Hope and fear as tourists trickle back to Kashmir town after attack    Spain and Portugal scramble to restore power as officials chase cause of outage    Israel spy chief to step down after row with Netanyahu exposes deepening rifts    Saudi, Omani foreign ministers visit Rub' Al-Khali border crossing    From his own resources... Luminous lessons in leadership and humanity    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Prince Sultan University launches first bachelor's program in language and media    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ITFC inks financing deals with 5 member countries
Published in The Saudi Gazette on 26 - 05 - 2016

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed agreements with five countries — Comoros, Mali, Djibouti, Indonesia and Mauritania — on the sidelines of the IDB Group's 41st annual meeting held in Jakarta, Indonesia, recently.
The first is a framework agreement with Comoros that ensures a total amount of $ 300 million to be financed over a period of five years. Comoros Minister of Economy and Finance Siti Kassim and ITFC CEO Eng. Hani Salem Sonbol inked the deal.
The agreement is for the purpose of financing the imports of petroleum products. ITFC hopes to mobilize financial resources from banks and financial institutions to finance these imports.
Sonbol, CEO ITFC, said: "As a leading Islamic trade finance solutions provider, this partnership is a milestone to boost the growth of Shariah Trade Finance in Comoros. Not only energy is critical for supplying the country with fuel and electricity, but it is very important for the development of SMEs to have access to affordable energy, which is essential for the country's economic growth."
Kassim said: "It's an honor for the Comoros Union to sign the agreement with ITFC to finance the supply of petroleum products."
ITFC's $180 million framework agreement with the government of Mali was signed by Dr. Boubou Cisse, minister of economy and finance Mali, and Eng. Sonbol.
This agreement aims to finance the two most strategic sectors in Mali - energy and agriculture.
Sonbol said: "The primary objective of ITFC is to promote trade and trade cooperation between OIC member countries. The imports of electricity, petroleum products and foodstuffs will be from neighboring member countries. ITFC facilitates the trade financing and hence contributes to intra-OIC trade."
Cisse commented that ITFC financing will contribute to government efforts to secure electricity for the country, a critical energy component for social and economic development."
The ITFC signed two murabaha agreements totaling $ 55 million, with the first agreement being in favor of the government of Djibouti represented by the ministry of economy and finance and Societe Internationale des Hydrocarbures de Djibouti (SIHD) as the executing agency for the purchase of goods and services, and the second agreement is a syndication for the purchase of petroleum products.
The agreements were signed by Mr. Simon Mibrathu, secretary general ministry of budget Djibouti, and Eng. Sonbol.
This financing aims to secure the supply of petroleum products fueling vehicles and power plants in the country, and support the economic growth in addition to supplying households with cooking fuel.
Also, ITFC signed two MoUs with Indonesia. The first MoU was signed by Irfan Anwar, chairman Coffee Association Indonesia, Mr. Armia Ahmed, chairman Association of Indonesian Coffee Exporters and Industries, and Eng. Sonbol in favor of AICE Sumut (North Sumatra) and AICE Aceh for the cooperation on Coffee Exports Financing.
The second MoU was signed by Badruz Zaman, director of development, PT Asuransi Asei Indonesia, the state-owned insurer. This MoU will facilitate the provision of insurance products and services such as export and domestic credit insurance, credit guarantees and general insurance. Sonbol said through financing this commodity, we are certain that thousands of farmers will benefit.
Anwar said: "With this cooperation, we can support each other to increase the yield for the farmers; we can also increase the farmers' knowledge and how they manage their own plantation."
Liwkewise, ITFC signed a $ 12 million agreement with the government of Mauritania represented by the Ministry of Finance in favor of Pharmacie Centrale.
Cheikh El Kebir Moulaye Taher, deputy governor, Central Bank of Mauritania, alternate governor of IDB, and Eng. Sonbol signed the agreement. This financing will contribute in supporting the country's supply of critical medical products that sustain the people's well-being and health.


Clic here to read the story from its source.