Public Management

ITFC announces more than $880 mln funding for African countries

Wednesday, 24 April 2019 16:13
ITFC announces more than $880 mln funding for African countries

(Ecofin Agency) - The International Islamic Trade Finance Corporation (ITFC) announces new financing agreements of more than $880 million with some African countries.

These agreements will help provide public-private financing and capacity-building programs for export initiatives and for the development of SMEs. High growth industrial sectors (agriculture products, energy and medical supply) should be favoured.

ITFC announces the signature of financing agreements of more than $500 million with Afreximbank. These agreements will help strengthen the Arab-African Trade Finance and Promotion Program (AATFPP). Via the AATFPP, ITFC wants to boost trade cooperation between African and Arab countries and also promote economic integration between the two parties.

With Mali, the institution has signed agreements valued at $300 million to boost investments in the energy products imports. It will also help open credit lines at local banks for SMEs and help implement capacity-building programs in key sectors of the economy.

A new memorandum of understanding has also been signed with the Moroccan agency for investment and exports development (Agence marocaine pour le développement des investissements et des exportations-AMDIE). It will boost trade development efforts in Morroco and in Africa as a whole.  

Over $80 million agreement has also been signed to facilitate SMEs access to financing in Niger.

The signing of these framework agreements represent major strategic steps in ITFC’s efforts to develop sustainable value chains and enhance trade between OIC countries and across the South-South corridor. They have been formed through careful alignment with national development strategies in member countries to support economic diversification and job creation policies,” said Hani Salem Sonbol (photo), CEO of the ITFC.

Moutiou Adjibi Nourou

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