International Islamic Trade Finance Corporation's 2024 Annual Report highlights record trade support

Zawya

2 days ago

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) (www.ITFC-IDB.org), 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.