ITFC signs $1.2 billion Credit agreements with Nigeria, Burkina Faso, Cote d’Ivoire, Nigeria, Azerbaijan and Uzbekistan
On the final day of the 2023 Islamic Development Bank Group (IsDB) Annual Meetings in Jeddah, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), signed seven major agreements with Azerbaijan, Burkina Faso, Cote d’Ivoire, Nigeria, and Uzbekistan.
The agreements highlight ITFC’s commitment to developing deeper cooperation and improving effort coordination with its partners. ITFC hopes to expand their strategic cooperation to provide new chances for growth and development, with a special emphasis on empowering small and medium-sized firms (SMEs). These initiatives demonstrate ITFC’s commitment to supporting inclusive economic growth and cultivating the entrepreneurial ecosystem.
Agreements
ITFC has agreed to provide a US$ 10 million Letter of Credit (LC) Confirmation Facility with Rabitabank, a new partner bank of the Corporation in Azerbaijan. This facility is primarily designed to meet Rabitabank’s SME clients’ unfunded trade finance needs by providing LC Confirmation options.
Faso and ITFC signed a three-year Framework Agreement for USD 900 million. As a result, Burkina Faso and ITFC will expand their strategic collaboration and establish stronger cooperation and coordination of activities. Eng. Hani Salem Sonbol, CEO of ITFC, and H.E. Dr. Aboubakar Nacanabo, Minister of Economy, Finance, and Prospective signed the deal.
H.E. Ms. Nialé Kaba, Minister of Planning and Development, Republic of Cote d’Ivoire, and Eng. Hani Salem Sonbol, CEO of ITFC, inked a five-year framework agreement worth $250 million. The agreement intends to identify innovative ways and means to further deepen and enhance the existing strategic cooperation while also exploring new collaboration areas.
ITFC inked a $1 billion Framework Agreement with the Federal Republic of Nigeria. This agreement will set a solid basis and map a clear route for the two parties’ mutually beneficial and forward-thinking strategic collaboration. 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.
Furthermore, in Nigeria, Mr. Sirajo Salisu, Managing Director of Jaiz Bank Plc, and Eng. Hani Salem Sonbol, CEO of ITFC, signed a US$10 million Murabaha financing facility to effectively address Jaiz Bank Plc’s trade finance needs in order to bolster agricultural commodity trade, support private sector clients, and ensure the vital support required for the growth and development of these critical sectors.
In Uzbekistan, ITFC will allocate funds under the Murabaha structure through a US$15 million Trade Financing Agreement with Hamkorbank to meet the trade finance needs of Hamkorbank’s private sector clients, with an emphasis on enabling SMEs to support their growth and development. Mr. Bakhtiyorjon Juraev, CEO of Hamkorbank, and Hani Salem Sonbol, CEO of ITFC, signed the agreement.
ITFC inked a US$10 million Line of Financing agreement with Qishloq Qurilish Bank in Uzbekistan to satisfy the trade finance needs of private sector clients, with an emphasis on women entrepreneurs and small and medium-sized enterprises (SMEs) in the food and agriculture sectors. Eng. Hani Salem Sonbol, CEO of ITFC, and Mr. Alisher Muratov, Chairman of Qishloq Qurilish Bank, signed the financing agreement.
