opening address Mr Oussama Kaissi said ldquo Despite the tragedy presented by the pandemic these unprecedented times have brought development institutions together to seek solutions and encourage innovation teaching us that the best way forward is together ICIEC believes that through the AATB program our multilateral efforts can enhance pandemic responses capacity building efforts and economic security providing the citizens of Arab and African countries the knowledge and materials to build a better future rdquo Eng Hani Salem Sonbol corroborated the sentiment saying ldquo Since its launch in 2017 AATB has become the foremost platform in driving trade between the Arab and African regions with important initiatives that strengthen growth and prosperity in beneficiary countries The program facilitates financial and technical support for trade and investment related activities aimed at promoting intra trade between the regions through specific interventions and dedicated trade finance and investment components rdquo ldquo ICD will lead the Investment Pillar of the AATB Program which aims to mobilize and allocate resources to impactful investments in Arab and African countries including recovery packages to overcome the adverse impacts of Covid 19 In line with our global approach we aim to expand existing and build new partnerships with financial institutions to design and launch special financial packages for the benefit of member countries under the umbrella of the AATB Program rdquo said Mr Ayman Sejiny Moderated by Mr Nasser M Al Thekair General Manager Trade amp Business Development ITFC the first session presented by Mr Syed Quadri Acting Director Resilience and Social Development Department in IsDB discussed key features and benefits of the AATB investment pillar to financial institutions and key partner networks A panel discussion on the benefits and features of AATB rsquo s trade investment and insurance pillars featured key speakers including Mr Aymen Kasem Division Manager Trade Development Trade amp Business Development of ITFC Mr Essaied Ben Ahmed Principle Infrastructure amp Corporate Finance Global Markets amp Fixed Income of ICD and Mr Ismail Filali Allach Country Manager Morocco Middle East amp North Africa Region Division ICIEC AATB is a multi donor country and organization program designed to leverage new trade partnerships strengthen existing ones and increase trade and investment flows between the Arab and African regions At present its partners and members include IsDB ITFC ICIEC Afreximbank Arab Bank for Economic Development BADEA and OPEC Fund with member country representation consisting of Benin Cameroon Egypt Morocco Senegal Togo and Tunisia nbsp For more information about the event please visit www AATB Events org Distributed by APO Group on behalf of International Islamic Trade Finance Corporation ITFC Media Contact Twitter aatb_program Facebook aatbprogram E mail aatb itfc idb org About the Arab Africa Trade Bridges AATB Program AATB www AATB Events org is a multi donor multi country and multi organizations program aiming to promote and increase trade and investment ows between African and Arab member countries provide and support trade nance and export credit insurance and enhance existing capacity building tools relating to trade The program specifically focuses on the key sectors of agriculture and related industries including textiles health industry including pharmaceuticals infrastructure and transport and petrochemicals construction material and technology About the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC ICIEC www ICIEC isdb org is a member of the Islamic Development Bank IsDB Group ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC Since its inception the utilization of ICIEC services by member countries reached USD 106 34 billion of trade and investments ICIEC rsquo s cover has been provided to its 47 member countries across the Muslim world assisting in their economic prosperity development and diversification ICIEC is rated Aa3 insurance financial strength credit by Moody rsquo s with a Stable Outlook ICIEC rsquo s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions About the International Trade Finance Corporation ITFC The International Islamic Trade Finance Corporation ITFC www ITFC IDB org is a member of the Islamic Development Bank IsDB Group It was established with the primary objective of advancing trade among OIC member countries which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world Commencing operations in January 2008 ITFC has provided more than US 55 billion of financing to OIC member countries making it the leading provider of trade solutions for these member countries rsquo needs With a mission to become a catalyst for trade development for OIC member countries and beyond the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade related capacity building tools which would enable them to successfully compete in the global market About the Islamic Corporation for the Development of the Private Sector ICD The Islamic Corporation for the Development of the Private Sector ICD www ICD ps org is a multilateral development financial institution and is member of the Islamic Development Bank IsDB Group ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects promoting competition and entrepreneurship providing advisory services to the governments and private companies and encouraging cross border investments ICD is Rated A2 rsquo by Moody rsquo s lsquo A rsquo by S amp P and A by Fitch ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing ICD also applies financial technology Fintech to make financing more efficient and comprehensive About the Islamic Development Bank Group Business Forum THIQAH The Islamic Development Bank Group Business Forum THIQAH www IDBGBF org is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries The main objective of THIQAH is to establish a unique platform for effective dialogue cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities Through facilitation and catalyst roles THIQAH will be leveraging IsDB Group rsquo s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector The primary focus will be on maximizing cross border investment among member countries to be supported by IsDB Group 039 s financial products and services Media filesDownload logo
    Over 1,000 Financial Stakeholders Participate in the Arab-Africa Trade Bridges Program Investment Pillar Webinar Aimed at Growing Regional Trade Investment and Technology Transfer
     Under the umbrella of the Arab Africa Trade Bridges AATB Program three IsDB Group Private Sector Entities hosted a webinar on key trade finance and investment components aimed at fostering regional trade The entities included the International Islamic Trade Finance Corporation ITFC www ITFC IDB org the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC and the Islamic Corporation for the Development of the Private Sector ICD in collaboration with IsDB Group Business Forum ldquo THIQAH rdquo Over 1 000 development institutions sovereign funds banks investment and private equity companies and key government and corporate sector representatives were in attendance The event which focused on the investment trade and insurance pillars of the AATB program showcased potential business opportunities existing between the two regions particularly in key industries such as agro food health and pharmaceutical building and construction materials and equipment as well as machinery and electrical equipment Projects and activities involving the growth of trade related investment and knowledge and technology transfer between the Arab and African countries were explored with the aim of growing AATB member base The webinar was inaugurated with keynote speeches from Mr Oussama Kaissi Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC Mr Ayman Sejiny Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector ICD and Eng Hani Salem Sonbol Chief Executive Officer of International Islamic Trade Finance Corporation ITFC Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and technology transfer between Arab and African countries The session also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both regions by nurturing an environment where the parties can benefit from the opportunities that exist nbsp In his opening address Mr Oussama Kaissi said ldquo Despite the tragedy presented by the pandemic these unprecedented times have brought development institutions together to seek solutions and encourage innovation teaching us that the best way forward is together ICIEC believes that through the AATB program our multilateral efforts can enhance pandemic responses capacity building efforts and economic security providing the citizens of Arab and African countries the knowledge and materials to build a better future rdquo Eng Hani Salem Sonbol corroborated the sentiment saying ldquo Since its launch in 2017 AATB has become the foremost platform in driving trade between the Arab and African regions with important initiatives that strengthen growth and prosperity in beneficiary countries The program facilitates financial and technical support for trade and investment related activities aimed at promoting intra trade between the regions through specific interventions and dedicated trade finance and investment components rdquo ldquo ICD will lead the Investment Pillar of the AATB Program which aims to mobilize and allocate resources to impactful investments in Arab and African countries including recovery packages to overcome the adverse impacts of Covid 19 In line with our global approach we aim to expand existing and build new partnerships with financial institutions to design and launch special financial packages for the benefit of member countries under the umbrella of the AATB Program rdquo said Mr Ayman Sejiny Moderated by Mr Nasser M Al Thekair General Manager Trade amp Business Development ITFC the first session presented by Mr Syed Quadri Acting Director Resilience and Social Development Department in IsDB discussed key features and benefits of the AATB investment pillar to financial institutions and key partner networks A panel discussion on the benefits and features of AATB rsquo s trade investment and insurance pillars featured key speakers including Mr Aymen Kasem Division Manager Trade Development Trade amp Business Development of ITFC Mr Essaied Ben Ahmed Principle Infrastructure amp Corporate Finance Global Markets amp Fixed Income of ICD and Mr Ismail Filali Allach Country Manager Morocco Middle East amp North Africa Region Division ICIEC AATB is a multi donor country and organization program designed to leverage new trade partnerships strengthen existing ones and increase trade and investment flows between the Arab and African regions At present its partners and members include IsDB ITFC ICIEC Afreximbank Arab Bank for Economic Development BADEA and OPEC Fund with member country representation consisting of Benin Cameroon Egypt Morocco Senegal Togo and Tunisia nbsp For more information about the event please visit www AATB Events org Distributed by APO Group on behalf of International Islamic Trade Finance Corporation ITFC Media Contact Twitter aatb_program Facebook aatbprogram E mail aatb itfc idb org About the Arab Africa Trade Bridges AATB Program AATB www AATB Events org is a multi donor multi country and multi organizations program aiming to promote and increase trade and investment ows between African and Arab member countries provide and support trade nance and export credit insurance and enhance existing capacity building tools relating to trade The program specifically focuses on the key sectors of agriculture and related industries including textiles health industry including pharmaceuticals infrastructure and transport and petrochemicals construction material and technology About the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC ICIEC www ICIEC isdb org is a member of the Islamic Development Bank IsDB Group ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC Since its inception the utilization of ICIEC services by member countries reached USD 106 34 billion of trade and investments ICIEC rsquo s cover has been provided to its 47 member countries across the Muslim world assisting in their economic prosperity development and diversification ICIEC is rated Aa3 insurance financial strength credit by Moody rsquo s with a Stable Outlook ICIEC rsquo s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions About the International Trade Finance Corporation ITFC The International Islamic Trade Finance Corporation ITFC www ITFC IDB org is a member of the Islamic Development Bank IsDB Group It was established with the primary objective of advancing trade among OIC member countries which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world Commencing operations in January 2008 ITFC has provided more than US 55 billion of financing to OIC member countries making it the leading provider of trade solutions for these member countries rsquo needs With a mission to become a catalyst for trade development for OIC member countries and beyond the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade related capacity building tools which would enable them to successfully compete in the global market About the Islamic Corporation for the Development of the Private Sector ICD The Islamic Corporation for the Development of the Private Sector ICD www ICD ps org is a multilateral development financial institution and is member of the Islamic Development Bank IsDB Group ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects promoting competition and entrepreneurship providing advisory services to the governments and private companies and encouraging cross border investments ICD is Rated A2 rsquo by Moody rsquo s lsquo A rsquo by S amp P and A by Fitch ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing ICD also applies financial technology Fintech to make financing more efficient and comprehensive About the Islamic Development Bank Group Business Forum THIQAH The Islamic Development Bank Group Business Forum THIQAH www IDBGBF org is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries The main objective of THIQAH is to establish a unique platform for effective dialogue cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities Through facilitation and catalyst roles THIQAH will be leveraging IsDB Group rsquo s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector The primary focus will be on maximizing cross border investment among member countries to be supported by IsDB Group 039 s financial products and services Media filesDownload logo
    Over 1,000 Financial Stakeholders Participate in the Arab-Africa Trade Bridges Program Investment Pillar Webinar Aimed at Growing Regional Trade Investment and Technology Transfer
    Africa2 years ago

    Over 1,000 Financial Stakeholders Participate in the Arab-Africa Trade Bridges Program Investment Pillar Webinar Aimed at Growing Regional Trade Investment and Technology Transfer


    Under the umbrella of the Arab-Africa Trade Bridges (AATB) Program, three IsDB Group Private Sector Entities hosted a webinar on key trade finance and investment components aimed at fostering regional trade. The entities included the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Corporation for the Development of the Private Sector (ICD) in collaboration with IsDB Group Business Forum “THIQAH”. Over 1,000 development institutions, sovereign funds, banks, investment and private equity companies, and key government and corporate sector representatives were in attendance.

    The event, which focused on the investment, trade and insurance pillars of the AATB program showcased potential business opportunities existing between the two regions particularly in key industries such as agro-food, health and pharmaceutical, building and construction materials and equipment, as well as machinery and electrical equipment. Projects and activities involving the growth of trade related investment and knowledge and technology transfer between the Arab and African countries were explored with the aim of growing AATB member base.

    The webinar was inaugurated with keynote speeches from Mr. Oussama Kaissi, Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Mr. Ayman Sejiny, Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) and Eng. Hani Salem Sonbol, Chief Executive Officer of International Islamic Trade Finance Corporation (ITFC).

    Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and technology transfer between Arab and African countries. The session also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both regions by nurturing an environment where the parties can benefit from the opportunities that exist. 

    In his opening address, Mr. Oussama Kaissi, said: “Despite the tragedy presented by the pandemic, these unprecedented times have brought development institutions together to seek solutions and encourage innovation, teaching us that the best way forward is together. ICIEC believes that through the AATB program, our multilateral efforts can enhance pandemic responses, capacity building efforts, and economic security, providing the citizens of Arab and African countries the knowledge and materials to build a better future.”

    Eng. Hani Salem Sonbol, corroborated the sentiment, saying: “Since its launch in 2017, AATB has become the foremost platform in driving trade between the Arab and African regions, with important initiatives that strengthen growth and prosperity in beneficiary countries. The program facilitates financial and technical support for trade and investment-related activities aimed at promoting intra-trade between the regions through specific interventions and dedicated trade finance and investment components”.

    “ICD will lead the Investment Pillar of the AATB Program, which aims to mobilize and allocate resources to impactful investments in Arab and African countries including recovery packages to overcome the adverse impacts of Covid-19. In line with our global approach, we aim to expand existing and build new partnerships with financial institutions to design and launch special financial packages for the benefit of member countries under the umbrella of the AATB Program.” said Mr. Ayman Sejiny.

    Moderated by Mr. Nasser M. Al-Thekair, General Manager, Trade & Business Development, ITFC, the first session presented by Mr. Syed Quadri, Acting Director, Resilience and Social Development Department in IsDB discussed key features and benefits of the AATB investment pillar to financial institutions and key partner networks. A panel discussion on the benefits and features of AATB’s trade, investment and insurance pillars featured key speakers including Mr. Aymen Kasem, Division Manager, Trade Development, Trade & Business Development of ITFC, Mr. Essaied Ben Ahmed, Principle, Infrastructure & Corporate Finance Global Markets & Fixed Income of ICD, and Mr. Ismail Filali Allach, Country Manager, Morocco, Middle East & North Africa Region Division, ICIEC.

    AATB is a multi-donor, country and organization program designed to leverage new trade partnerships, strengthen existing ones, and increase trade and investment flows between the Arab and African regions. At present, its partners and members include IsDB, ITFC, ICIEC, Afreximbank, Arab Bank for Economic Development (BADEA), and OPEC Fund with member country representation consisting of Benin, Cameroon, Egypt, Morocco, Senegal, Togo, and Tunisia. 

    For more information about the event, please visit www.AATB-Events.org.

    Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

    Media Contact:
    Twitter: @aatb_program
    Facebook: @aatbprogram
    E-mail: aatb@itfc-idb.org

    About the Arab-Africa Trade Bridges (AATB) Program:
    AATB (www.AATB-Events.org) is a multi-donor, multi-country, and multi-organizations program, aiming to promote and increase trade and investment flows between African and Arab member countries; provide and support trade finance and export credit insurance; and enhance existing capacity building tools relating to trade. The program specifically focuses on the key sectors of agriculture and related industries including textiles; health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material and technology.

    About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
    ICIEC (www.ICIEC.isdb.org) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Since its inception, the utilization of ICIEC services by member countries reached USD 106.34 billion of trade and investments. ICIEC’s cover has been provided to its 47 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is rated Aa3 insurance financial strength credit by Moody’s with a Stable Outlook. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.

    About the International Trade Finance Corporation (ITFC):
    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

    About the Islamic Corporation for the Development of the Private Sector (ICD):
    The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

    About the Islamic Development Bank Group Business Forum (THIQAH):
    The Islamic Development Bank Group Business Forum (THIQAH) (www.IDBGBF.org) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services.


    Media files

    Download logo

  •  The International Islamic Trade Finance Corporation ITFC www ITFC IDB org member of the Islamic Development Bank IsDB Group has advised and confirmed the first standalone Letter of Credit in favour of Groupe Chimique Tunisien in Tunisia under the recently approved LC Confirmation Facility The LC which was issued by City Bank Ltd Bangladesh facilitated the timely shipment of fertilizer from Tunisia to Bangladesh an intra OIC trade flow The import will enable Noapara Group the importer to facilitate the domestic supply of highly sought after fertilizer to farmers for the production of staple foods for the country ITFC rsquo s newly developed standalone LC Confirmation instrument is open to all segments of clients but targeting mainly SMEs by way of providing exporters risk mitigation for their sales to importers in OIC member countries Commenting on the importance of the transaction Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is delighted to have taken another crucial step towards enhancing trade finance products and solutions aimed at supporting private sector clients through partnership with the local nbsp financial institutions to advance nbsp trade operations and improve livelihoods The LC Confirmation facility provided to The City Bank Limited has facilitated the smooth procurement of fertilizer which is essential for food security of Bangladesh Agriculture is the largest employment sector in the country employing around 38 of the nation rsquo s workforce and the timely import of fertilizers from Groupe Chimique Tunisien helps secure and support these jobs rdquo Commenting on the LC Confirmation facility from ITFC City Bank Ltd Bangladesh Additional Managing Director and Head of Wholesale Banking Trade Service SME Small and Micro Finance Sheikh Mohammad Maroof commented ldquo It is a privilege for City Bank to be ITFC rsquo s partner in their first standalone LC confirmation transaction We appreciate ITFC rsquo s continuous efforts towards enhancing trade facilities for OIC member countries including Bangladesh We are looking forward to the development of Bangladesh rsquo s agriculture and private sector with support from ITFC rdquo Md Saidur Rahman MD of Noapara Group said ldquo I would like to thank City Bank and ITFC for the smooth execution of the transaction This partnership has vastly improved the value we can provide to the end users of the fertilizer our farmers rdquo The ITFC LC Confirmation product is structured to allow exporters to gain assurance from a multi lateral financial institution to secure payment while mitigating the credit and country risks of the LCs Issuing Banks
    The International Islamic Trade Finance Corporation Executes its First Standalone LC Confirmation Transaction
     The International Islamic Trade Finance Corporation ITFC www ITFC IDB org member of the Islamic Development Bank IsDB Group has advised and confirmed the first standalone Letter of Credit in favour of Groupe Chimique Tunisien in Tunisia under the recently approved LC Confirmation Facility The LC which was issued by City Bank Ltd Bangladesh facilitated the timely shipment of fertilizer from Tunisia to Bangladesh an intra OIC trade flow The import will enable Noapara Group the importer to facilitate the domestic supply of highly sought after fertilizer to farmers for the production of staple foods for the country ITFC rsquo s newly developed standalone LC Confirmation instrument is open to all segments of clients but targeting mainly SMEs by way of providing exporters risk mitigation for their sales to importers in OIC member countries Commenting on the importance of the transaction Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is delighted to have taken another crucial step towards enhancing trade finance products and solutions aimed at supporting private sector clients through partnership with the local nbsp financial institutions to advance nbsp trade operations and improve livelihoods The LC Confirmation facility provided to The City Bank Limited has facilitated the smooth procurement of fertilizer which is essential for food security of Bangladesh Agriculture is the largest employment sector in the country employing around 38 of the nation rsquo s workforce and the timely import of fertilizers from Groupe Chimique Tunisien helps secure and support these jobs rdquo Commenting on the LC Confirmation facility from ITFC City Bank Ltd Bangladesh Additional Managing Director and Head of Wholesale Banking Trade Service SME Small and Micro Finance Sheikh Mohammad Maroof commented ldquo It is a privilege for City Bank to be ITFC rsquo s partner in their first standalone LC confirmation transaction We appreciate ITFC rsquo s continuous efforts towards enhancing trade facilities for OIC member countries including Bangladesh We are looking forward to the development of Bangladesh rsquo s agriculture and private sector with support from ITFC rdquo Md Saidur Rahman MD of Noapara Group said ldquo I would like to thank City Bank and ITFC for the smooth execution of the transaction This partnership has vastly improved the value we can provide to the end users of the fertilizer our farmers rdquo The ITFC LC Confirmation product is structured to allow exporters to gain assurance from a multi lateral financial institution to secure payment while mitigating the credit and country risks of the LCs Issuing Banks
    The International Islamic Trade Finance Corporation Executes its First Standalone LC Confirmation Transaction
    Africa2 years ago

    The International Islamic Trade Finance Corporation Executes its First Standalone LC Confirmation Transaction



    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, has advised and confirmed the first standalone Letter of Credit in favour of Groupe Chimique Tunisien in Tunisia under the recently approved LC Confirmation Facility.

    The LC which was issued by City Bank Ltd Bangladesh facilitated the timely shipment of fertilizer from Tunisia to Bangladesh, an intra-OIC trade flow. The import will enable Noapara Group, the importer, to facilitate the domestic supply of highly sought-after fertilizer to farmers for the production of staple foods for the country.

    ITFC’s newly developed standalone LC Confirmation instrument is open to all segments of clients but targeting mainly SMEs, by way of providing exporters risk mitigation for their sales to importers in OIC member countries.

    Commenting on the importance of the transaction, Eng. Hani Salem Sonbol, ITFC CEO, said: ‘ITFC is delighted to have taken another crucial step towards enhancing trade finance products and solutions aimed at supporting private sector clients, through partnership with the local  financial institutions, to advance  trade operations and improve livelihoods. The LC Confirmation facility provided to The City Bank Limited has facilitated the smooth procurement of fertilizer, which is essential for food security of Bangladesh. Agriculture is the largest employment sector in the country, employing around 38% of the nation’s workforce and the timely import of fertilizers from Groupe Chimique Tunisien helps secure and support these jobs.”

    Commenting on the LC Confirmation facility from ITFC, City Bank Ltd Bangladesh Additional Managing Director and Head of Wholesale Banking, Trade Service, SME-Small and Micro-Finance Sheikh Mohammad Maroof, commented, “It is a privilege for City Bank to be ITFC’s partner in their first standalone LC confirmation transaction. We appreciate ITFC’s continuous efforts towards enhancing trade facilities for OIC member countries including Bangladesh. We are looking forward to the development of Bangladesh’s agriculture and private sector with support from ITFC.”

    Md. Saidur Rahman, MD of Noapara Group said, “I would like to thank City Bank and ITFC for the smooth execution of the transaction. This partnership has vastly improved the value we can provide to the end users of the fertilizer - our farmers.”

    The ITFC LC Confirmation product is structured to allow exporters to gain assurance from a multi-lateral financial institution to secure payment while mitigating the credit and country risks of the LCs Issuing Banks.

  •  The ECA Office for North Africa the Ministry of Industry and Trade of the Republic of the Sudan and the International Islamic Trade Finance Corporation ITFC http www ITFC IDB org launched on Sunday in Khartoum Sudan a Stakeholder dialogue on the African Continental Free Trade Area AfCFTA ldquo We need to work together and in a very practical way so as to ensure Sudan benefits from the AfCFTA and makes the most of its strong points its workforce its agriculture and industry ndash to increase exports to African countries rdquo said Khaled Hussein interim director of the ECA Office for North Africa ldquo ITFC is keen to work closely with the partners and be part of this important initiative the AfCFTA specially during these challenging times Intra African trade is crucial for the economic awakening of the African continent Sudan with its rich resources and strategic importance will have a huge potential in terms of exports and ultimately the attainment of greater socio economic inclusion in the country rdquo commented Eng Hani Salem Sonbol CEO ITFC This training is being held as per the Ministry of Industry and Trade request with the goal of raising stakeholders rsquo awareness on the potential impact of the AfCFTA on the national economy and how best for the Sudan to benefit from this international trade agreement Government officials private sector and civil society representatives as well as academics will be provided with a better understanding of the stakes and challenges related to the AfCFTA In addition the training will seek to increase Sudanese policy makers rsquo capacity to design and implement policies to enhance national exports and strengthen the productive sector The AfCFTA is scheduled to come into force on January 1st 2021 with the ambition of becoming the world 039 s largest trade bloc and generate a market of more than 1 2 billion consumers One year into the economic crisis caused by the COVID 19 pandemic the Economic Commission for Africa and its partners consider that the AfCFTA can play a key role in accelerating Africa rsquo s economic recovery and building back on stronger more resilient bases thanks to the structural transformation of African economies While experts identify significant growth potentials for Sudanese sectors and products such as mining leather agro industries and textiles much remains to be done to restore and modernize the national financial and industry sectors and increase their competitiveness in the African and global trade markets The stakeholder dialogue on the African Continental Free Trade Area is the first of three workshops jointly organized by the ECA Office for North Africa and the Islamic Development Bank International Islamic Trade Finance Corporation ITFC Upcoming events in Sudan in 2021 will include a second training on ldquo Regional Value Chains in North Africa and Opportunities in the Context of the AfCFTA rdquo aiming to improve public and private sector representatives rsquo knowledge of existing regional value chains in Africa and especially North Africa and a third workshop on the ldquo African Continent Market Access for Sudanese Products rdquo which will focus on the potential of promotion of Sudanese exports within the context of the AfCFTA
    African Continental Free Trade Area (AfCFTA): Joint, practical efforts needed for Sudan to make the most of its strong points
     The ECA Office for North Africa the Ministry of Industry and Trade of the Republic of the Sudan and the International Islamic Trade Finance Corporation ITFC http www ITFC IDB org launched on Sunday in Khartoum Sudan a Stakeholder dialogue on the African Continental Free Trade Area AfCFTA ldquo We need to work together and in a very practical way so as to ensure Sudan benefits from the AfCFTA and makes the most of its strong points its workforce its agriculture and industry ndash to increase exports to African countries rdquo said Khaled Hussein interim director of the ECA Office for North Africa ldquo ITFC is keen to work closely with the partners and be part of this important initiative the AfCFTA specially during these challenging times Intra African trade is crucial for the economic awakening of the African continent Sudan with its rich resources and strategic importance will have a huge potential in terms of exports and ultimately the attainment of greater socio economic inclusion in the country rdquo commented Eng Hani Salem Sonbol CEO ITFC This training is being held as per the Ministry of Industry and Trade request with the goal of raising stakeholders rsquo awareness on the potential impact of the AfCFTA on the national economy and how best for the Sudan to benefit from this international trade agreement Government officials private sector and civil society representatives as well as academics will be provided with a better understanding of the stakes and challenges related to the AfCFTA In addition the training will seek to increase Sudanese policy makers rsquo capacity to design and implement policies to enhance national exports and strengthen the productive sector The AfCFTA is scheduled to come into force on January 1st 2021 with the ambition of becoming the world 039 s largest trade bloc and generate a market of more than 1 2 billion consumers One year into the economic crisis caused by the COVID 19 pandemic the Economic Commission for Africa and its partners consider that the AfCFTA can play a key role in accelerating Africa rsquo s economic recovery and building back on stronger more resilient bases thanks to the structural transformation of African economies While experts identify significant growth potentials for Sudanese sectors and products such as mining leather agro industries and textiles much remains to be done to restore and modernize the national financial and industry sectors and increase their competitiveness in the African and global trade markets The stakeholder dialogue on the African Continental Free Trade Area is the first of three workshops jointly organized by the ECA Office for North Africa and the Islamic Development Bank International Islamic Trade Finance Corporation ITFC Upcoming events in Sudan in 2021 will include a second training on ldquo Regional Value Chains in North Africa and Opportunities in the Context of the AfCFTA rdquo aiming to improve public and private sector representatives rsquo knowledge of existing regional value chains in Africa and especially North Africa and a third workshop on the ldquo African Continent Market Access for Sudanese Products rdquo which will focus on the potential of promotion of Sudanese exports within the context of the AfCFTA
    African Continental Free Trade Area (AfCFTA): Joint, practical efforts needed for Sudan to make the most of its strong points
    Africa2 years ago

    African Continental Free Trade Area (AfCFTA): Joint, practical efforts needed for Sudan to make the most of its strong points



    The ECA Office for North Africa, the Ministry of Industry and Trade of the Republic of the Sudan and the International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-IDB.org) launched on Sunday in Khartoum (Sudan) a Stakeholder dialogue on the African Continental Free Trade Area (AfCFTA).

    “We need to work together and in a very practical way so as to ensure Sudan benefits from the AfCFTA and makes the most of its strong points - its workforce, its agriculture and industry – to increase exports to African countries”, said Khaled Hussein, interim director of the ECA Office for North Africa.

    “ITFC is keen to work closely with the partners and be part of this important initiative, the AfCFTA, specially during these challenging times. Intra-African trade is crucial for the economic awakening of the African continent. Sudan with its rich resources and strategic importance will have a huge potential in terms of exports and ultimately, the attainment of greater socio-economic inclusion in the country”, commented Eng. Hani Salem Sonbol, CEO ITFC.

    This training is being held, as per the Ministry of Industry and Trade request, with the goal of raising stakeholders’ awareness on the potential impact of the AfCFTA on the national economy and how best for the Sudan to benefit from this international trade agreement.

    Government officials, private sector and civil society representatives as well as academics will be provided with a better understanding of the stakes and challenges related to the AfCFTA. In addition, the training will seek to increase Sudanese policy makers’ capacity to design and implement policies to enhance national exports and strengthen the productive sector.

    The AfCFTA is scheduled to come into force on January 1st, 2021, with the ambition of becoming the world's largest trade bloc and generate a market of more than 1.2 billion consumers.

    One year into the economic crisis caused by the COVID-19 pandemic, the Economic Commission for Africa and its partners consider that the AfCFTA can play a key role in accelerating Africa’s economic recovery and building back on stronger, more resilient bases thanks to the structural transformation of African economies.

    While experts identify significant growth potentials for Sudanese sectors and products such as mining, leather, agro-industries and textiles, much remains to be done to restore and modernize the national financial and industry sectors, and increase their competitiveness in the African and global trade markets.

    The stakeholder dialogue on the African Continental Free Trade Area is the first of three workshops jointly organized by the ECA Office for North Africa and the Islamic Development Bank International Islamic Trade Finance Corporation (ITFC).

    Upcoming events in Sudan in 2021 will include a second training on “Regional Value Chains in North Africa and Opportunities in the Context of the AfCFTA” aiming to improve public and private sector representatives’ knowledge of existing regional value chains in Africa and especially North Africa; and a third workshop on the “African Continent Market Access for Sudanese Products”, which will focus on the potential of promotion of Sudanese exports within the context of the AfCFTA.

  •  The International Islamic Trade Finance Corporation www ITFC IDB org member of the Islamic Development Bank IsDB Group launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions ITFC rsquo s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC rsquo s LCs Confirmation boosting trade volumes in OIC member countries Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods nbsp Commenting on the launch of the new product Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade With this LCs Confirmation instrument the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy This provides much needed support for exporters the issuing banks and as a consequence serves to provide strategic trade finance support where and when it is needed most during the COVID 19 pandemic and beyond rsquo This LCs Confirmation product is structured to allow exporters gain assurance from a multi lateral financial institution to secure payment thus mitigating the credit and country risks of the LCs Issuing Banks
    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility
     The International Islamic Trade Finance Corporation www ITFC IDB org member of the Islamic Development Bank IsDB Group launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions ITFC rsquo s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC rsquo s LCs Confirmation boosting trade volumes in OIC member countries Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods nbsp Commenting on the launch of the new product Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade With this LCs Confirmation instrument the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy This provides much needed support for exporters the issuing banks and as a consequence serves to provide strategic trade finance support where and when it is needed most during the COVID 19 pandemic and beyond rsquo This LCs Confirmation product is structured to allow exporters gain assurance from a multi lateral financial institution to secure payment thus mitigating the credit and country risks of the LCs Issuing Banks
    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility
    Africa2 years ago

    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility

    International Islamic Trade Finance Corporation (ITFC)

    The International Islamic Trade Finance Corporation (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions.

    ITFC’s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC’s LCs Confirmation boosting trade volumes in OIC member countries.

    Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic. The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods. 

    Commenting on the launch of the new product, Eng. Hani Salem Sonbol, ITFC CEO, said: ‘ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade. With this LCs Confirmation instrument, the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy. This provides much-needed support for exporters, the issuing banks and as a consequence, serves to provide strategic trade finance support where and when it is needed most during the COVID-19 pandemic and beyond.’

    This LCs Confirmation product is structured to allow exporters gain assurance from a multi-lateral financial institution to secure payment, thus mitigating the credit and country risks of the LCs Issuing Banks.

  •  The International Islamic Trade Finance Corporation www ITFC IDB org member of the Islamic Development Bank IsDB Group launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions ITFC rsquo s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC rsquo s LCs Confirmation boosting trade volumes in OIC member countries Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods nbsp Commenting on the launch of the new product Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade With this LCs Confirmation instrument the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy This provides much needed support for exporters the issuing banks and as a consequence serves to provide strategic trade finance support where and when it is needed most during the COVID 19 pandemic and beyond rsquo This LCs Confirmation product is structured to allow exporters gain assurance from a multi lateral financial institution to secure payment thus mitigating the credit and country risks of the LCs Issuing Banks
    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility
     The International Islamic Trade Finance Corporation www ITFC IDB org member of the Islamic Development Bank IsDB Group launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions ITFC rsquo s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC rsquo s LCs Confirmation boosting trade volumes in OIC member countries Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods nbsp Commenting on the launch of the new product Eng Hani Salem Sonbol ITFC CEO said lsquo ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade With this LCs Confirmation instrument the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy This provides much needed support for exporters the issuing banks and as a consequence serves to provide strategic trade finance support where and when it is needed most during the COVID 19 pandemic and beyond rsquo This LCs Confirmation product is structured to allow exporters gain assurance from a multi lateral financial institution to secure payment thus mitigating the credit and country risks of the LCs Issuing Banks
    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility
    Africa2 years ago

    International Islamic Trade Finance Corporation launches its Letter of Credit (LC) Confirmation Facility



    The International Islamic Trade Finance Corporation (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, launched its new standalone LC Confirmation instrument as part of its strategy to expand its private sector interventions.

    ITFC’s newly developed LCs Confirmation product is open to SMEs in IsDB member countries wherein exporters can now rely on ITFC’s LCs Confirmation boosting trade volumes in OIC member countries.

    Enhancing international trade is crucial for economic development and this role becomes even more critical as countries embark on the recovery phase from the pandemic. The LCs Confirmation product is aimed at managing the increasing risk associated with the pandemic while facilitating trade flow and ensuring the steady supply of essential goods. 

    Commenting on the launch of the new product, Eng. Hani Salem Sonbol, ITFC CEO, said: ‘ITFC is committed to supporting SMEs and private sector development in developing countries to drive global trade. With this LCs Confirmation instrument, the ITFC is demonstrating the important role that Islamic trade finance products and solutions have in levelling the playing field for developing markets that seek to participate in the global economy. This provides much-needed support for exporters, the issuing banks and as a consequence, serves to provide strategic trade finance support where and when it is needed most during the COVID-19 pandemic and beyond.’

    This LCs Confirmation product is structured to allow exporters gain assurance from a multi-lateral financial institution to secure payment, thus mitigating the credit and country risks of the LCs Issuing Banks.

  •  The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has approved a Murabaha Financing Facility of US 10 million for the Uzbekistan Joint Stock commercial bank ldquo Agrobank rdquo to support private sector development through the provision of financing for local SMEs in the country The financing implemented under a US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in January 2019 will support import and pre export financing needs of nbsp SMEs in Uzbekistan and contribute to the nation rsquo s recovery from the negative economic impact of COVID 19 This financing is in line with the lsquo recovery rsquo initiative of IsDB Group lsquo 3Rs rsquo Program aimed at supporting member countries to mitigate against the overall impact of the pandemic The CEO of ITFC Eng Hani Salem Sonbol spoke of the contribution that the financing will make saying ldquo The trade finance agreement between ITFC and Agrobank will support the provision of financing to local SMEs across the country as Uzbekistan rsquo s private sector recovers from the adverse economic impact of COVID 19 The funds which are allocated under Murabaha structure will provide needed lifeline to importers and exporters during a time of global economic crisis and help protect the lives and livelihoods of people dependent on the country rsquo s job creating SMEs rdquo It is worth mentioning that ITFC has previously approved six other lines of finance totaling US 46 million in favor of local banks in Uzbekistan since 2018
    International Islamic Trade Finance Corporation (ITFC) approves US Million line of trade finance for Uzbekistan’s Agrobank
     The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has approved a Murabaha Financing Facility of US 10 million for the Uzbekistan Joint Stock commercial bank ldquo Agrobank rdquo to support private sector development through the provision of financing for local SMEs in the country The financing implemented under a US 500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in January 2019 will support import and pre export financing needs of nbsp SMEs in Uzbekistan and contribute to the nation rsquo s recovery from the negative economic impact of COVID 19 This financing is in line with the lsquo recovery rsquo initiative of IsDB Group lsquo 3Rs rsquo Program aimed at supporting member countries to mitigate against the overall impact of the pandemic The CEO of ITFC Eng Hani Salem Sonbol spoke of the contribution that the financing will make saying ldquo The trade finance agreement between ITFC and Agrobank will support the provision of financing to local SMEs across the country as Uzbekistan rsquo s private sector recovers from the adverse economic impact of COVID 19 The funds which are allocated under Murabaha structure will provide needed lifeline to importers and exporters during a time of global economic crisis and help protect the lives and livelihoods of people dependent on the country rsquo s job creating SMEs rdquo It is worth mentioning that ITFC has previously approved six other lines of finance totaling US 46 million in favor of local banks in Uzbekistan since 2018
    International Islamic Trade Finance Corporation (ITFC) approves US Million line of trade finance for Uzbekistan’s Agrobank
    Africa2 years ago

    International Islamic Trade Finance Corporation (ITFC) approves US$10 Million line of trade finance for Uzbekistan’s Agrobank


    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has approved a Murabaha Financing Facility of US$10 million for the Uzbekistan Joint Stock commercial bank “Agrobank” to support private sector development through the provision of financing for local SMEs in the country.

    The financing, implemented under a US$500 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in January 2019, will support import and pre-export financing needs of  SMEs in Uzbekistan and contribute to the nation’s recovery from the negative economic impact of COVID-19.

    This financing is in line with the ‘recovery’ initiative of IsDB Group ‘3Rs’ Program aimed at supporting member countries to mitigate against the overall impact of the pandemic.

    The CEO of ITFC, Eng. Hani Salem Sonbol, spoke of the contribution that the financing will make, saying, “The trade finance agreement between ITFC and Agrobank will support the provision of financing to local SMEs across the country as Uzbekistan’s private sector recovers from the adverse economic impact of COVID-19. The funds, which are allocated under Murabaha structure, will provide needed lifeline to importers and exporters during a time of global economic crisis and help protect the lives and livelihoods of people dependent on the country’s job creating SMEs.

    It is worth-mentioning that ITFC has previously approved six other lines of finance totaling US$46 million in favor of local banks in Uzbekistan since 2018.

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