• Senegal secures $2.25 billion deal to boost energy, agriculture, and small businesses

• New trade financing agreements support food and fuel imports in West Africa

• Nigeria, Cameroon, and Algeria benefit from fresh support for private sector growth

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, finalized a series of agreements worth about $2.8 billion during the IsDB Group’s 2025 Annual Meetings held in Algiers. These deals aim to strengthen trade, build economic resilience, and promote regional integration among member countries of the Organization of Islamic Cooperation (OIC), according to a statement released by the institution.

Senegal emerged as the top beneficiary. The country signed a five-year framework agreement worth €2 billion (about $2.25 billion). This funding will support key sectors such as energy, agriculture, healthcare, and small and medium-sized businesses. For Senegal, this deal serves as a strong boost to its long-term development strategy.

In Guinea, ITFC signed a Murabaha trade financing arrangement with the Central Bank. The funds will help the country import petroleum products and essential food items, a timely move given the ongoing strain on energy and food supply chains.

A separate $100 million Murabaha financing deal was signed with the ECOWAS Bank for Investment and Development (EBID). The funds will help countries in the West African bloc secure basic commodities and improve access to credit for private-sector businesses.

ITFC also renewed its strategic partnership with Afreximbank through a new $300 million agreement. The deal is focused on strengthening food and energy security while enhancing trade between African nations.

In Algeria, a $100 million syndicated credit confirmation facility was signed with Crédit Populaire d’Algérie. The funding is intended to support both public and private sector trade operations, with a special focus on small and medium-sized enterprises. The Algerian government also signed a grant agreement under the AfTIAS 2.0 program to improve cross-border trade with Tunisia.

In Cameroon, two financing deals worth €10 million each were signed with CCA Bank and Commercial Bank Cameroon. These agreements aim to make financing more accessible for local businesses.

Meanwhile, in Nigeria, a $15 million Murabaha agreement was reached with The Alternative Bank. The funds will support pre-export operations in agriculture and help import essential equipment for key sectors.

These agreements underscore ITFC’s commitment to deepening trade, financial inclusion, and economic stability across Africa and the wider Islamic world.