International Islamic Trade Finance Corporation pens 10 trade agreements worth over $1bln

This was in addition to trade development agreements with ITFC member countries from Asia and Africa, according to a press release on Thursday.

ITFC CEO, Hani Sonbol, said: “The impact of these agreements will be significant for ordinary citizens and will greatly enhance their economic prosperity.”

The financing deals included the signing of an addendum to the $1.5 billion worth five-year framework agreement between ITFC and Burkina Faso. ITFC will contribute to financing priority projects in the agriculture, health, and private sectors.

There was also the signing of a three-year deal worth EUR 330 million with The Union of Comoros to support the country’s food and energy security by importing strategic commodities such as petroleum products, rice, and other goods. The agreement also covers the health sector and small and medium-sized enterprises (SMEs).

ITFC also signed Murabaha agreements with Mauritania, as $10 million will be earmarked for the health sector and $20 million for the iron ore industry.

This was in addition to signing an amendment to a $500 million worth agreement with Uzbekistan to expand the cooperation between the ITFC and the country and boost SMEs.

ITFC also signed a $15 million line of a trade finance deal with private joint-stock lender Trustbank to meet the trade finance needs of private sector and SME clients of the bank.

Another agreement was signed with Turonbank at a value of $10 million, Uzbekistan.

The deals covered a Murabaha trade financing amendment to an agreement between State Trading Organization (STO), Maldives for $75 million to finance the purchase of fuel and staple food.

ITFC also penned a grant agreement of $50,000 with Bangladesh for medical equipment. The cooperation further signed a memorandum of understanding (MoU) with the Islamic Food Processing Association to extend funding for private entities in the Agricultural sector.