Riyadh, Saudi Arabia - The International Islamic Trade Finance Corporation (ITFC), a vital member of the Islamic Development Bank (IsDB) Group, commenced the first day of the 49th IsDB Group Annual Meeting with a series of strategic meetings and significant signings. Held at the Intercontinental Hotel, Riyadh, the inaugural day of the annual meetings witnessed a marked increase in collaborative efforts between ITFC and its member countries aimed at fostering economic growth and development across vital sectors.

Discussions during the meetings featured high-level engagements with key partners and stakeholders, as well as member countries including Djibouti, Kazakhstan, Burkina Faso, Cameroon, and Uganda. The focus was on enhancing financial cooperation, exploring new avenues for collaboration, and discussing ongoing projects developed to boost economic development in respective member countries.

Eng. Hani Salem Sonbol, CEO of ITFC, commented on the day’s events: "Today’s engagements demonstrate ITFC's efforts and commitment to promoting sustainable economic growth and encouraging collaboration among our member countries. The agreements we have signed pave the way for more creative economic solutions crucial for development and prosperity in the world.”

Key Signings

• US$40 Million Murabaha Agreement with the Trade and Development Bank (TDB): This agreement aims to bolster economic growth and enhance trade finance capabilities within Eastern and Southern Africa. ITFC and TDB are further collaborating on initiatives to facilitate trade and development, strengthening their strategic partnership.

• Framework Agreement with the Government of Uganda: This three-year, U$150 million Agreement will support Uganda's key sectors, such as energy, agriculture, and health, alongside promoting private sector development. The financing from ITFC will foster closer cooperation and coordinate efforts to drive sustainable development across these critical sectors.

• US$250 Million Murabaha Financing Agreement with Afreximbank: This trade facility will support Afreximbank’s trade operations within the UKAFPA program, benefiting economic operators in both the private and public sectors. It will facilitate the smooth import and export of strategic commodities, particularly in member countries that share common interests.

• Partnership Extension with the United Nations Economic and Social Commission for Western Asia (UN ESCWA): This extension focuses on boosting awareness of the Aid-for-Trade Initiative for Arab States (AfTIAS 2.0), particularly through supporting the Arab SMEs Summit.

• Comprehensive Support Agreement with Cameroon: This agreement represents a comprehensive support package to enhance the nation’s infrastructure and agricultural productivity. It involves financing projects essential for Cameroon’s strategic development goals, including improving transportation networks and energy generation capabilities.

These agreements underline ITFC's commitment to enhancing economic cooperation and advancing trade solutions across its member countries, significantly contributing to their socio-economic development. The day's events have set a positive tone for the rest of the IsDB Annual Meetings, with more agreements expected to be signed and critical initiatives launched to strengthen economic cooperation and enhance developmental impact across member countries.