ITFC Releases US$1 Billion for Development of Strategic Commodities in Member Countries.

On the side-lines of the Islamic Development (IDB) Group 42nd Annual Meeting of the Board of Governors held in Jeddah recently, the International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group has signed two Murabaha agreements between the Republic of Tunisia represented by the Tunisian Electricity and Gas Company to contribute to financing resourcing of natural gas for an amount of US$ 160 million and the Tunisian Company of the Refining Industries to contribute to financing resourcing of crude oil and petroleum products for an amount of US$ 150 million.

The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mohamed Fadhel Abdelkefi, Minister of Development, Investment and International Cooperation of Tunisia (Governor of Islamic Development Bank).

ITFC has also signed a US$ 35 million agreement with the Republic of Suriname for the support of the medical, agricultural, energy and industrial sectors. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Gillmore Hoefdraad the Minister of Finance of Suriname (Governor of Islamic Development Bank).

Another agreement was signed between ITFC and the Republic of Mali for the purchase of petroleum products and electricity. The agreement which amounts to €40,000,000 has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Dr. Boubou CISSE, the Minister of Economy and Finance (Governor of Islamic Development Bank).

The signing of these agreements contribute to the diversification of the sectors financed by the International Islamic Trade Finance Corporation (ITFC) in the member countries

The corporation has also signed a framework agreement with the Government of The Gambia amounting to US$ 210 Million over a period of 3 Years. The agreement signed is for the imports of petroleum products and fertilizers, in addition to the provision of pre-export financing for groundnuts and cashew nuts. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mr. Amadou Sanneh, Minister of Finance and  Economic Affairs of The Gambia(Governor of Islamic Development Bank).

It is worth mentioning that the signing of these agreements contribute to the diversification of the sectors financed by the International Islamic Trade Finance Corporation (ITFC) in the member countries, thus enhancing the role of the institution as a partner for the comprehensive development of these countries.