ITFC expands strategic partnerships with Azerbaijan, Burkina Faso, Cote d’Ivoire, Nigeria, Uzbekistan in US$1.2 billion deals
The International Islamic Trade Finance Corporation (ITFC), a prominent member of the Islamic Development Bank Group (IsDB), solidified its commitment to fostering deeper cooperation and enhancing coordination efforts with its partners during the 2023 Islamic Development Bank Group (IsDB) Annual Meetings.
The ITFC signed seven major agreements on the final day of the event, with significant partners such as Azerbaijan, Burkina Faso, Cote d’Ivoire, Nigeria, and Uzbekistan.
In an effort to support the growth and development of Small and Medium Enterprises (SMEs) and promote inclusive economic growth, ITFC extended its strategic partnership with these nations and financial institutions.
The first agreement was with Rabitabank, a new partner bank in Azerbaijan. ITFC agreed to provide a US$10 million Letter of Credit (LC) Confirmation Facility, tailored to address the un-funded trade finance requirements of Rabitabank’s SME clients, offering them LC Confirmation solutions.
Burkina Faso and ITFC also entered a 3-Year Framework Agreement amounting to USD 900 million. This agreement aims to deepen cooperation, enhance coordination efforts, and extend their strategic partnership. Eng. Hani Salem Sonbol, CEO of ITFC, and H.E. Dr. Aboubakar Nacanabo, Minister of Economy, Finance, and Prospective, signed the agreement.
For Cote d’Ivoire, a 5-Year Framework Agreement worth US$250 million was signed. H.E. Ms. Nialé Kaba, Minister of Planning and Development, and Eng. Hani Salem Sonbol, CEO of ITFC, emphasized the importance of exploring innovative ways to broaden and deepen their existing strategic partnership while identifying new areas of collaboration.
The Federal Republic of Nigeria and ITFC signed a groundbreaking US$1 billion Framework Agreement, laying a solid foundation for a mutually beneficial and forward-looking strategic partnership. The agreement was signed by H.E. Mrs. Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning, and Eng. Hani Salem Sonbol, CEO of ITFC.
In Nigeria, ITFC also signed a US$10 million Murabaha financing facility with Jaiz Bank Plc. The facility aims to address the trade finance needs of Jaiz Bank Plc, with a focus on bolstering agricultural commodity trade, supporting private sector clients, and fostering growth and development in these crucial sectors. The agreement was signed by Mr. Sirajo Salisu, Managing Director of Jaiz Bank Plc, and Eng. Hani Salem Sonbol, CEO of ITFC.
Moreover, in Uzbekistan, ITFC signed a US$15 million Trade Financing Agreement with Hamkorbank, utilizing the Murabaha structure. This agreement is designed to cater to the trade finance needs of Hamkorbank’s private sector clients, particularly empowering SMEs and supporting their growth and development. Mr. Bakhtiyorjon Juraev, CEO of Hamkorbank, and Eng. Hani Salem Sonbol, CEO of ITFC, signed the agreement.
Lastly, ITFC signed a US$10 million Line of Financing facility with Qishloq Qurilish Bank in Uzbekistan, focusing on addressing the trade finance needs of private sector clients, especially women entrepreneurs and SMEs in the food and agriculture sectors. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC, and Mr. Alisher Muratov, Chairman of Qishloq Qurilish Bank.
These agreements mark significant milestones in ITFC’s dedication to promoting economic growth, supporting SMEs, and nurturing entrepreneurship in the partnering countries. The Corporation remains committed to fostering lasting and impactful partnerships to drive sustainable development in Islamic countries and beyond.
Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).
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