International Islamic Trade Finance Corporation (ITFC) Signs Six Agreements Totaling US$101 Million with Cote d’Ivoire, Egypt, Uzbekistan, and The Kingdom of Saudi Arabia

International Islamic Trade Finance Corporation (ITFC) Signs Six Agreements Totaling US$101 Million with Cote d’Ivoire, Egypt, Uzbekistan, and The Kingdom of Saudi Arabia

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), has signed six major agreements with Cote d’Ivoire, Egypt, Uzbekistan, and Saudi Arabia totaling US$101 million on the second day of the 2023 IsDB Group Annual Meetings, held in Ritz Carlton Hotel, Jeddah, Saudi Arabia.

The agreements will address the trade financing needs of the private sector, enabling businesses to purchase needed inputs, secure raw materials, and develop global supply chains, thereby fostering stronger economic growth.

ITFC signed a US$25 million Financing facility with Invest Finance Bank, Uzbekistan. This agreement aims to support the import and pre-export financing needs of private sector clients, particularly SMEs.

Also, ITFC renewed a US$15 million Financing facility in favor of Uzbek Industrial and Construction Bank, Uzbekistan to meet the Islamic trade finance needs of private sector clients of the bank, particularly the SMEs.

Additionally, a Partnership Agreement was signed between ITFC and Expolink under the AfTIAS 2.0 Program. This agreement paves the way for the establishment of a specialized export development capacity building and training center to benefit new and existing exporters from Africa and the Arab World. The agreement was signed by Mr. Mohamed Kassem, Chairman, Egyptian Exporters Association (Expolink),