The Algerian Chamber of Commerce and Industry and the Islamic Bank Group organize a forum
Focus on supporting the private sector and showcasing promising investment opportunities in Algeria
Algiers: The institutions of the Islamic Development Bank (IsDB), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in collaboration with the Algerian Chamber of Commerce and Industry and the IsDB Group Business Forum "Thiqah," organized the "Islamic Development Bank Group Services Forum " on Tuesday, April 29, 2025, at the Chamber's headquarters in Algiers.
The event coincides with preparations for the IsDB Group Annual Meetings, scheduled to take place from May 19 to 22, 2025, under the high patronage of His Excellency Mister Abdelmadjid Tebboune, President of the People's Democratic Republic of Algeria.
Bringing together a diverse range of stakeholders, the forum aimed to showcase the Group's services, activities, and initiatives across member countries, with a particular focus on Algeria. It highlighted the Group's ongoing support for private sector development and its efforts to stimulate promising investments in the Algerian market.
The forum's program included panel discussions and specialized deliberations on ways to enhance economic partnerships and the role played by the Group's institutions in supporting the needs of member countries. Financial tools were presented, such as financing lines, trade finance and development, private sector financing, as well as investment insurance and export credit services.
The forum attracted significant participation, drawing senior business leaders, CEOs from the private sector, and representatives of chambers of commerce, industry and investment organizations as well as trade promotion agencies.
In his opening speech, Mr. Nazeem Noordali, Chief Operating Officer of ITFC and head of the Islamic Development Bank Group delegation, welcomed the participants, emphasizing the importance of holding this forum in preparation for the Group's 50th Annual Meetings. In
his statement, he said: "Through this forum, we affirm the Islamic Development Bank Group's commitment to supporting private sector growth and sustainable economic development in our member countries. We are here to strengthen strategic partnerships, present integrated financial and investment solutions, and open new horizons for cooperation. The upcoming Annual Meetings and Private Sector Forum in Algeria will provide a unique platform to showcase investment opportunities, enhance economic cooperation, and lay the foundations for future prosperity."
Mr. Noordali concluded his speech by expressing sincere thanks to the Algerian authorities and all participants for their constructive engagement, affirming that the Islamic Development Bank Group remains committed to empowering companies, promoting inclusive growth, and achieving shared prosperity in the region.
Mr. Chekib Ismail Kouidri, Director-General of the Algerian Chamber of Commerce and Industry, stated: "We take great pride in this meeting, especially as Algeria is one of the founding countries of the Islamic Development Bank (IsDB) and one of its key supporters, having maintained strong ties with the institution since joining its membership in 1975." He added: "This robust partnership motivates us to continue advancing economic development and capitalizing on the opportunities available between Algeria, the Islamic Development Bank Group, and its member states."
About the Algerian Chamber of Commerce and Industry
The Algerian Chamber of Commerce and Industry (CACI) is an institution that represents the interests of businesses in Algeria. It plays a key role in promoting and developing the national economy by providing services and support to companies across various sectors. These services include administrative and legal assistance, access to economic databases, as well as mediation and arbitration.
The Chamber of Commerce and Industry is tasked with providing public authorities, upon request or on its own initiative, with opinions, suggestions, and recommendations on matters and concerns that directly or indirectly affect the trade, industry, and service sectors at the national level.
About Islamic Development Bank (IsDB)
The Islamic Development Bank is a multilateral development bank that works to improve the lives of those it serves by promoting social and economic development in Muslim countries and communities around the world and making a difference at scale. Through collaborative partnerships between communities in its 57 member countries, the Bank seeks to equip communities to drive their own economic and social progress at scale, and put the infrastructure in place to enable them to realize their potential. The Bank's new business model of 'making markets work for development' contributes to enhancing the competitiveness of our member countries in strategic industries in order to improve participation and upgrading in global value chains. This is in the field of food and agricultural industries, textiles, clothing, leather, shoes, petrochemicals and petroleum, construction, and Islamic finance. The Bank also promotes innovative and sustainable solutions to the biggest development challenges in the world, and takes advantage of the scientific potential in technology and innovation as strategic drivers of economic growth, and we also work to achieve the United Nations sustainable development goals.
About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 16th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC also has achieved a significant milestone by attaining an "AA-" long-term issuer credit and financial strength rating from Standard E Poor's (SEP), with a stable outlook and the highest within its peer group globally. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
Website: iciec.isdb.org Social media:
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). It supports the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari'ah. It also mobilizes additional resources for projects and encourages the development of Islamic finance. ICD's operations complement the activities of IsDB in member countries and also those of national financial institutions. ICD has 55 member countries and five public financial institutions as its shareholders and has an authorized capital of USD 4 billion.
Website: icd-ps.org
Social media: Twitter: @ICD_PS LinkedIn: ICDPS Facebook: @icdps YouTube: ICDPS
About the International Trade Finance Corporation (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 US$69 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.
Contact us :
Twitter: @ITFCCORP Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)
E-mail: ITFC@itfc-idb.org
About the Islamic Development Bank Group Business Forum (THIQAH)
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group's resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services. (www.idbgbf.org)
Contact Us
Email: THIQAH@isdb.org Twitter: @IDBGTHIQAH
Facebook: @IDBGTHIQAH
LinkedIn: IsDB Group Business Forum - THIQAH
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
5 days ago
- Zawya
International Islamic Trade Finance Corporation's 2024 Annual Report highlights record trade support
The report also highlights that the Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg, a reflection of its global leadership and strong investor confidence JEDDAH, Saudi Arabia / -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, is proud to announce the release of its 2024 Annual Report, titled 'Reaching New Frontiers.' The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries. In 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritizing trade finance, facilitation, and trade development to support member countries' national development agendas. Highlights from the 2024 Annual Report Record Trade Finance Approvals In 2024, ITFC approved a total of US$ 7.3 billion in trade finance across 110 operations in 26 countries. Of this amount, US$ 6.7 billion was successfully disbursed Notably, 38% of the approved financing was directed toward Least Developed Member Countries (LDMCs), underscoring ITFC's commitment to inclusive development Furthermore, 41% of the total portfolio, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services ITFC successfully mobilized US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals. Accelerating Intra-OIC Trade A total of US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023 These intra-OIC trade approvals accounted for 67% of ITFC's total trade finance operations, reinforcing the Corporation's role in fostering regional economic integration and cooperation Strengthening the Private Sector In a continued effort to support private sector growth, ITFC provided US$ 1.2 billion in financing, reflecting a 14% increase over the previous year This support reached 47 financial institutions and included engagements with 19 new clients across Africa, the Middle East, and Central Asia Delivering on Food Security Commitments To address food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries Since the launch of the IsDB Group's Food Security Response Program (FSRP) in 2022, ITFC has mobilized US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. ITFC financing has helped Member Countries secure stable supplies of essential food commodities, reduce price volatility, and support agricultural resilience. In Tajikistan alone, ITFC's food security financing contributed to reaching over 200,000 households—benefiting nearly 900,000 individuals—by ensuring access to staple goods such as wheat, sugar, and edible oil. Sustainability Milestone ITFC launched its first Environmental and Social (E&S) Policy in October 2024 The policy rollout included a 10-year E&S action plan, a 5-year carbon reduction strategy, and strengthened governance to embed ESG principles across all operations The report also highlights that the Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg, a reflection of its global leadership and strong investor confidence. Additionally, the 2024 Annual Report spotlights the achievements of ITFC's flagship programs: The Arab Africa Trade Bridges (AATB) Program actively supported the development of regional value chains by hosting targeted B2B meetings and launching Africa's first textile and leather standards program, paving the way for improved quality and competitiveness across the continent The Aid for Trade Initiative for the Arab States (AfTIAS 2.0) Program saw the implementation progress on 21 ongoing projects across Arab States, with a strategic focus on job creation, trade facilitation, and export development. These initiatives continue to empower local economies and enhance regional trade capacity Trade Connect Central Asia+ (TCCA+): ITFC advanced regional integration among six Central Asian countries through projects that promote agri-business development, investment attraction, and food security, strengthening economic ties and resilience in the region The Global SMEs Program expanded its footprint in West Africa and officially launched in Cameroon, enhancing access to trade finance and advisory services for small and medium-sized enterprises and fostering inclusive economic growth In addition to its flagship programs, ITFC delivered a diverse range of integrated trade solutions and targeted interventions in 2024 that reflect its holistic development approach. Through tailored capacity-building programs, reverse linkage initiatives, and trade facilitation tools, ITFC addressed specific needs across sectors such as energy, agriculture, finance, and trade policy. Highlights include the Indonesian Coffee Export Development Program enhancing sustainable farming practices; capacity-building workshops on Islamic finance in Nigeria, Tajikistan, and Azerbaijan; technical support to Togo and Mali's electricity sectors; and the rollout of electronic Certificates of Origin to boost cross-border trade in West Africa. With an eye on the future, ITFC remains steadfast in its commitment to addressing the evolving priorities of its Member Countries. By driving innovation, strengthening strategic partnerships, and delivering high-impact trade finance solutions, the Corporation is poised to chart new frontiers and accelerate progress toward sustainable and inclusive development across the OIC region. About the International Trade Finance Corporation (ITFC) : The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
Zawya
6 days ago
- Zawya
International Islamic Trade Finance Corporation (ITFC)'s 2024 Annual Report Highlights Record Trade Support, Empowering Organisation of Islamic Cooperation (OIC) Economies and Expanding Global Impact
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, is proud to announce the release of its 2024 Annual Report, titled 'Reaching New Frontiers.' The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries. In 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritizing trade finance, facilitation, and trade development to support member countries' national development agendas. Highlights from the 2024 Annual Report Record Trade Finance Approvals In 2024, ITFC approved a total of US$ 7.3 billion in trade finance across 110 operations in 26 countries. Of this amount, US$ 6.7 billion was successfully disbursed Notably, 38% of the approved financing was directed toward Least Developed Member Countries (LDMCs), underscoring ITFC's commitment to inclusive development Furthermore, 41% of the total portfolio, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services ITFC successfully mobilized US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals. Accelerating Intra-OIC Trade A total of US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023 These intra-OIC trade approvals accounted for 67% of ITFC's total trade finance operations, reinforcing the Corporation's role in fostering regional economic integration and cooperation Strengthening the Private Sector In a continued effort to support private sector growth, ITFC provided US$ 1.2 billion in financing, reflecting a 14% increase over the previous year This support reached 47 financial institutions and included engagements with 19 new clients across Africa, the Middle East, and Central Asia Delivering on Food Security Commitments To address food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries Since the launch of the IsDB Group's Food Security Response Program (FSRP) in 2022, ITFC has mobilized US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. ITFC financing has helped Member Countries secure stable supplies of essential food commodities, reduce price volatility, and support agricultural resilience. In Tajikistan alone, ITFC's food security financing contributed to reaching over 200,000 households—benefiting nearly 900,000 individuals—by ensuring access to staple goods such as wheat, sugar, and edible oil. Sustainability Milestone ITFC launched its first Environmental and Social (E&S) Policy in October 2024 The policy rollout included a 10-year E&S action plan, a 5-year carbon reduction strategy, and strengthened governance to embed ESG principles across all operations The report also highlights that the Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg, a reflection of its global leadership and strong investor confidence. Additionally, the 2024 Annual Report spotlights the achievements of ITFC's flagship programs: The Arab Africa Trade Bridges (AATB) Program actively supported the development of regional value chains by hosting targeted B2B meetings and launching Africa's first textile and leather standards program, paving the way for improved quality and competitiveness across the continent The Aid for Trade Initiative for the Arab States (AfTIAS 2.0) Program saw the implementation progress on 21 ongoing projects across Arab States, with a strategic focus on job creation, trade facilitation, and export development. These initiatives continue to empower local economies and enhance regional trade capacity Trade Connect Central Asia+ (TCCA+): ITFC advanced regional integration among six Central Asian countries through projects that promote agri-business development, investment attraction, and food security, strengthening economic ties and resilience in the region The Global SMEs Program expanded its footprint in West Africa and officially launched in Cameroon, enhancing access to trade finance and advisory services for small and medium-sized enterprises and fostering inclusive economic growth In addition to its flagship programs, ITFC delivered a diverse range of integrated trade solutions and targeted interventions in 2024 that reflect its holistic development approach. Through tailored capacity-building programs, reverse linkage initiatives, and trade facilitation tools, ITFC addressed specific needs across sectors such as energy, agriculture, finance, and trade policy. Highlights include the Indonesian Coffee Export Development Program enhancing sustainable farming practices; capacity-building workshops on Islamic finance in Nigeria, Tajikistan, and Azerbaijan; technical support to Togo and Mali's electricity sectors; and the rollout of electronic Certificates of Origin to boost cross-border trade in West Africa. With an eye on the future, ITFC remains steadfast in its commitment to addressing the evolving priorities of its Member Countries. By driving innovation, strengthening strategic partnerships, and delivering high-impact trade finance solutions, the Corporation is poised to chart new frontiers and accelerate progress toward sustainable and inclusive development across the OIC region. Read the full English version here- Read the full Arabic version here- Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social Media: Twitter: @ ITFCCORP Facebook: @ ITFCCorp LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC) : The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 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.
Zawya
30-05-2025
- Zawya
'A Mission, Not a Job!' - African Development Bank President reflects on a decade of leadership
Speaking Monday at a breakfast meeting with journalists, the President of the African Development Bank Group ( Dr. Akinwumi Adesina, described his ten-year presidency as a consuming yet profoundly fulfilling mission. The press briefing is the first official event of the Bank's 2025 Annual Meetings, taking place in Abidjan, Cote d'Ivoire from 26 to 30 May 2025 – during which a new president of the Bank will be elected. 'This is not a job. If anyone is looking for a job, please don't take it. This is not a job. This is a mission,' he said. 'As my wife Grace and staff would tell you, for ten years I have had no life. Completely zero. I worked every single day. Every single step.' Adesina expressed gratitude for the opportunity to lead the institution. 'Serving as President of the African Development Bank Group has been the greatest honor of my life,' he said. 'It has been a decade of relentless purpose, of enduring passion, and of tireless service.' The event was attended by journalists covering the Annual Meetings, which are expected to draw a record 6,000 delegates from 91 countries, including policymakers, private sector leaders, academics, civil society, development partners, and media. '[This] is one of my favorite moments of every Annual Meeting. It gives me the opportunity to speak frankly, reflect deeply, and thank you sincerely,' Adesina told the journalists , adding that the 2025 Meetings are 'the final chapter of a remarkable decade of transformation.' Delivering his remarks in English and French, Adesina reeled out the Bank's biggest achievements, including the largest capital increase in its history, from $93 billion in 2015 to $318 billion; the record replenishment of the African Development Fund, raising $8.9 billion; and the half a billion Africans who have benefited from the Bank's investments under his leadership. Adesina's presidency began in 2015 with the launch of the 'High 5s' development priorities: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. Ten years on, those priorities have made a profound impact. 'The High 5s have impacted on the lives of over 565 million people across Africa,' Adesina said. 'These are not just figures. They are futures. They are hopes realized.' He expressed his gratitude to the media for their support over the past decade, and for their presence at the last annual meetings under his headship. 'Your role is more important than ever,' he said. 'You are not just observers. You are amplifiers of Africa's voice. You shape the narrative. You challenge us. You inform the world.' Echoing his keynote remarks from the All-Africa Media Leaders' Summit in May 2024 in Nairobi, Kenya, Adesina called for the emergence of African media platforms that will credibly amplify positive continental narratives on a global scale. Looking ahead, Adesina expressed pride in the transformation of the Bank during his tenure, and its enhanced global stature. 'The African Development Bank you have today is not the African Development Bank you used to have. This is a global institution now.' he said. Asked what advice he would offer his successor, Adesina responded, 'The responsibility of that leader is to build on the past, to look far into the future, and to find within themselves what courage it takes to stand up for Africa's interests. To make sure that Africa's voice is never silenced on issues that matter globally and where it matters globally.' Reflecting on the forthcoming transition, and the institution he will hand over on September 1, 2025, Adesina declared, 'Leadership may change, but the mission remains. The Bank's direction is clear, its resolve strong, and its commitment to Africa's development unshakable.' Distributed by APO Group on behalf of African Development Bank Group (AfDB). Additional Images: Media Contact: Tolu Ogunlesi, Communication and External Relations, African Development Bank; Email: media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
