The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IDB) Group, today signed eight strategic cooperation agreements with the public and private sectors . Four agreements have been signed with various Egyptian ministries as well as four agreements with Cameroon, Senegal and Uzbekistan and the African Import and Export Bank (Afreximbank).
The agreement was signed during the 47th Annual Meetings of the Islamic Development Bank Group in Sharm el-Sheikh, Egypt, in the presence of Egyptian Prime Minister, HE Dr. Mustafa Madbouly, HE Dr. Hala El-Said, Minister of Planning. and Economic Development of Egypt, Chairman of the Board of Governors of the Islamic Development Bank and Chairman of the Board of Governors of the Arab-African Trade Bridges Program (AATB), and HE Dr. Mohammed Al Jasser, Chairman of the the Islamic Development Bank. The agreements were signed with HE Mrs. Nevin Gamea, Minister of Trade and Industry, HE Dr. Rania Al-Mashat, Minister of International Cooperation, and Dr. Hisham Tawfiq, Minister of Public Sector Business. The other four agreements were signed by representatives of the private and public sectors of the participating countries: Cameroon, Senegal and Uzbekistan, as well as Afreximbank.
The US$6 billion agreement signed with the Ministry of International Cooperation of the Arab Republic of Egypt to renew a five-year framework agreement was the largest in terms of dollar amounts. The renewal is an extension of the framework agreement signed in 2018 to meet Egypt’s food and energy needs.
The agreements signed with ministries and associations were signed with the Ministry of Trade and Industry, the Ministry of Planning and Economic Development and the Association of Egyptian Exporters (Expolink) announcing the conditions for the establishment of the Export Academy as part of the second phase. help of the Trade Initiative for Arab States (AfTIAS). The other agreements were signed by members of the AATB program, including Afreximbank, The International Islamic Trade, and Finance Corporation (ITFC) and The Islamic Investment Insurance and Export Credit Corporation (ICIEC) to support the program’s action plan in the Republic Arab from Egypt. develop Egyptian exports to African markets. The AATB program supports Egypt’s efforts to strengthen the presence of Egyptian exports in African markets and benefit from the African Continental Free Trade Agreement (AfCFTA). The proposed activities of the program include organizing Egyptian trade missions for a number of African countries, supporting the participation of Egyptian companies in a number of economic forums and trade fairs in African countries, as well as supporting the participation of Egyptian companies in a number of workshops and meetings of exporters and importers. The aim is to ensure an increase in Egyptian exports and investment projects in Africa, as well as to provide financing and export credit insurance for Egyptian exports to African markets.
The fourth agreement also took the form of a Letter of Intent which was signed with the Ministry of Public Sector Enterprise to boost Egyptian SME exports by establishing a cooperation framework to increase trade between Egypt and Egypt. Africa in cooperation between Jusoor and the Arab Africa Trade Bridges program. . The Letter of Intent identifies areas of cooperation to support trade finance and trade development and provide consultancy services to the Jusoor Company of the Ministry of Public Sector Business, which aims to promote bilateral trade between Egypt and African countries in various sectors such as cotton, as well as logistics, financial and insurance services for exporters and importers.
The remaining four agreements were concluded with representatives of private and public sector executives from Cameroon, Senegal, Uzbekistan and Afreximbank. For the first agreement, it was signed with Senegal on Murabaha financing in the amount of 115 million euros to support the purchase of refined petroleum products to strengthen the energy sector in Senegal. The signing demonstrates ITFC’s commitment to promoting trade among OIC member countries.
The second agreement of US$24 million was concluded with Orient Finans Bank, one of the Company’s partners in Uzbekistan. The objective of the plan is to meet the trade finance needs of private sector and SME clients, as well as to promote women’s entrepreneurship in Uzbekistan. Under the agreement, ITFC will provide US$24 million in two separate segments, half of which will be allocated to meet the growing demand for Sharia-compliant trade finance between the private sector and the Bank’s SME clients. . The other half will be allocated to meet Sharia-compliant trade finance needs for women in business.
The third agreement is an 8 million Euro line of financing agreement and was signed with Afriland First Bank in Cameroon to meet the needs of the Bank’s customers to obtain financing solutions for trade financed and unfunded in key sectors such as energy and agribusiness. The agreement is aligned with the achievement of the United Nations Sustainable Development Goals, in particular number eight (decent work and economic growth) and number nine (industry, innovation and infrastructure). The agreement was signed by Mr. Youssoufa Booba, Executive Vice President of Afriland First Bank in Cameroon, and Eng. Hani Salem Sonbol, CEO of ITFC.
Finally, a fourth agreement was signed between Afreximbank and ITFC to mandate ITFC to raise a US$250 million financing facility that will support Afreximbank’s trade finance program set up to deal with the effects of the Ukraine crisis. on Africa (UKAFPA). Under the agreement, the Company will enhance the Bank’s ability to help its clients in participating member countries purchase goods, particularly commodities that are experiencing soaring price inflation in the global market. Afreximbank’s UKAFPA program is designed to alleviate the economic challenges resulting from the conflict that led to a global food crisis in the wake of the devastating pandemic, coinciding with the start of the global exit from the pandemic. ITFC’s supporting actions will also promote South-South trade, deepening economic relations between Africa and Arab countries.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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