The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a Memorandum of Understanding (MoU) with KOSGEB (SME Development and Support Agency of Turkey), to enhance cooperation and coordination in trade finance for the development of SMEs. The signing ceremony took place during the 32nd Session of the COMCEC in IDB Group Country Gateway Office in Istanbul last Nov. 24. The MoU was signed by Eng. Hani Salem Sonbol, CEO ITFC and Recep Bicer, President KOSGEB, with the presence of high level representatives from both entities. Recep Bicer said they believe the MoU they have signed with ITFC will provide and enhance the opportunities for SMEs in Turkey to grow tremendously in a short period of time benefiting from the facility provided by ITFC. Eng. Sonbol said "as a developmental institution, ITFC is dedicated to provide Islamic trade finance amongst its member countries and the rest of the world to improve the lives and the well-being of people. ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services, introduce them to different partners in other OIC member countries, building capacities of SMEs in collaboration with local institutions, and exchanging expertise and experiences among traders through Reverse Linkages." — SG
