ITFC Boosts Global Economic Integration with Strategic Partnerships at 49th IsDB Group Annual Meetings

During the third day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC) made significant strides in promoting trade and economic development among OIC member countries. The day was marked by strategic meetings with IsDB Governors from various countries, including Oman, The Gambia, Bangladesh, Maldives, Pakistan, Uzbekistan, and Tajikistan, focusing on enhancing bilateral cooperation and economic resilience.

One of the key highlights of the day was a session on “The Role of SMEs in Saudi Vision 2030,” which discussed empowering small and medium-sized enterprises to drive economic diversification and job creation in Saudi Arabia. The KSA SME Export Empowerment Program was showcased as a successful initiative in supporting SME growth.

Several important agreements were signed during the day to bolster economic prospects in OIC member countries. These agreements included a US$25 million Mudarabah Agreement with Saudi Arabia, a EUR60 million LC Confirmation Facility with the Bank of Africa Cote d’Ivoire, and a grant agreement with BADEA for the Arab Africa Trade Bridges program.

Eng. Hani Salem Sonbol, CEO of ITFC, emphasized the significance of these agreements in promoting trade and socio-economic development across member countries. Additionally, ITFC signed an MoU for a Technical Assistance project on the digitalization of Certificates of Origin with AACE-WAEMU, benefiting countries in West Africa.

Furthermore, significant developments were made in Asia and North Africa, including a landmark US$3 billion Framework Agreement with the Government of Pakistan and a US$15 million LC Confirmation Facility for Al Salam Bank Algeria. These agreements are crucial in strengthening trade and economic growth in the respective regions.