The Eastern and Southern African Trade and Development Bank (TDB) and the International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, have signed a Memorandum of Understanding (MoU) to strengthen trade between OIC member states and those of TDB, during the World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco.
Under the MoU, TDB and ITFC will harmonize their efforts to provide robust trade finance solutions to better serve their respective Member Countries in Africa. These solutions encompass an array of financing products such as Murabaha, syndications, co-financing, risk-sharing, and Islamic factoring. Additionally, this relationship will explore opportunities for technical assistance and capacity building, for private sector and SMEs based in common member states.
Admassu Tadesse, TDB Group President Emeritus and Managing Director said: “Today’s signing builds on various years of collaboration between TDB and ITFC whereby TDB participated with close to USD 400 million in six ITFC Islamic syndications, in favor of TDB member states for the purchase of strategic food and energy commodities.”
“Our reinforced cooperation will enable our institutions to optimize the impact of our financing.” said Mary Kamari, TDB Group Corporate Affairs and Investor Relations Executive. “We also look forward to cooperate on capacity-building and technical assistance, so as to support our private sectors in harnessing existing opportunities.”
Eng. Hani Salem Sonbol, CEO ITFC and Acting CEO ICD, noted, “This MoU marks a significant milestone in our ongoing efforts to foster international trade and economic development. By partnering with TDB, we aim to amplify our impact, facilitate more efficient trade flows, and offer targeted support to SMEs and private sector entities in our African member countries.”
TDB Group has been collaborating with other members of the Islamic Development Bank (IsDB), including with the Islamic Corporation for the Development of the Private Sector (ICD), a fellow member of the International Development Finance Club (IDFC), with which it is currently implementing an MoU to support private sector investment in common African member states.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
Media Contacts:
Anne-Marie Iskandar
Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
[email protected]
Raghda Elsharawy
Senior Manager, Corporate Communications
International Islamic Trade Finance Corporation (ITFC)
[email protected]
About TDB:
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution with investment-grade ratings and assets totaling USD 8.4 billion. TDB serves 25 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance Company (TCI), and the TDB Academy.
About ITFC:
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective 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. Commencing operations in January 2008, ITFC has provided over US$70 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for 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.