The International Islamic Trade Finance Corporation (ITFC) signed on Sunday agreements worth $440 million to finance African countries.
The World Bank had expected growth in Africa to recover, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024.
The Chairman of the IsDB, Dr. Mohammad Al-Jasser, said on Sunday that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provides insurance solutions to its clients, with the aim of mitigating commercial and political risks related to trade and investment in member countries.
Speaking during the second day of the Private Sector Forum, which was held on the sidelines of the IsDB annual meetings in Riyadh, Al-Jasser said the corporation, since its establishment 30 years ago, has secured more than $108 billion in project funding, in addition $51 billion in trade and investment among the Organization of Islamic Cooperation countries.
He added that the Islamic Corporation for the Development of the Private Sector, since its establishment in 1999, has provided financing for a total of 451 projects, with a total value of $6.9 billion, in various sectors, including finance, infrastructure, agriculture, manufacturing, and energy.
The CEO of the Saudi Fund for Development, Sultan Al-Murshed, told Asharq Al-Awsat that a memorandum of understanding was signed with the Islamic Development Bank Group, with the aim of coordinating efforts and participating in financing development projects around the world.
In addition, the International Islamic Trade Finance Corporation – a member of the Islamic Development Bank Group – concluded an agreement worth $40 million with the Bank of Commerce and Development, to contribute to enhancing economic growth and trade financing capabilities in East and South Africa.
The corporation also signed a framework agreement with the government of Uganda, worth $150 million, extending over three years, to support key sectors such as energy, agriculture, and health, in addition to promoting private sector development, trade cooperation, and coordination to advance sustainable development across these vital sectors.
Moreover, the corporation signed a financing agreement worth $250 million with the African Export-Import Bank, as part of the trade financing program for Africa’s adaptation to the crisis in Ukraine.
It also announced the signing of a support package with the government of Cameroun, to enhance the country’s infrastructure and agricultural productivity.
