The International Islamic Trade Finance Corporation (ITFC) signs seven agreements with Burkina Faso, Côte d'Ivoire, Nigeria and partner banks. For a total amount of 1.2 billion US dollars, these agreements were signed on the fourth day of the 2023 Annual Meetings of the Islamic Development Bank Group (IDB) in Jeddah

The agreements underline ITFC's commitment to foster closer cooperation and improve coordination of efforts with partners. By expanding its strategic partnerships, ITFC aims to create new opportunities for growth and development, with a particular focus on empowering small and medium-sized enterprises (SMEs). These efforts reflect ITFC's desire to promote inclusive economic growth and support the entrepreneurial ecosystem

The chords

The ITFC has reached an agreement with Rabitabank, a new partner bank of the Company in Azerbaijan, to grant a $10 million letter of credit (LC) confirmation facility. This operation is specially designed to meet the uncovered trade financing needs of Rabitabank's SME customers, by offering them LC confirmation solutions

A framework agreement of 900 million US dollars for a period of 3 years has been signed between Burkina Faso and ITFC. Burkina Faso and ITFC will thus develop closer cooperation and coordination of their efforts and extend their strategic partnership. The agreement was signed by Mr. Hani Salem Sonbol, Director General of ITFC, and H.E. Dr. Aboubakar Nacanabo, Minister of Economy, Finance

A 5-year framework agreement in the amount of 250 million US dollars was also signed by H.E. Mrs. Nialé Kaba, Minister of Planning and Development, Republic of Côte d'Ivoire, and Mr. Hani Salem Sonbol, Director General of ITFC. The agreement aims to identify innovative ways to deepen and expand the existing strategic partnership while exploring new areas of collaboration

The ITFC has signed a $1 billion framework agreement with the Federal Republic of Nigeria. This agreement will lay a solid foundation and chart a clear path for a mutually beneficial and forward-looking strategic partnership between the two sides. The agreement was signed by H.E. Mrs. Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, and Mr. Hani Salem Sonbol,

In addition, for Nigeria, Mr. Sirajo Salisu, Managing Director of Jaiz Bank Plc, and Mr. Hani Salem Sonbol, Managing Director of ITFC, signed a US$10 million Murabaha Financing Agreement to effectively meet the trade finance needs of Jaiz Bank Plc to support trade agricultural products, to assist private sector customers and to ensure the vital support needed for the growth and development of these crucial sectors

For Uzbekistan, ITFC, through a US$15 million trade finance agreement with Hamkorbank, will allocate funds under the Murabaha structure to meet the trade finance needs of Hamkorbank's private sector customers, with a focus on empowering SMEs to foster their growth and development development. The agreement was signed by Mr. Bakhtiyorjon Juraev, CEO of Hamkorbank, and Mr. Hani Salem Sonbol,

The ITFC also signed a US$10 million financing agreement with Qishloq Qurilish Bank, operating in Uzbekistan, to meet the financing needs of the private sector, especially women entrepreneurs and SMEs in the food and agriculture sectors. The financing agreement was signed by Mr. Hani Salem Sonbol, CEO of ITFC, and Mr. Alisher Muratov,

About ITFC

The International Islamic Trade Finance Corporation is a member of the Islamic Development Bank group. It was created with the primary aim of promoting trade between member countries of the Organization of Islamic Cooperation (OIC), which would ultimately contribute to the overall objective of improving the socio-economic conditions of populations around the world. Since the start of its operations in January 2008, ITFC has provided $69 billion in financing to OIC Member Countries, making the Company the leading provider of commercial solutions to meet the needs of OIC Member Countries. By playing the role of a catalyst for trade development among the OIC Member Countries and beyond, the Corporation enables entities in Member Countries to more easily access trade credit and provides them with the tools to strengthen their trade capacity, enabling them to compete in the international market