The Worldwide Islamic Commerce Finance Company (ITFC) , a member of the Islamic Growth Financial institution Group (IsDB), has signed six main agreements with Cote d’Ivoire, Egypt, Uzbekistan, and Saudi Arabia totaling US$101 million on the second day of the 2023 IsDB Group Annual Conferences, held in Ritz Carlton Lodge, Jeddah, Saudi Arabia.
The agreements will deal with the commerce financing wants of the personal sector, enabling companies to buy wanted inputs, safe uncooked supplies, and develop international provide chains, thereby fostering stronger financial progress.
ITFC signed a US$25 million Financing facility with Make investments Finance Financial institution, Uzbekistan. This settlement goals to assist the import and pre-export financing wants of personal sector shoppers, notably SMEs.
The agreements will deal with the commerce financing wants of the personal sector, enabling companies to buy wanted inputs, safe uncooked supplies, and develop international provide chains
Additionally, ITFC renewed a US$15 million Financing facility in favor of Uzbek Industrial and Building Financial institution, Uzbekistan to fulfill the Islamic commerce finance wants of personal sector shoppers of the financial institution, notably the SMEs.
Moreover, a Partnership Settlement was signed between ITFC and Expolink beneath the AfTIAS 2.0 Program. This settlement paves the way in which for the institution of a specialised export improvement capability constructing and coaching middle to profit new and current exporters from Africa and the Arab World. The settlement was signed by Mr. Mohamed Kassem, Chairman, Egyptian Exporters Affiliation (Expolink), Mrs. Mary Kamel, Govt Director, Overseas Commerce Coaching Middle (FTTC), and Eng. Hani Salem Sonbol, CEO of ITFC.
A EUR 20 million Murabaha Financing facility was signed between ITFC and Bridge Financial institution Group Cote d’Ivoire (BBGCI) concentrating on the commerce finance wants of personal sector shoppers of the financial institution, with a selected deal with important commodities comparable to petroleum merchandise and staple meals imports. This financing is carried out beneath the US$250 million Framework Settlement between ITFC and Cote d’Ivoire.
Moreover, ITFC prolonged a EUR40 million Letter of Credit score (LC) Affirmation Facility to the Financial institution of Africa, Cote d’Ivoire to fulfill the un-funded commerce financing wants of personal sector shoppers of the financial institution. It’s price noting that Financial institution of Africa Cote d’Ivoire is a brand new companion financial institution of ITFC in Cote d’Ivoire.
An Settlement was signed between ITFC and Saudi EximBank inside the framework of the KSA SMEs Export Empowerment Program for collaboration to boost the competitiveness of Saudi small and medium firms and establishments in penetrating worldwide markets. That is executed by offering strains of financing for worldwide monetary establishments in nations that import items from the Kingdom of Saudi Arabia.
The intention of those strains is to offer financing to importers who import items from Saudi exporters to SMEs. This financing possibility will enable exporters to grant longer credit score phrases and thus improve the exports of Saudi SMEs to their current clients and entice new importers of Saudi commodities.