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ITFC seals deals to spur intra-OIC trade

Saudi Arabia, April 10, 2018

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsB) Group, signed several agreements on the sidelines of the 43rd Meeting of the Board of Governors of the Islamic Development Bank (IDB) Group in Tunis exceeding $4 billion to support strategic commodities for a number of its member countries namely Tunisia, Cameroon, Pakistan, Senegal and Togo.

In addition, a pledge agreement was also signed with the African Export-Import Bank (Afreximbank) amounting to US$ 100,000 annually to assist in financing the implementation of the Arab-Africa Trade Bridges (AATB) Program’s activities for the coming five years.

With the host country of the 43rd Annual Meeting of the IDB Group, ITFC signed a three- year framework agreement at a value of $1.5 billion with the Republic of Tunisia to mobilize financial resources from international and regional banks and financial institutions to finance the importation of essential commodities such as crude oil and petroleum products.

Three syndicated murabaha agreements were also signed with three African nations, €68 million to purchase of crude oil and Petroleum products for Cameroon, $22 Million to support of Togo’s Energy Sector, and $ 50 million in favor of the Republic of Senegal to finance the 2017-2018 groundnut campaign.

Along other agreements, ITFC and the Islamic Republic of Pakistan signed two agreements: Three Years Framework Agreement total amount of $4.5 billion with the purpose of ensuring close cooperation and coordination of efforts between the Government and ITFC and to pave the way for a strategic partnership between the Parties. The second agreement is a Financing Agreement with total amount of US$283 million for the purchase of Crude Oil and Petroleum Products.

In reference to all agreements, Eng. Hani Salem Sonbol, CEO ITFC, clarified that the deals target the socioeconomic and trade development of these countries.