International Islamic Trade Finance Corporation (ITFC) Signs Four Agreements with a total amount of US$ 1.1 billion with Mali, The Gambia, and Djibouti

International Islamic Trade Finance Corporation (ITFC) Signs Four Agreements with a total amount of US$ 1.1 billion with Mali, The Gambia, and Djibouti

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) , a member of the Islamic Development Bank Group (IsDB), has signed four major agreements with Mali, The Gambia, and Djibouti amounting to over US$1.1 Billion on the first day of the 2023 IsDB Group Annual Meetings held in Ritz Carlton Hotel, Jeddah, Saudi Arabia.

The financing will support the countries’ key sectors: agriculture, energy, and health, in addition to the private sector. This, in turn, will help to create economic growth opportunities for the countries and ensure a stable and secure supply of essential products.

Financing Agreements

The first is a 5-Year US$ 500 Million Framework Agreement between ITFC and The Republic of Mali. The agreement was signed by H.E. Mr. Alousséni Sanou, Minister of Economy and Finance, Mali, and Eng. Hani Salem Sonbol, CEO ITFC. The agreement will ensure closer cooperation and coordination of efforts between the Government of Mali and ITFC. This financing will pave the way for an extension of the strategic partnership to new collaboration areas in energy, agriculture, private sector, and health. The collaboration will also include Technical Assistance and Capacity building programs under the Arab Africa Trade Bridges (AATB) Program.

Another two Direct Murabaha Financing agreements were signed by