The International Islamic Trade Finance Corporation, an affiliate of the Islamic Development Bank Group, commenced the 49th annual meeting of the Islamic Development Bank Group with a series of strategic conferences and the signing of critical agreements. The inaugural day of the meetings in Riyadh witnessed heightened collaboration efforts among the Corporation and its member states to foster economic growth and progress.
During the conferences, discussions focused on strengthening cooperation, exploring innovative ways of collaboration, and reviewing ongoing projects aimed at promoting economic development in countries such as Senegal, Kazakhstan, Burkina Faso, Cameroon, and Uganda. Engineer Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation, emphasized the organization’s commitment to sustainable economic growth and cooperation among its member nations.
Agreements were signed during the annual meetings, including a Murabaha agreement worth $40 million with the Trade and Development Bank to enhance trade financing capabilities in eastern and southern Africa. Another agreement worth $150 million over three years was signed with the African Export-Import Bank to support key sectors in Uganda. Partnerships with other organizations such as the United Nations Economic and Social Commission for Western Asia and the African Export-Import Bank were also expanded to support trade and development initiatives.
These agreements underscore ITFC’s dedication to enhancing economic cooperation and trade solutions among its member nations to drive social and economic development. The annual meetings paved the way for more agreements and initiatives to be launched to further strengthen economic cooperation and development impact in member countries.
:max_bytes(150000):strip_icc()/economicsblog-db43a0c65dd040cab5b0fc83cabe98b5.png)
