Business News of Tuesday, 25 September 2018
Source: Nana Yaa Arthur
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB) will commemorate its 10th anniversary during the 5th edition of the Rebranding Africa Forum (RAF) themed “Green economy in Africa: Challenges and Opportunities”, in Burkina Faso from October 5 to October 6, 2018.
This annual RAF event, which seeks to identify tools to accelerate the emergence of the Africa is being held for the first time on the continent, following four previous editions in Belgium.
In recognition of its ongoing investments in the continent to support the development of a fair and sustainable trade sector amongst its member countries, ITFC has been invited to launch the prestigious event with a keynote address by its CEO, Eng. Hani Salem Sonbol.
During the forum, the leading Islamic trade finance institution will host a series of strategic events to recognize and honor its key African partners while announcing important new initiatives designed to advance trade development across Sub-Saharan Africa (SSA), a priority region as per ITFC Strategy. As part of its activities, ITFC will host a bespoke, high-level event for African Heads of States, dignitaries and other key stakeholders from the Middle East and Africa region under the theme, “10 Years of Advancing Trade & Improving Lives in Africa, to the next 10”.
“Over the past 10 years, ITFC has been striving to advance trade and improve lives in SSA through a range of strategic financing initiatives and to highlight the region’s economic potential to other key Islamic nations. We are therefore extremely honored to have been invited to play such a prominent role in this edition of RAF, and to have the opportunity to renew our partnerships with key African leaders and corporations. We are certainly optimistic about ITFC’s role in the next 10 years of the acceleration of African economies.” said Sonbol.
Adding that, ITFC will be announcing the launch of an important initiative, the West Africa SMEs Program which aims to improve access to trade finance for SMEs in 8 West African countries through the provision of Financing Lines, Capacity Building and Advisory Services to partner banks and SMEs.
Since 2008, ITFC has provided around US$4 billion of financing to support trade development in the SSA region. One of ITFC’s largest interventions has been in the development of the West African cotton sector.
During the forum, ITFC will conduct a series of field visits to observe the outcomes of its financing interventions and investments in Burkina Faso’s thriving cotton industry.
About the International Islamic Trade and Finance Corporation
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group.
It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$40.2 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond.
The Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.