Tuesday, July 5

IDB Group meetings represent an opportunity to build new partnerships, says CEO of International Islamic Trade Finance Corporation (ITFC)

Sharm El-Sheikh, June 04, 2022, SPA – CEO of the International Islamic Trade Finance Corporation (ITFC) and Secretary-General of the Arab-African Trade Bridges Program, Eng. Hani Sonbol said that the annual meetings of the Islamic Development Bank (IDB) constitute an opportunity to inform Arab and Islamic countries of the latest achievements of the IDB Group, citing the strong participation of more than 6,000 participants in the meetings.

In a statement to the Saudi Press Agency "SPA" on the sidelines of the meetings, Eng. Sonbol reiterated that ITFC is the vibrant arm of development and trade finance in the Islamic world, praising the meetings and activities held by the Corporation, including the Private Sector Forum, which discussed the opportunities and challenges facing the business sector in member states.

He also highlighted the agreements signed by ITFC during the annual meetings of the IDB Group, which amounted to more than 16 agreements, the most important of which are four agreements signed with Egypt to raise the financing ceiling for the Fifth Framework Agreement from $3 billion to $6 billion, in addition to other important agreements, including an agreement establishing an export academy, and an agreement with the business sector to support the export sector and private sector companies, stressing that ITFC is a strategic partner for Egypt’s development.

Eng. Sonbol said that there are agreements with other countries and banks in the Central Asian region, stressing that the Corporation has many activities with financial institutions, especially commercial banks, through providing financing lines, adding that the meetings included studying the economic situation and the challenges facing the Arab countries and the world, noting that these discussions will come up with recommendations for drawing up policies and designing new programs for member states to address their needs.

Eng. Sonbol concluded by confirming that ITFC has made great strides in the Arab-African Trade Bridges Program, and a meeting of the Executive Committee of the program will be held later today, during which many programs and activities for member states will be approved.

Source: Saudi Press Agency