Islamic International Trade Finance Corporation contributes $40 bln in 10 yrs

The Islamic International Trade Finance Corporation has contributed more than $40 billion to funding and developing trade operations Over 10 years, said ITFC CEO Hani Sonbol Tuesday.

In 2017, the ITFC started implementing its new 10-year strategy in line with that of the Islamic Development Bank (IDP) Group, Sonbol said in a ceremony that was held in Tunis to mark the 10th anniversary of the ITFC.

The ceremony was held on the sidelines of the annual meetings of the IDP Group, currently taking place here.

The ITFC will also be working to provide integrated trade solutions to member states over the coming years, he added.

He said ITFC credits amounted to 4.9 billion dollars in 2017; which is a 10-percent increase on 2016.

The ITFC adopts an integrated approach that includes finance, development and building of skills, Sonbol made it clear.

The new ITFC strategy will focus on boosting trade between member states and the Organization of Islamic Cooperation, Sonbol said.

The ITFC is an autonomous entity within the IDB Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world.

The ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group.

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.