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  •   The African Export Import Bank Afreximbank has inaugurated a 1 5 billion dollar collaborative COVID 19 Pandemic Response Facility COPREFA to support African economies with rapid financial assistance to reduce the impact of COVID 19 Afreximbank and its collaborators in Cairo Egypt made this known in a joint statement on Wednesday The collaborators are the pan African multilateral EXIM bank International Islamic Trade Finance Corporation ITFC the Trade Finance Arm of the Islamic Development Bank IsDB Group and the Arab Bank for Economic Development in Africa BADEA The bank said COPREFA would be accessed by eligible central banks commercial banks and businesses to finance the import of medical supplies It said it would also be used to finance agricultural equipment and fertilisers essential for addressing the pressing food production deficit COPREFA is designed to support African economies to overcome myriads of challenges including commodity price shocks a significant drop in tourism and disruption to supply chains and export manufacturing It will also address the sudden declines in financial flows including a drop off in trade and project finance migrant remittances portfolio investment and Foreign Direct Investments The bank said that a key attribute of the COPREFA facility was the speed at which financial assistance could be provided through all partners involved It said that the impact of the COVID 19 pandemic had proven to be fast paced requiring support that could be deployed quickly and flexibly to prevent sharp declines in national economies Afreximbank said that standard eligibility criteria and credit appraisal process had been developed by COPREFA partners to facilitate implementation of the facility Support will be available through direct funding lines of credit confirmation and refinancing of documentary credits guarantees cross currency swaps and other similar instruments it said The co financed facility led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co financing risk sharing of transactions and promoting integrated trade solutions to support African economies on navigating the impact of COVID 19 Itemising some of its achievements in Africa the bank said it had a strong track record of supporting African economies during financial crises In 2015 the bank disbursed more than 10 billion dollars through a Counter Cyclical Trade Liquidity Facility COTRALF to help member countries manage the adverse economic fallout of commodity price shocks In March 2020 a financial package called the Pandemic Trade Impact Mitigation Facility PATIMFA was launched solely by Afreximbank to support economies through the pandemic a facility of which over five billion dollars has been disbursed will be implemented alongside COPREFA The President of the bank Prof Benedict Oramah said Afreximbank s priority had always been to step up when markets fell That is why we are supporting African economies forcefully at the time of great difficulties COPREFA a product of a unique international partnership is a major contribution to the global fight against the pandemic and will work alongside our other programmes to ensure Africa s future remains bright beyond this economic shock Mr Hani Salem Sonbol the Chief Executive Officer of ITFC said that providing fiscal bandwidth and practical support to Small and Medium Enterprises and medical communities in African countries would deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic ITFC has worked extensively since the very start of the COVID 19 outbreak to provide comprehensive support to some of the most vulnerable countries The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most It will also help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced Dr Sidi Tah the Director General of BADEA said BADEA with its partners had supported and would always support the continent through tough and good times as a reliable strong and resourceful financial institution Since the COVID 19 pandemic posed drastic challenges that are reshaping the scene of the global economy we sought that it will require unprecedented cooperation and measures to tackle these challenges BADEA has joined the fight against the pandemic by allocating a gross amount of more than 500 million dollars in COPREFA and other initiatives Tah said that the allocations would be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities to the continent Edited By Oluyinka Fadare Grace Yussuf Source NAN
    Afreximbank, others inaugurate   The African Export Import Bank Afreximbank has inaugurated a 1 5 billion dollar collaborative COVID 19 Pandemic Response Facility COPREFA to support African economies with rapid financial assistance to reduce the impact of COVID 19 Afreximbank and its collaborators in Cairo Egypt made this known in a joint statement on Wednesday The collaborators are the pan African multilateral EXIM bank International Islamic Trade Finance Corporation ITFC the Trade Finance Arm of the Islamic Development Bank IsDB Group and the Arab Bank for Economic Development in Africa BADEA The bank said COPREFA would be accessed by eligible central banks commercial banks and businesses to finance the import of medical supplies It said it would also be used to finance agricultural equipment and fertilisers essential for addressing the pressing food production deficit COPREFA is designed to support African economies to overcome myriads of challenges including commodity price shocks a significant drop in tourism and disruption to supply chains and export manufacturing It will also address the sudden declines in financial flows including a drop off in trade and project finance migrant remittances portfolio investment and Foreign Direct Investments The bank said that a key attribute of the COPREFA facility was the speed at which financial assistance could be provided through all partners involved It said that the impact of the COVID 19 pandemic had proven to be fast paced requiring support that could be deployed quickly and flexibly to prevent sharp declines in national economies Afreximbank said that standard eligibility criteria and credit appraisal process had been developed by COPREFA partners to facilitate implementation of the facility Support will be available through direct funding lines of credit confirmation and refinancing of documentary credits guarantees cross currency swaps and other similar instruments it said The co financed facility led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co financing risk sharing of transactions and promoting integrated trade solutions to support African economies on navigating the impact of COVID 19 Itemising some of its achievements in Africa the bank said it had a strong track record of supporting African economies during financial crises In 2015 the bank disbursed more than 10 billion dollars through a Counter Cyclical Trade Liquidity Facility COTRALF to help member countries manage the adverse economic fallout of commodity price shocks In March 2020 a financial package called the Pandemic Trade Impact Mitigation Facility PATIMFA was launched solely by Afreximbank to support economies through the pandemic a facility of which over five billion dollars has been disbursed will be implemented alongside COPREFA The President of the bank Prof Benedict Oramah said Afreximbank s priority had always been to step up when markets fell That is why we are supporting African economies forcefully at the time of great difficulties COPREFA a product of a unique international partnership is a major contribution to the global fight against the pandemic and will work alongside our other programmes to ensure Africa s future remains bright beyond this economic shock Mr Hani Salem Sonbol the Chief Executive Officer of ITFC said that providing fiscal bandwidth and practical support to Small and Medium Enterprises and medical communities in African countries would deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic ITFC has worked extensively since the very start of the COVID 19 outbreak to provide comprehensive support to some of the most vulnerable countries The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most It will also help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced Dr Sidi Tah the Director General of BADEA said BADEA with its partners had supported and would always support the continent through tough and good times as a reliable strong and resourceful financial institution Since the COVID 19 pandemic posed drastic challenges that are reshaping the scene of the global economy we sought that it will require unprecedented cooperation and measures to tackle these challenges BADEA has joined the fight against the pandemic by allocating a gross amount of more than 500 million dollars in COPREFA and other initiatives Tah said that the allocations would be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities to the continent Edited By Oluyinka Fadare Grace Yussuf Source NAN  .5 bn facility to support African recovery amid global pandemic
      The African Export Import Bank Afreximbank has inaugurated a 1 5 billion dollar collaborative COVID 19 Pandemic Response Facility COPREFA to support African economies with rapid financial assistance to reduce the impact of COVID 19 Afreximbank and its collaborators in Cairo Egypt made this known in a joint statement on Wednesday The collaborators are the pan African multilateral EXIM bank International Islamic Trade Finance Corporation ITFC the Trade Finance Arm of the Islamic Development Bank IsDB Group and the Arab Bank for Economic Development in Africa BADEA The bank said COPREFA would be accessed by eligible central banks commercial banks and businesses to finance the import of medical supplies It said it would also be used to finance agricultural equipment and fertilisers essential for addressing the pressing food production deficit COPREFA is designed to support African economies to overcome myriads of challenges including commodity price shocks a significant drop in tourism and disruption to supply chains and export manufacturing It will also address the sudden declines in financial flows including a drop off in trade and project finance migrant remittances portfolio investment and Foreign Direct Investments The bank said that a key attribute of the COPREFA facility was the speed at which financial assistance could be provided through all partners involved It said that the impact of the COVID 19 pandemic had proven to be fast paced requiring support that could be deployed quickly and flexibly to prevent sharp declines in national economies Afreximbank said that standard eligibility criteria and credit appraisal process had been developed by COPREFA partners to facilitate implementation of the facility Support will be available through direct funding lines of credit confirmation and refinancing of documentary credits guarantees cross currency swaps and other similar instruments it said The co financed facility led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co financing risk sharing of transactions and promoting integrated trade solutions to support African economies on navigating the impact of COVID 19 Itemising some of its achievements in Africa the bank said it had a strong track record of supporting African economies during financial crises In 2015 the bank disbursed more than 10 billion dollars through a Counter Cyclical Trade Liquidity Facility COTRALF to help member countries manage the adverse economic fallout of commodity price shocks In March 2020 a financial package called the Pandemic Trade Impact Mitigation Facility PATIMFA was launched solely by Afreximbank to support economies through the pandemic a facility of which over five billion dollars has been disbursed will be implemented alongside COPREFA The President of the bank Prof Benedict Oramah said Afreximbank s priority had always been to step up when markets fell That is why we are supporting African economies forcefully at the time of great difficulties COPREFA a product of a unique international partnership is a major contribution to the global fight against the pandemic and will work alongside our other programmes to ensure Africa s future remains bright beyond this economic shock Mr Hani Salem Sonbol the Chief Executive Officer of ITFC said that providing fiscal bandwidth and practical support to Small and Medium Enterprises and medical communities in African countries would deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic ITFC has worked extensively since the very start of the COVID 19 outbreak to provide comprehensive support to some of the most vulnerable countries The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most It will also help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced Dr Sidi Tah the Director General of BADEA said BADEA with its partners had supported and would always support the continent through tough and good times as a reliable strong and resourceful financial institution Since the COVID 19 pandemic posed drastic challenges that are reshaping the scene of the global economy we sought that it will require unprecedented cooperation and measures to tackle these challenges BADEA has joined the fight against the pandemic by allocating a gross amount of more than 500 million dollars in COPREFA and other initiatives Tah said that the allocations would be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities to the continent Edited By Oluyinka Fadare Grace Yussuf Source NAN
    Afreximbank, others inaugurate   The African Export Import Bank Afreximbank has inaugurated a 1 5 billion dollar collaborative COVID 19 Pandemic Response Facility COPREFA to support African economies with rapid financial assistance to reduce the impact of COVID 19 Afreximbank and its collaborators in Cairo Egypt made this known in a joint statement on Wednesday The collaborators are the pan African multilateral EXIM bank International Islamic Trade Finance Corporation ITFC the Trade Finance Arm of the Islamic Development Bank IsDB Group and the Arab Bank for Economic Development in Africa BADEA The bank said COPREFA would be accessed by eligible central banks commercial banks and businesses to finance the import of medical supplies It said it would also be used to finance agricultural equipment and fertilisers essential for addressing the pressing food production deficit COPREFA is designed to support African economies to overcome myriads of challenges including commodity price shocks a significant drop in tourism and disruption to supply chains and export manufacturing It will also address the sudden declines in financial flows including a drop off in trade and project finance migrant remittances portfolio investment and Foreign Direct Investments The bank said that a key attribute of the COPREFA facility was the speed at which financial assistance could be provided through all partners involved It said that the impact of the COVID 19 pandemic had proven to be fast paced requiring support that could be deployed quickly and flexibly to prevent sharp declines in national economies Afreximbank said that standard eligibility criteria and credit appraisal process had been developed by COPREFA partners to facilitate implementation of the facility Support will be available through direct funding lines of credit confirmation and refinancing of documentary credits guarantees cross currency swaps and other similar instruments it said The co financed facility led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co financing risk sharing of transactions and promoting integrated trade solutions to support African economies on navigating the impact of COVID 19 Itemising some of its achievements in Africa the bank said it had a strong track record of supporting African economies during financial crises In 2015 the bank disbursed more than 10 billion dollars through a Counter Cyclical Trade Liquidity Facility COTRALF to help member countries manage the adverse economic fallout of commodity price shocks In March 2020 a financial package called the Pandemic Trade Impact Mitigation Facility PATIMFA was launched solely by Afreximbank to support economies through the pandemic a facility of which over five billion dollars has been disbursed will be implemented alongside COPREFA The President of the bank Prof Benedict Oramah said Afreximbank s priority had always been to step up when markets fell That is why we are supporting African economies forcefully at the time of great difficulties COPREFA a product of a unique international partnership is a major contribution to the global fight against the pandemic and will work alongside our other programmes to ensure Africa s future remains bright beyond this economic shock Mr Hani Salem Sonbol the Chief Executive Officer of ITFC said that providing fiscal bandwidth and practical support to Small and Medium Enterprises and medical communities in African countries would deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic ITFC has worked extensively since the very start of the COVID 19 outbreak to provide comprehensive support to some of the most vulnerable countries The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most It will also help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced Dr Sidi Tah the Director General of BADEA said BADEA with its partners had supported and would always support the continent through tough and good times as a reliable strong and resourceful financial institution Since the COVID 19 pandemic posed drastic challenges that are reshaping the scene of the global economy we sought that it will require unprecedented cooperation and measures to tackle these challenges BADEA has joined the fight against the pandemic by allocating a gross amount of more than 500 million dollars in COPREFA and other initiatives Tah said that the allocations would be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities to the continent Edited By Oluyinka Fadare Grace Yussuf Source NAN  .5 bn facility to support African recovery amid global pandemic
    Economy2 years ago

    Afreximbank, others inaugurate $1.5 bn facility to support African recovery amid global pandemic

    The African Export-Import Bank (Afreximbank) has inaugurated a 1.5 billion dollar collaborative COVID-19 Pandemic Response Facility (COPREFA) to support African economies with rapid financial assistance to reduce the impact of COVID-19.

    Afreximbank and its collaborators in Cairo, Egypt made this known in a joint statement on Wednesday.

    The collaborators are the pan-African multilateral EXIM bank, International Islamic Trade Finance Corporation (ITFC), the Trade Finance Arm of the Islamic Development Bank (IsDB) Group and the Arab Bank for Economic Development in Africa (BADEA).

    The bank said COPREFA would be accessed by eligible central banks, commercial banks and businesses to finance the import of medical supplies.

    It said it would also be used to finance agricultural equipment and fertilisers, essential for addressing the pressing food production deficit.

    COPREFA is designed to support African economies to overcome myriads of challenges including commodity price shocks, a significant drop in tourism and disruption to supply chains and export manufacturing.

    “It will also address the sudden declines in financial flows, including a drop-off in trade and project finance, migrant remittances, portfolio investment and Foreign Direct Investments.”

    The bank said that a key attribute of the COPREFA facility was the speed at which financial assistance could be provided through all partners involved.

    It said that the impact of the COVID-19 pandemic had proven to be fast-paced, requiring support that could be deployed quickly and flexibly to prevent sharp declines in national economies.

    Afreximbank said that standard eligibility criteria and credit appraisal process had been developed by COPREFA partners to facilitate implementation of the facility.

    “Support will be available through direct funding, lines of credit, confirmation and refinancing of documentary credits; guarantees, cross-currency swaps and other similar instruments, it said.

    “The co-financed facility led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co-financing, risk sharing of transactions and promoting integrated trade solutions to support African economies on navigating the impact of COVID-19.”

    Itemising some of its achievements in Africa, the bank said it had a strong track record of supporting African economies during financial crises.

    “In 2015, the bank disbursed more than 10 billion dollars through a Counter-Cyclical Trade Liquidity Facility (COTRALF) to help member countries manage the adverse economic fallout of commodity price shocks.

    “In March 2020, a financial package called the Pandemic Trade Impact Mitigation Facility (PATIMFA) was launched solely by Afreximbank to support economies through the pandemic – a facility of which over five billion dollars has been disbursed, will be implemented alongside COPREFA.”

    The President of the bank, Prof. Benedict Oramah, said Afreximbank’s priority had always been to step-up when markets fell.

    “That is why we are supporting African economies forcefully at the time of great difficulties.

    COPREFA, a product of a unique international partnership, is a major contribution to the global fight against the pandemic and will work alongside our other programmes to ensure Africa’s future remains bright beyond this economic shock.”

    Mr Hani Salem Sonbol, the Chief Executive Officer of ITFC said that providing fiscal bandwidth and practical support to Small and Medium Enterprises and medical communities in African countries would deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic.

    ITFC has worked extensively since the very start of the COVID-19 outbreak to provide comprehensive support to some of the most vulnerable countries.

    “The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most.

    “It will also help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced.”

    Dr Sidi Tah, the Director-General of BADEA said BADEA with its partners had supported and would always support the continent through tough and good times as a reliable, strong and resourceful financial institution.

    “Since the COVID-19 pandemic posed drastic challenges that are reshaping the scene of the global economy; we sought that it will require unprecedented cooperation and measures to tackle these challenges.

    BADEA has joined the fight against the pandemic by allocating a gross amount of more than 500 million dollars in COPREFA and other initiatives.”

    Tah said that the allocations would be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities to the continent.


    Edited By: Oluyinka Fadare/Grace Yussuf
    Source: NAN

  •  Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID 19 pandemic These include a major shift in global trade routes changes in consumption and extraordinary levels of monetary easing and stimulus packages at a scale never experienced before The International Islamic Trade Finance Corporation ITFC www ITFC IDB org is moving quickly to consolidate efforts to mitigate the socio economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation OIC As we assess how COVID 19 affects the work we do and the impact on member countries ITFC is engaging closely with government stakeholders partners businesses and the financial institutions we work with That dialogue enables us to respond in a coordinated manner to soften the economic fallout This is in addition to practical measures that have already been taken ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed Our COVID 19 lsquo Rapid Response Initiative rsquo RRI has made US 300 million immediately available ITFC is also responding to the different requests made by Member Countries to provide immediate crisis related technical assistance programs including capacity building for medical personnel and capacity enhancement of laboratories ITFC is also assisting in sourcing medical equipment and medicines from its network These funds are being directly funneled towards eligible OIC member countries in most need of support ndash for critical supplies of energy healthcare food security and other life support requirements ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds An additional fund ndash the lsquo Recovery Response Program rsquo RRP earmarks another 550 million for deployment over the next two years The RRP is aimed at fixing the socio economic damage which is expected to last longer than immediate impact of the virus ITFC is actively engaging international regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary on the mobilization of trade development support services during the pandemic This includes helping OIC member countries with strategies for the control and production of healthcare facilities ITFC employees continue to work remotely through virtual platforms and other online means of communication to ensure business is running as usual We remain fully engaged and responsive to the business and socio economic needs of the many millions of people we serve Whilst the challenges and impact of COVID 19 continue to evolve we are certain by uniting and standing in solidarity with our member countries we will overcome the crisis
    International Islamic Trade Finance Cooperation provides US0 million for COVID-19 Emergency Interventions for Organization of Islamic Cooperation (OIC) Member Countries in Most Need
     Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID 19 pandemic These include a major shift in global trade routes changes in consumption and extraordinary levels of monetary easing and stimulus packages at a scale never experienced before The International Islamic Trade Finance Corporation ITFC www ITFC IDB org is moving quickly to consolidate efforts to mitigate the socio economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation OIC As we assess how COVID 19 affects the work we do and the impact on member countries ITFC is engaging closely with government stakeholders partners businesses and the financial institutions we work with That dialogue enables us to respond in a coordinated manner to soften the economic fallout This is in addition to practical measures that have already been taken ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed Our COVID 19 lsquo Rapid Response Initiative rsquo RRI has made US 300 million immediately available ITFC is also responding to the different requests made by Member Countries to provide immediate crisis related technical assistance programs including capacity building for medical personnel and capacity enhancement of laboratories ITFC is also assisting in sourcing medical equipment and medicines from its network These funds are being directly funneled towards eligible OIC member countries in most need of support ndash for critical supplies of energy healthcare food security and other life support requirements ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds An additional fund ndash the lsquo Recovery Response Program rsquo RRP earmarks another 550 million for deployment over the next two years The RRP is aimed at fixing the socio economic damage which is expected to last longer than immediate impact of the virus ITFC is actively engaging international regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary on the mobilization of trade development support services during the pandemic This includes helping OIC member countries with strategies for the control and production of healthcare facilities ITFC employees continue to work remotely through virtual platforms and other online means of communication to ensure business is running as usual We remain fully engaged and responsive to the business and socio economic needs of the many millions of people we serve Whilst the challenges and impact of COVID 19 continue to evolve we are certain by uniting and standing in solidarity with our member countries we will overcome the crisis
    International Islamic Trade Finance Cooperation provides US0 million for COVID-19 Emergency Interventions for Organization of Islamic Cooperation (OIC) Member Countries in Most Need
    Africa3 years ago

    International Islamic Trade Finance Cooperation provides US$850 million for COVID-19 Emergency Interventions for Organization of Islamic Cooperation (OIC) Member Countries in Most Need


    Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. These include a major shift in global trade routes, changes in consumption and extraordinary levels of monetary easing and stimulus packages at a scale never experienced before. The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is moving quickly to consolidate efforts to mitigate the socio-economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation (OIC).

    As we assess how COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and the financial institutions we work with. That dialogue enables us to respond in a coordinated manner to soften the economic fallout. This is in addition to practical measures that have already been taken.

    ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300 million immediately available.

    ITFC is also responding to the different requests made by Member Countries to provide immediate crisis-related technical assistance programs, including capacity building for medical personnel and capacity enhancement of laboratories. ITFC is also assisting in sourcing medical equipment and medicines from its network.

    These funds are being directly funneled towards eligible OIC member countries in most need of support – for critical supplies of energy, healthcare, food security and other life support requirements. ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds.

    An additional fund – the ‘Recovery Response Program’ (RRP) - earmarks another $550 million for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus.

    ITFC is actively engaging international, regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary, on the mobilization of trade development support services during the pandemic. This includes helping OIC member countries with strategies for the control and production of healthcare facilities.

    ITFC employees continue to work remotely through virtual platforms and other online means of communication, to ensure business is running as usual. We remain fully engaged and responsive to the business and socio-economic needs of the many millions of people we serve.

    Whilst the challenges and impact of COVID 19 continue to evolve, we are certain by uniting and standing in solidarity with our member countries, we will overcome the crisis.

  •  The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has been named lsquo Best Islamic Financier rsquo by the trade finance platform Trade Finance Global www TradeFinanceGlobal com in cooperation with BAFT www BAFT org The international work carried out by banks financial institutions and technology vendors to enable trade has never been more important particularly in an age of rapid digitization interconnected supply chains and increased competition The winners were selected by an independent steering committee of industry experts from around the world Commenting on the achievement ITFC CEO Eng Hani Salem Sonbol said ldquo ITFC is proud to have been recognized as the Best Islamic Financier This prestigious accolade is a testament to the effectiveness of the Corporation rsquo s strategic approach to advance trade and improve lives in all OIC member nations The recognition also underscores the relevance and viability of ITFC rsquo s unique blend of trade finance and trade development solutions that are designed to support the strategic sectors of member countries thereby enabling them to improve their trading capacity rdquo ITFC rsquo s overarching goals are directly aligned with the UN SDGs aimed at creating greater inclusive prosperity in the developing world A key component of the Corporation rsquo s strategic focus is to work through partnerships with banks financial institutions and key stakeholders who have long term vested interest in the socio economic development of Member Countries This allows ITFC to develop Integrated Trade Solutions with Trade Finance and Trade Development components to help remove barriers to trade while providing stronger access to the financing of new trading opportunities Mark Abrams Director at Trade Finance Global and a member of the Awards Steering Panel said ldquo A core aim of TFG is to help companies access information and education around trade finance It is important to highlight those leading the way in trade and receivables finance whether that be from the perspective of financiers insurers logistics law firms or tradetechs rdquo ldquo Continuous innovation is needed from within the trade industry to support businesses around the world as they navigate the changing landscape of trade finance in uncertain times We are delighted to be cooperating with BAFT on this industry initiative rdquo ldquo At a time when companies face significant challenges fulfilling cross border trade it is critical that banks are able to demonstrate leadership in providing financing and innovative solutions that evolve with the changing needs of their clients rdquo said Tod Burwell President amp CEO BAFT nbsp ldquo We congratulate the organizations being recognized for their leadership and commend TFG for showcasing these institutions rdquo In 2019 ITFC approved US 2 1 billion of financing to Least Developed Member Countries representing 36 of its total portfolio Of this US 565 million went towards the food and agriculture sector including pre export financing in key value chains such as cotton and groundnuts and import of key commodities for the food security of member countries ITFC rsquo s financing has provided incomes and contributed to better livelihoods for over 480 000 farmers Around US 4 5 billion of financing was extended to support a sustainable supply of energy inputs in member countries which provided an estimated 13 million people with access to electricity Additionally in 2019 ITFC strengthened its support to the private sector by channelling US 821 million of financing to private sectos and SMEs through 16 partner banks
    International Islamic Trade Finance Corporation recognized as Best Islamic Financier at the International Trade Finance Global (TFG) Trade Awards 2020
     The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank IsDB Group has been named lsquo Best Islamic Financier rsquo by the trade finance platform Trade Finance Global www TradeFinanceGlobal com in cooperation with BAFT www BAFT org The international work carried out by banks financial institutions and technology vendors to enable trade has never been more important particularly in an age of rapid digitization interconnected supply chains and increased competition The winners were selected by an independent steering committee of industry experts from around the world Commenting on the achievement ITFC CEO Eng Hani Salem Sonbol said ldquo ITFC is proud to have been recognized as the Best Islamic Financier This prestigious accolade is a testament to the effectiveness of the Corporation rsquo s strategic approach to advance trade and improve lives in all OIC member nations The recognition also underscores the relevance and viability of ITFC rsquo s unique blend of trade finance and trade development solutions that are designed to support the strategic sectors of member countries thereby enabling them to improve their trading capacity rdquo ITFC rsquo s overarching goals are directly aligned with the UN SDGs aimed at creating greater inclusive prosperity in the developing world A key component of the Corporation rsquo s strategic focus is to work through partnerships with banks financial institutions and key stakeholders who have long term vested interest in the socio economic development of Member Countries This allows ITFC to develop Integrated Trade Solutions with Trade Finance and Trade Development components to help remove barriers to trade while providing stronger access to the financing of new trading opportunities Mark Abrams Director at Trade Finance Global and a member of the Awards Steering Panel said ldquo A core aim of TFG is to help companies access information and education around trade finance It is important to highlight those leading the way in trade and receivables finance whether that be from the perspective of financiers insurers logistics law firms or tradetechs rdquo ldquo Continuous innovation is needed from within the trade industry to support businesses around the world as they navigate the changing landscape of trade finance in uncertain times We are delighted to be cooperating with BAFT on this industry initiative rdquo ldquo At a time when companies face significant challenges fulfilling cross border trade it is critical that banks are able to demonstrate leadership in providing financing and innovative solutions that evolve with the changing needs of their clients rdquo said Tod Burwell President amp CEO BAFT nbsp ldquo We congratulate the organizations being recognized for their leadership and commend TFG for showcasing these institutions rdquo In 2019 ITFC approved US 2 1 billion of financing to Least Developed Member Countries representing 36 of its total portfolio Of this US 565 million went towards the food and agriculture sector including pre export financing in key value chains such as cotton and groundnuts and import of key commodities for the food security of member countries ITFC rsquo s financing has provided incomes and contributed to better livelihoods for over 480 000 farmers Around US 4 5 billion of financing was extended to support a sustainable supply of energy inputs in member countries which provided an estimated 13 million people with access to electricity Additionally in 2019 ITFC strengthened its support to the private sector by channelling US 821 million of financing to private sectos and SMEs through 16 partner banks
    International Islamic Trade Finance Corporation recognized as Best Islamic Financier at the International Trade Finance Global (TFG) Trade Awards 2020
    Africa3 years ago

    International Islamic Trade Finance Corporation recognized as Best Islamic Financier at the International Trade Finance Global (TFG) Trade Awards 2020


    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has been named ‘Best Islamic Financier’ by the trade finance platform, Trade Finance Global (www.TradeFinanceGlobal.com), in cooperation with BAFT (www.BAFT.org).

    The international work carried out by banks, financial institutions and technology vendors to enable trade has never been more important, particularly in an age of rapid digitization, interconnected supply chains and increased competition.

    The winners were selected by an independent steering committee of industry experts from around the world.

    Commenting on the achievement, ITFC CEO, Eng. Hani Salem Sonbol, said: “ITFC is proud to have been recognized as the Best Islamic Financier. This prestigious accolade is a testament to the effectiveness of the Corporation’s strategic approach to advance trade and improve lives in all OIC member nations. The recognition also underscores the relevance and viability of ITFC’s unique blend of trade finance and trade development solutions that are designed to support the strategic sectors of member countries, thereby enabling them to improve their trading capacity”.

    ITFC’s overarching goals are directly aligned with the UN SDGs aimed at creating greater inclusive prosperity in the developing world. A key component of the Corporation’s strategic focus is to work through partnerships with banks, financial institutions and key stakeholders who have long-term vested interest in the socio-economic development of Member Countries. This allows ITFC to develop Integrated Trade Solutions with Trade Finance and Trade Development components to help remove barriers to trade while providing stronger access to the financing of new trading opportunities.

    Mark Abrams, Director at Trade Finance Global and a member of the Awards Steering Panel said: “A core aim of TFG is to help companies access information and education around trade finance. It is important to highlight those leading the way in trade and receivables finance, whether that be from the perspective of financiers, insurers, logistics, law firms or tradetechs.”

    “Continuous innovation is needed from within the trade industry, to support businesses around the world, as they navigate the changing landscape of trade finance in uncertain times. We are delighted to be cooperating with BAFT on this industry initiative.”

    “At a time when companies face significant challenges fulfilling cross-border trade, it is critical that banks are able to demonstrate leadership in providing financing and innovative solutions that evolve with the changing needs of their clients,” said Tod Burwell, President & CEO, BAFT.  “We congratulate the organizations being recognized for their leadership and commend TFG for showcasing these institutions.”

    In 2019, ITFC approved US$ 2.1 billion of financing to Least Developed Member Countries, representing 36% of its total portfolio. Of this, US$ 565 million went towards the food and agriculture sector, including pre-export financing in key value chains, such as cotton and groundnuts and import of key commodities for the food security of member countries. ITFC’s financing has provided incomes and contributed to better livelihoods for over 480 000 farmers.

    Around US$ 4.5 billion of financing was extended to support a sustainable supply of energy inputs in member countries, which provided an estimated 13 million people with access to electricity. Additionally, in 2019 ITFC strengthened its support to the private sector by channelling US$ 821 million of financing to private sectos and SMEs through 16 partner banks.

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