The International Islamic Trade Finance Corporation and the International Financial Corporation Partner for the Achievement of Sustainable Development Goals in Common Member Countries
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) and the International Financial Corporation (IFC) signed a Letter of Intent for Partnership with the aim to intensifying and reinforcing their joint work and cooperation to achieve the Sustainable Development Goals (SDGs). The signing took place on the sidelines of WTO’s Aid for Trade Global Review 2017 in Geneva by Eng. Hani Salem Sonbol, CEO of ITFC, and Mr. Dimitris Tsitsiragos, Vice President of IFC.
The two institutions will be working on a variety of topics including integrated trade programs and trade development initiatives. In particular, energy security programs in Africa and agriculture sector development programs in sub-Saharan Africa. Other areas of cooperation include climate finance, smart agriculture trainings and SMEs development. This signature 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.
Commenting on the signing, Eng. Hani Salem Sonbol, CEO ITFC, said: “I am very delighted and optimistic about the partnership with IFC. We share a common commitment for the sustainable development of our member countries. This is a milestone in the IsDB Group, as it is in line with the new strategic orientation to capitalize on the additionality effect and the advantages of respective organization.”
From his side, Mr. Dimitris Tsitsiragos, Vice President of IFC said, “This partnership will support trade and export, enhancing the access of Sub-Saharan Africa to global markets. We believe that increasing cross-border trade is vital to private sector development, which is key to helping local companies build markets and create jobs.”
International Islamic Trade Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.