The International Islamic Trade Finance Corporation (ITFC) has released its 2023 Annual Report, showcasing its resilience and adaptability in supporting member countries through strategic trade financing and development initiatives. Despite global economic uncertainties, ITFC approved $6.9 billion in trade finance, focusing on sectors like agriculture and SMEs to promote sustainable economic growth.
Eng. Hani Salem Sonbol, CEO of ITFC, highlighted the corporation’s achievements in minimizing the impact of global disruptions on trade and development. The report details ITFC’s efforts in supporting food security, agricultural development, and portfolio diversification, with a focus on empowering SMEs and enhancing women’s participation in trade.
In 2023, ITFC intensified its support for the private sector, disbursing $2 billion for food imports and providing pre-export finance to agricultural companies. The corporation also mobilized $4.5 billion in trade finance from syndicate partners, leading to a 17% increase in intra-OIC trade.
Additionally, ITFC engaged in high-level dialogues and strategic partnerships to advance trade finance and development goals. The report highlights the impact of programs like the Arab Africa Trade Bridges (AATB) Program in boosting intra-OIC trade and strengthening economic resilience.
ITFC’s key achievements in 2023 include bolstering intra-OIC trade, conducting capacity-building programs, and participating in sustainable development initiatives. The corporation’s commitment to supporting the economic prosperity of OIC member countries is evident in its strategic initiatives and tailored financial solutions.
Download the full ITFC Annual Report in English and Arabic to learn more about the corporation’s efforts in driving impact and navigating change in 2023.