The Board of Directors of the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the IDB Group, has approved a trade finance operation for Bangladesh valued at $400 million to support the country's strategic sectors. The ITFC managed to mobilize more than 60 percent ($250 million) of the total amount from external banks for this trade finance operation. This demonstrates that the ITFC can reassure markets and secure trade financing in spite of the current liquidity problems faced by countries and financial institutions alike. The financing is in line with the ITFC's mandate to support member countries' strategic sectors and to improve their trading capacity. In addition, it will allow Bangladesh to fulfill its requirements in financing vital imports of crude oil and refined petroleum products. Indirectly, this operation provides critical support to Bangladesh's farming and garments sectors, considered a vital export-driven industry employing over two million people and indirectly supporting an additional fifteen million jobs. Commenting on this important trade finance operation, Dr. Waleed Al-Wohaib, ITFC CEO, said: “We have a 30-year heritage of integrity and success in trade financing and as a member of the IDB Group, we have demonstrated a track-record in acting as a catalyst in bringing together international and regional financial institutions to help bring prosperity by supporting the growth and development of economic sectors that expand and diversify business opportunities.”
