Restore sexual, reproductive health rights lost during COVID, says UN rights expert    Overzealous security services undermining South Sudan peace, say rights experts    Humanitarian assistance stepped up amid clashes on Yemen's west coast    Only real equality can end vicious cycle of poverty, UN Assembly told    250,000 witnessed Pitbull exceptional concert in Riyadh Season 2021 opening    Dazzling shows hold Riyadh spellbound as Season 2 festivities kick off in style GEA Chief Al-Sheikh: Citizen's ambitions rise high under inspiring leadership    Dubai, Abu Dhabi police chiefs visit Saudi Ministry of Interior's Pavilion in GITEX    Bollywood superstar's son denied bail in drugs case    Al-Falih begins US visit, highlights new investment opportunities in Saudi Arabia    Olympic flame arrives in China for Beijing 2022 Winter Games    KSA, Kuwait, UAE welcome Bahrain govt efforts in implementing Fiscal Balance Program    UNESCO, Al-Fozan Foundation create new prize to encourage young scientists    General admission tickets on sale now for F1 STC Saudi Arabian Grand Prix 2021    Global investment flows rebound, but highly uneven: UNCTAD    Al-Hilal reaches AFC final again    World eagerly anticipates launch of Riyadh Season 2021 in Saudi capital    Cristiano Ronaldo    Jeddah Old Town to be home for Red Sea International Film Festival    REDTAG launches Winter Collection endorsed by Myriam Fares, inspired by a world reawakening to endless discovery    Football star Didier Drogba signs with WHO as new Goodwill Ambassador    Acclaimed Spanish female crime writer revealed to be three men    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Weather Forecast for Sunday    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ITFC signs six trade initiatives worth $1.1b
Published in The Saudi Gazette on 23 - 04 - 2019

The International Islamic Trade Finance Corporation (ITFC) (http://www.ITFC-IDB.org/en), member of the Islamic Development Bank (IsDB) Group, has signed six major Trade Financing and Development Agreements worth in excess of $1.1 billion with Organization of Islamic Cooperation (OIC) member countries including the Commonwealth of Independent States (CIS), MENA, South America and Sub-Saharan Africa regions. The agreements were signed at the 44thIsDB Annual Meeting in Marrakech earlier this month.
The framework agreements, which provide state and private sector financing as well as capacity building programs for export and SME development initiatives, target high growth industries including agricultural commodities, energy commodities such as crude oil, agricultural inputs, medical supplies, construction materials, metals and livestock.
The ITFC CEO, Eng. Hani Salem Sonbol commented, "The signing of these framework agreements represent major strategic steps in ITFC's efforts to develop sustainable value chains and enhance trade between OIC countries and across the South-South corridor. They have been formed through careful alignment with national development strategies in member countries to support economic diversification and job creation policies."
ITFC agreements signed in MENA region:
l AATFPP Afreximbank
The African Export-Import Bank (AFREXIMBANK) agreement with the ITFC, worth US$500 million, finances a comprehensive program, Arab-Africa-Trade Finance and Promotion Program (AATFPP) to boost trade cooperation between African and Arab Member Countries. The program aims to promote Arab-African economic integrationby facilitating the expansion of trade and investment in African countries with Arab countries.
Key features of the AATFPP will include financing facilities, integrated trade solutions to support SMEs, joint capacity building programs, market access support and trade facilitation technical cooperation. The program has been developed within the framework of ITFC's flagship Arab Africa Trade Bridges Program (AATB), conceived in 2017 in Morocco to drive intra-OC trade.
l Three Year Mali Framework Agreement
A new framework agreement with the Republic of Mali will be implemented for a total financing amount up to $300 million. ITFC will mobilize financing from international and regional banks and financial institutions to be channelled towards imports of energy products such as crude oil and refined petroleum products, exports of agricultural commodities, and imports of agricultural inputs and foodstuff. The framework agreement will also cover lines of financing to local banks to boost the SMEs sector, as well as implementation of capacity building programs for the strategic sectors of the national economy.
l MoU with the Moroccan Investment and Export Development Agency (AMDIE)
A new MoU with the Moroccan Investment and Export Development Agency (AMDIE) will strengthen trade development efforts in the Kingdom of Morocco and across the wider African region. The agreement seeks to foster export-led economic growth between Morocco and key African OIC member nations in line with the Kingdom's vision to build a robust export-led SME sector.
l Five-Year Niger Framework Agreement
A $80 million framework agreement with the Republic of Niger aims to aid socio-economic development through the provision of finance to SMEs and to boost trade links between the Republic of Niger and other OIC member countries. The agreement will support financing operations for the export of agricultural and livestock commodities. The provision of financing in Niger will also support a new food security program and a new operation with the Country's national power company for the import of electricity and petroleum products.
Financing of local banks will support SMEs and the private sector, which also benefit from trade development related capacity-building programs to facilitate trade amongst women and youth entrepreneurs, to upgrade SMEs and train experts in international trade.
l Trade development solutions for new markets
Three-Year Framework Agreement with the Kyrgyz Republic
A new 3-year framework agreement worth US$150 million underpins ITFC's strategy to finance local institutions and boost trade links between the Kyrgyz Republic and other OIC countries.
The main areas of cooperation include the provision of a line of financing to local financial providers to support the private sector, in addition to the provision of financing to the Government of Kyrgyz Republic to fund strategic commodities. The financing will help to import essential commodities and products needed by the Government and will pave the way for a greater cooperation between the ITFC and the Kyrgyz Republic.
The framework agreement also provides scope for capacity-building programs, aimed at facilitating and promoting trade, with the objective of enhancing free trade and cooperation with the Kyrgyz Republic.
l Three-year framework agreement with Suriname
ITFC's framework agreement with the Republic of Suriname will see it mobilize up to $75 million financing for SME's, exports and lines of finance to local banks, in addition to a Murabaha agreement over three years to boost the import of essential goods.
The agreement directs funds from international and regional banks and financial institutions to support the import of goods such as agriculture input, fertilizers and medicines, in addition to the provision of pre-export financing for petroleum products. Furthermore, the framework mobilizes resources to local financial institutions in the Republic to support the private sector, with a specific focus on SMEs. — SG


Clic here to read the story from its source.