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Thursday, November 24, 2022

The International Islamic Trade Finance Corporation Signs Eight Landmark Agreements for Cooperation with the Public and Private Sectors during the 47th IsDB Group Annual Meeting in Egypt

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The Worldwide Islamic Commerce Finance Company (ITFC) (www.ITFC-idb.org), a member of the Islamic Growth Financial institution Group (IsDB), at the moment signed eight strategic agreements to cooperate with the private and non-private sectors.  4 agreements had been signed with numerous Egyptian Ministries in addition to 4 agreements with Cameroon, Senegal, and Uzbekistan, and the African Import and Export Financial institution (Afreximbank).

The Settlement was signed on the forty seventh Annual Conferences of the Islamic Growth Financial institution Group in Sharm el-Sheikh, Egypt, within the presence of Egypt’s Prime MinisterH.E Dr. Mustafa Madbouly,,  H.E, Dr. Hala El-Stated, Minister of Planning and Financial Growth of Egypt, Chairman of the Board of Governors of the Islamic Growth Financial institution and Chairman of the Board of Governors of the Arab Africa Commerce Bridges Program (AATB), and H.E Dr. Mohammed Al Jasser, President of the Islamic Growth Financial institution Group.  The agreements had been signed with H.E. Ms. Nevin Gamea, Minister of Commerce and Trade, H.E Dr. Rania Al-Mashat, Minister of Worldwide Cooperation, and Dr. Hisham Tawfiq, Minister of Public Enterprise Sector.   The opposite 4 agreements had been signed by personal and public sector representatives in collaborating international locations: Cameroon, Senegal, and Uzbekistan, in addition to Afreximbank.

The US$6 billion settlement signed with the Arab Republic of Egypt’s Ministry of Worldwide Cooperation to resume a five-year framework settlement was the most important when it comes to greenback quantities.  The renewal is an extension of the Framework Settlement signed in 2018 to fulfill Egypt’s meals and vitality wants.

The Agreements signed with the ministries and associations had been with the Ministry of Commerce and Trade, the Ministry of Planning and Financial Growth, and the Egyptian Exporters Affiliation (Expolink) asserting the situations of the institution of the Export Academy beneath the umbrella of the second part of the Help for Commerce Initiative for Arab States (AfTIAS). The opposite agreements had been signed by members of the AATB Program together with Afreximbank, The Worldwide Islamic Commerce, and Finance Company (ITFC), and The Islamic Funding Insurance coverage and Export Credit score Company (ICIEC) to help the Program’s motion plan within the Arab Republic of Egypt to broaden Egyptian exports to African markets.  The AATB program operates to help Egypt’s efforts to boost the presence of Egyptian exports in African markets and to profit from the African Continental Free Commerce Settlement (AfCFTA).  The proposed actions of the Program embrace organizing Egyptian commerce missions for quite a lot of African international locations, supporting the participation of Egyptian corporations in quite a lot of financial boards and commerce gala’s in African international locations, in addition to supporting the participation of Egyptian corporations in quite a lot of workshops and conferences of exporters and importers.  The target is to safe elevated Egyptian exports and funding initiatives in Africa, in addition to offering financing and export credit score insurance coverage for Egyptian exports to African markets.

The fourth settlement additionally got here as a letter of intent which was signed with the Ministry of Public Enterprise Sector to spice up Egyptian exports of SMEs by establishing a framework for cooperation to extend commerce between Egypt and Africa in cooperation between Jusoor and the Arab Africa Commerce Bridges Program.  The letter of intent identifies areas of cooperation to help commerce finance and commerce growth and supply advisory providers to the Jusoor Firm of the Ministry of Public Enterprise Sector, which goals to advertise bilateral commerce between Egypt and African international locations in numerous sectors equivalent to cotton, in addition to logistics, monetary and insurance coverage providers for exporters and importers.

The remaining 4 agreements had been with representatives of the personal and public sector executives in Cameroon, Senegal, Uzbekistan, and the Afreximbank. For the primary settlement, it was signed with Senegal on the financing of Murabaha value €115 million to help the acquisition of refined petroleum merchandise to strengthen the vitality sector in Senegal.  The signing demonstrates ITFC’s dedication to selling commerce between OIC member international locations.

The US$24 million second settlement was with Orient Finans Financial institution, one of many Company’s companions in Uzbekistan.  The target of the plan is to help the commerce finance wants of the personal sector and SME prospects, in addition to to advertise girls’s entrepreneurship in Uzbekistan. Beneath the settlement, ITFC will present US$24 million in two separate segments, half of which shall be allotted to fulfill the rising demand for Shariah-compliant commerce financing between the personal sector and purchasers of the Financial institution’s SMEs.   The opposite half shall be allotted to fulfill the financing wants of Shariah-compliant commerce for ladies in enterprise. 

The third settlement is an €8 million line of the financing settlement and was signed with the Afriland First Financial institution in Cameroon to help the wants of the Financial institution’s purchasers to acquire financing options for financed and unfunded commerce throughout key sectors equivalent to vitality and agribusiness. The settlement is aligned with reaching the UNSDGs, particularly Quantity Eight (first rate work and financial progress), and quantity 9 (trade, innovation, and infrastructure). The settlement was signed by Mr. Youssoufa Booba, Government Vice President of Afriland First Financial institution in Cameroon, and Eng. Hani Salem Sonbol, CEO ITFC.

Lastly, a fourth settlement was signed phrases paper between Afreximbank and ITFC to mandate ITFC to boost a US$250 million financing facility that may help Afreximbank’s commerce finance program established to deal with the results of the Ukrainian disaster on Africa (UKAFPA).   Beneath the settlement, the Company will strengthen the Financial institution’s capacity to assist its prospects in collaborating member international locations buy items, significantly commodities which might be experiencing a surge in worth inflation within the world market. Afreximbank’s UKAFPA program is designed to alleviate the financial challenges ensuing from the battle that led to a worldwide meals disaster following the devastating pandemic, coinciding with the world’s beginning to emerge from the pandemic.  ITFC’s help actions may also promote South-South commerce, deepening financial relations between Africa and Arab international locations.

Distributed by APO Group on behalf of Worldwide Islamic Commerce Finance Company (ITFC).

This Press Launch has been issued by APO. The content material shouldn’t be monitored by the editorial workforce of African Enterprise and never of the content material has been checked or validated by our editorial groups, proof readers or truth checkers. The issuer is solely answerable for the content material of this announcement.

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