ITFC & ISFD ink $150mln partnership to support LDMCs

ITFC & ISFD ink $150mln partnership to support LDMCs

Jeddah, Kingdom of Saudi Arabia – The International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD), both members of the Islamic Development Bank (IsDB) Group, have announced the signing of the Trade Finance Support Program for the least developed member countries (LDMCs) affected by the COVID-19 and the food security crises.

The program provides US$150 million to meet the needs of LDMCs in the wake of the pandemic and the rising food security challenges to help strengthen their resilience.

Witnessed by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, the US$150 million Mudaraba Agreement was signed between ITFC CEO, Eng. Hani Salem Sonbol, and Director-General of ISFD, Dr. Hiba Ahmed.

In his remarks at the signing ceremony, President Al Jasser called the agreement “the fruit of a collaborative effort within the One-Group principle to meet IsDB Group member countries’ needs, especially in times of difficulties.”

“The signing of this Mudaraba agreement comes at a perfect time to provide our least-developed member countries with the support they need to mitigate the effects of COVID-19 and the food security crises,” Dr. Al Jasser added.

The program is in line with IsDB's comprehensive Strategic Preparedness and Response Program (SPRP) and IsDB