It was noted at the meeting that the main goal of ITFC
is to support trade cooperation between the countries of the Organization of the Islamic Conference, to provide assistance and financial intermediation to companies in commercial financing.
, Hani Salem Sonbol,said, We aim at reducing the gap of physical infrastructure constraining trade and investment flows between Morocco and sub-Saharan Africa.
The agreement reflects the strong partnership between ITFC
and IFC that is already materialized through ongoing joint-work, like the structuring of cotton sector programs in West Africa.
seeks to promote trade among countries of the 57-member Organisation of Islamic Cooperation (OIC).
Supporter offers will be updated on the ITFC
website at www.
Recently, the ITFC
led a $265m Syndicated Murabaha Facility for the Egyptian General Petroleum Corporation to finance the import of crude oil from ITFC
also manages a trade cooperation and promotion programme among OIC member states that provides trade-related technical assistance to trade support institutions and small and medium-sized enterprises in four main business lines: trade promotion, trade facilitation, capacity development and development of strategic commodities.
The new funds come under a three year, US$1 billion framework agreement to fund petrol and strategic food commodities, signed by the Saudi-based ITFC
and the Minister of Planning and International Cooperation earlier this year.
)is expected to disburse over $2 billion of trade financing to companies in Asia, the Commonwealth of Independent States, Middle East and North Africa (MENA) and Africa, said Waleed Al-Wohaib, chief executive of the ITFC
The MoU also highlights areas on exchange of knowledge, expertise, best practices and information under trade finance and treasury, said Dr Waleed Al-Wohaib, chief executive officer of ITFC
and Razi S Fakih, HSBC deputy CEO after signing the deal.
Faris Nasser Al Farsi, acting director general of export development of OCIPED informed the media that OCIPED has been invited by ITFC
to participate in the exhibition by exhibiting products manufactured by exporting companies from the Sultanate of Oman.
, as part of its trade financing program to provide Egypt with its strategic energy requirements, has organized a series of trade finance operations valued at $358 million, up more than 138 per cent over 2009 which saw a total of $150 million trade finance operations for Egypt, said a top official.