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ITFC agreements eye trade boostFriday, April 27, 2018 > 09:17:18
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, recently signed several agreements on the sidelines of the 43rd meeting of the board of governors of the IDB Group in Tunis. The agreements, worth more than $4 billion, aim to support the import of strategic commodities for a number of its member countries, namely Tunisia, Cameroon, Pakistan, Senegal and Togo.
A pledge agreement was also signed with the African Export-Import Bank (Afreximbank) amounting to $100,000 annually to assist in financing the implementation of the Arab-Africa Trade Bridges program’s activities for the coming five years.
The ITFC signed a three-year framework agreement worth $1.5 billion with Tunisia to mobilize financial resources from international and regional banks and financial institutions to finance the import of essential commodities such as crude oil and petroleum products.
Three syndicated Murabaha agreements were also signed with three African nations. These include €68 million ($84 million) for the purchase of crude oil and petroleum products for Cameroon, $22 million to support Togo’s energy sector, and $50 million to finance Senegal’s 2017-2018 groundnut campaign.
The ITFC and Pakistan signed two agreements: A three-year framework agreement worth $4.5 billion aimed at ensuring close cooperation and coordination of efforts between the government and ITFC and to pave the way for a strategic partnership between the parties; and a financing agreement worth $283 million for the purchase of crude oil and petroleum products.
ITFC CEO Hani Salem Sonbol said the agreements aim at the socioeconomic and trade development of these countries.