Latest news with #ITFC
Zawya
3 days ago
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) and Société Internationale des Hydrocarbures de Djibouti (SIHD) Strengthen Djibouti's Hydrocarbon Sector through Capacity-Building Training Workshops
The International Islamic Trade Finance Corporation (ITFC) ( the trade finance arm of the Islamic Development Bank (IsDB) Group, in collaboration with its longstanding partner, the Société Internationale des Hydrocarbures de Djibouti (SIHD), has successfully conducted two back-to-back training workshops aimed at strengthening operational efficiency within Djibouti's hydrocarbon sector. In total, 20 participants benefited from this initiative, demonstrating a commitment to both technical excellence and gender inclusion The first workshop, themed 'Sales and Supply Chain Management', took place from 8th to 10th April 2025 and addressed key issues including the optimization of procurement strategies and the development of competitive pricing models. The second workshop, held from 15th to 17th April 2025, focused on 'Profitability Study and Risk Analysis of Downstream Oil Projects', covering investment evaluation and corporate purchasing processes. These sessions were conducted by IFP Training, experts in the provision of professional development and capacity-building in energy and process industries. Through this partnership, ITFC and SIHD aim to empower professionals with the essential skills and tools to strengthen procurement strategies in the petroleum sector, implement competitive export pricing, effectively evaluate investments and manage large-scale projects, enhance leadership and team supervision, and improve compliance and efficiency within public procurement processes. These training workshops form part of broader efforts to align with Djibouti Vision 2035, the nation's long-term development strategy aimed at positioning Djibouti as Africa's leading trade and logistics hub. Over the years, ITFC has maintained a strong and prevailing partnership with the Republic of Djibouti, approving a total of US$1.6 billion across 33 operations, primarily focused on the energy and health sectors. This program is in line with ITFC's integrated approach to Trade Finance and Development which reaffirms ITFC's vision of a leading trade solutions provider for its member countries. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (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.
Trade Arabia
5 days ago
- Business
- Trade Arabia
ITFC, TDFD in deal to deliver clean cooking solutions in Nigeria
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. The agreement brings together ITFC, the Trade Development Fund (TDFD -Managed by ITFC), the Oil Sustainability Program (OSP), and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit comprises a gas cylinder, stove, and essential accessories, alongside training to ensure safe and sustainable use. The signing ceremony was held in the presence of Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by Eng Adeeb Y Al-Aama, CEO of ITFC and Chairman of the Executive Committee of TDFD, Eng. Mohammed bin Haitham Al-Tayyar, representative of the Forward7 initiative, and Lev Herrom, Chief Financial Officer of BURN Manufacturing. Additionally, a separate commitment agreement was signed between Eng Abdulrahman Bin Sulaiman, CEO of GASCO, and Eng Adeeb Y Al-Aama in his capacity as Chairman of the Executive Committee of TDFD. Under this agreement, TDFD will be responsible for receiving and managing allocated funds from all partners and disbursing them to the executing entity. This project is a direct translation of the kingdom's commitment to the Middle East Green Initiative launched in 2021, and marks the first official project under the Forward7 umbrella, which seeks to expand access to clean cooking solutions across the Least Developed Countries. – TradeArabia News Service
Al Bawaba
5 days ago
- Business
- Al Bawaba
The International Islamic Trade Finance Corporation (ITFC) and the Trade Development Fund (TDFD) Sign Landmark Agreement with Oil Sustainability Program and BURN Manufacturing to Deliver Clean Cooking Solutions in Nigeria
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. The agreement brings together ITFC, the Trade Development Fund (TDFD) (Managed by ITFC), the Oil Sustainability Program (OSP), and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit comprises a gas cylinder, stove, and essential accessories, alongside training to ensure safe and sustainable signing ceremony was held in the presence of HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and H.E Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by Eng. Adeeb Y. Al-Aama, CEO of ITFC and Chairman of the Executive Committee of TDFD, Eng. Mohammed bin Haitham Al-Tayyar, representative of the Forward7 initiative, and Mr. Lev Herrom, Chief Financial Officer of BURN a separate commitment agreement was signed between Eng. Abdulrahman Bin Sulaiman, CEO of GASCO, and Eng. Adeeb Y. Al-Aama in his capacity as Chairman of the Executive Committee of TDFD. Under this agreement, TDFD will be responsible for receiving and managing allocated funds from all partners and disbursing them to the executing project is a direct translation of the Kingdom's commitment to the Middle East Green Initiative launched in 2021, and marks the first official project under the Forward7 umbrella, which seeks to expand access to clean cooking solutions across the Least Developed Countries. The collaboration also builds on a Memorandum of Understanding signed between OSP and ITFC during the 2024 Annual Meetings of the IsDB Group, reaffirming the partners' joint commitment to achieving Sustainable Development Goal 7—ensuring access to affordable, reliable, sustainable, and modern energy for the project includes direct support for household LPG refills over a period of eight years, funded through anticipated revenues from carbon credits generated by the clean cooking kits. Through collaborative efforts, the partners successfully reduced the cost of each kit by 63%, significantly improving affordability and access for target communities. This partnership presents an innovative development model that combines grant-based funding, carbon credit mechanisms, and public-private collaboration. It also demonstrates the capacity of multilateral institutions to develop scalable, sustainable solutions. The initiative serves as a model that can be replicated across other OIC member states, transforming clean cooking access from an aspirational goal into a tangible development outcome.
Zawya
6 days ago
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) and the Trade Development Fund (TDFD) Sign Landmark Agreement with Oil Sustainability Program and BURN Manufacturing to Deliver Clean Cooking Solutions in Nigeria
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. The agreement brings together ITFC, the Trade Development Fund (TDFD) (Managed by ITFC), the Oil Sustainability Program (OSP), and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit comprises a gas cylinder, stove, and essential accessories, alongside training to ensure safe and sustainable use. The signing ceremony was held in the presence of HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and H.E Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by Eng. Adeeb Y. Al-Aama, CEO of ITFC and Chairman of the Executive Committee of TDFD, Eng. Mohammed bin Haitham Al-Tayyar, representative of the Forward7 initiative, and Mr. Lev Herrom, Chief Financial Officer of BURN Manufacturing. Additionally, a separate commitment agreement was signed between Eng. Abdulrahman Bin Sulaiman, CEO of GASCO, and Eng. Adeeb Y. Al-Aama in his capacity as Chairman of the Executive Committee of TDFD. Under this agreement, TDFD will be responsible for receiving and managing allocated funds from all partners and disbursing them to the executing entity. This project is a direct translation of the Kingdom's commitment to the Middle East Green Initiative launched in 2021, and marks the first official project under the Forward7 umbrella, which seeks to expand access to clean cooking solutions across the Least Developed Countries. The collaboration also builds on a Memorandum of Understanding signed between OSP and ITFC during the 2024 Annual Meetings of the IsDB Group, reaffirming the partners' joint commitment to achieving Sustainable Development Goal 7—ensuring access to affordable, reliable, sustainable, and modern energy for all. Notably, the project includes direct support for household LPG refills over a period of eight years, funded through anticipated revenues from carbon credits generated by the clean cooking kits. Through collaborative efforts, the partners successfully reduced the cost of each kit by 63%, significantly improving affordability and access for target communities. This partnership presents an innovative development model that combines grant-based funding, carbon credit mechanisms, and public-private collaboration. It also demonstrates the capacity of multilateral institutions to develop scalable, sustainable solutions. The initiative serves as a model that can be replicated across other OIC member states, transforming clean cooking access from an aspirational goal into a tangible development outcome. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Tel: +966126468414 Email: Tdfd@ 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$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market. About Trade Development Fund (TDFD): TDFD is committed to supporting Shariah-compliant initiatives in line with the global Sustainable Development Goals. Our mission is to provide charitable resources for empowering projects that enhance human and institutional capacities, leading to improved employability and income opportunities. Operating under the principles of Waqf, we strive to offer financial support for sustainable development projects across OIC member states and Islamic communities in non-member countries. Join us on our journey to catalyze positive change and foster sustainable growth through our philanthropic, empowering projects. Together, we are shaping a brighter future for communities around the world.
Zawya
22-05-2025
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) Concludes Successful Participation at the Islamic Development Bank (IsDB) Group Annual Meetings with Nearly US$ 2.6 Billion in Signed Agreements
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, concluded its participation at the 2025 IsDB Group Annual Meetings in Algiers with a series of impactful achievements that underscore its role as a leading catalyst for trade and economic development in the OIC Member Countries and with the rest of the world. With a total of US$2.6 billion of agreements signed, the Corporation reaffirmed its strong commitment to supporting the socio-economic and development priorities of its member countries. These included sovereign and private sector-focused facilities, new partnerships, and strategic engagements designed to enhance trade resilience, food and energy security, and SME growth. During the meetings, ITFC signed a landmark five-year framework agreement with the Republic of Senegal with total envelope amount of EUR 2 billion to support key sectors such as energy, agriculture, healthcare, and the development of small and medium-sized enterprises. Another key sovereign financing was announced with the Republic of Guinea, to provide a Murabaha trade finance facility through the Central Bank of Guinea to support the import of petroleum products and essential commodities. ITFC signed a US$100 million Murabaha facility with EBID to facilitate imports of essential commodities for private sector clients across Member Countries. Meanwhile, ITFC also renewed its strategic partnership with Afreximbank through a US$300 million Murabaha financing agreement, aimed at securing food and energy supplies and enhancing intra-African trade flows. A strong focus was placed on supporting the private sector and expanding Islamic trade finance tools. ITFC signed US$10 million in Mudaraba financing with Uzbekistan's Smartbank and signed another agreement with Agrobank to increase the total financing amount to US$ 25 million aimed at providing Shariah-compliant financing to the country's growing private sector. Furthermore, a EUR 20 million Murabaha facility was signed with Albaraka Türk to boost access to finance for SMEs and private sector clients in Turkiye. Another milestone signing was in favor of Algeria where ITFC signed a US$100 million syndicated LC confirmation facility with Crédit Populaire d'Algérie (CPA) Bank to support trade transactions of both public and private sector clients, with a special emphasis on SME development. Additionally, ITFC inked a EUR 10 million facility with Crédit Communautaire d'Afrique (CCA) Bank in Cameroon, a EUR 10 million facility with Commercial Bank Cameroon, and a US$15 million Murabaha agreement with The Alternative Bank in Nigeria to support agricultural pre-exports and essential equipment imports. The meetings with Officials and Stakeholders also provided an opportunity to strengthen regional trade development platforms. A grant agreement under the AfTIAS 2.0 program was signed with the government of Algeria to enhance cross-border trade with Tunisia. These partnerships were complemented by ITFC's hosting of high-level dialogues during the Private Sector Forum, including a panel on trade facilitation and regional integration and a knowledge-sharing event exploring complementarities in trade and economic diversification across the OIC region. The successful conclusion of the 2025 Annual Meetings reflects ITFC's steadfast commitment to delivering integrated trade solutions that are both impactful and inclusive. By signing close to US$2.6 billion in new financing and partnership agreements, ITFC continues to strengthen its interventions that boost supply chains, promote Islamic finance, unlock new opportunities for sustainable development and improve the wellbeing of the people across its member countries. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (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.
