Latest news with #TradeFinance
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.
Zawya
23-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Bank–Egypt Signed a Bank Master Policy to Support Funded Islamic Trade Finance Transactions Worth USD50 Million
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed a Bank Master Policy (BMP) with Al Baraka Bank-Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algier. The policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr Ahmed Atteya, Head of Financial Institutions Department, Al Baraka Bank-Egypt. The insurance policy is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in member countries. 'We are delighted to partner with Al Baraka Bank – Egypt on this landmark Policy. This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states, ' said Dr. Khalid Khalafalla, CEO of ICIEC. 'By mitigating transaction risks, we help our partners expand into new markets and promote development initiatives that benefit member countries.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The 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 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 50 Member States. ICIEC, for the 17 th 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. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit:
Zawya
23-05-2025
- Business
- Zawya
ICIEC and Al Baraka Bank–Egypt signed a Bank Master Policy to support funded Islamic Trade Finance Transactions worth $50mln
Algiers, Algeria – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed a Bank Master Policy (BMP) with Al Baraka Bank-Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algier. The policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr Ahmed Atteya, Head of Financial Institutions Department, Al Baraka Bank-Egypt. The insurance policy is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in member countries. 'We are delighted to partner with Al Baraka Bank – Egypt on this landmark Policy. This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'By mitigating transaction risks, we help our partners expand into new markets and promote development initiatives that benefit member countries.' About The 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 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 50 Member States. ICIEC, for the 17th 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. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
Zawya
11-04-2025
- Business
- Zawya
Afreximbank commissions first-of-its-kind African Trade Centre in Abuja, Nigeria - marking a new era for Intra-African trade
Multilateral Bank African Export-Import Bank (Afreximbank) ( has officially commissioned its first Afreximbank African Trade Centre (AATC) today in Abuja, Nigeria, ushering in a transformative era for trade and investment in Africa. During the grand commissioning ceremony, speakers, including Hon. Dr. George Akume, Secretary to the Government of Federation, Nigeria representing H. E. Bola Ahmed Tinubu GCFR, President and Commander-in-Chief of the Armed Forces, The Federal Republic of Nigeria, highlighted the AATC's strategic importance, its pivotal role in shaping Africa's economic future and the significant impact it is poised to make on Africa's trade and investment landscape. Speaking at the Ceremony, Dr. Akume stated, 'Afreximbank African Trade Centre (AATC) is a landmark project that embodies our shared commitment to advancing Intra-African Trade, fostering economic integration and unlocking a vast potential of our continent. This occasion is a realisation of a bold vision for Africa's economic future. AATC stands as a testament to the power of collaboration, resilience and forward-thinking leadership. It is more than a physical structure; it is the beginning of innovation, a hub for entrepreneurship and a catalyst for sustainable development. He added, 'This centre will serve as a critical platform for trade facilitation, capacity building and investment promotion – key pillars of Africa's economic transformation. Afreximbank's role in shaping Africa's trade landscape cannot be overstated because the institution has consistently demonstrated its commitment to breaking down barriers, bridging financing gaps and empowering African businesses to be competitive. All these have been accomplished through flagship projects such as the AfCFTA adjustment fund that is managed by Afreximbank's subsidiary, Fund for Export Development in Africa (FEDA), PAPSS and other Trade Finance Programmes. The AATC located in Abuja represents yet another milestone in this journey and this aligns perfectly with Nigeria's strategic priorities under the Federal Government's eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration. As we commission this remarkable edifice today, let us renew our resolve to be the stronger, more interconnected and prosperous Africa.' Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, echoed this sentiment, remarking, 'The Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean. Some would be Afreximbank owned while others would be supported through a franchise-scheme. With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions. This AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal; it will serve as a platform for fostering deeper regional and continental integration and house Afreximbank's permanent regional office, bringing a three-decade-old aspiration to fruition. This AATC will also offer a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, a conference and exhibition facility and a business hotel.' Prof. Orama thanked the Federal Government of Nigeria for its support noting that the relationship between the Bank and Nigeria has been truly mutually beneficial and most cordial. 'Over the last three decades, successive governments have accorded unflinching support to Afreximbank, responding most positively to capital calls, creating a congenial environment for its smooth operations while providing the Bank significant domestic policy support that helped to execute many of the development programmes in Nigeria.' He said. With the opening of the Abuja AATC, Afreximbank continues its mission to promote intra-African trade and investment opportunities, laying the groundwork for a more prosperous and integrated African economy. Over 500 distinguished guests attended the commissioning ceremony, notably, Hon. William F. Duguid, J.P. Senior Minister, Prime Minister's Office, Republic of Barbados, Hon. Sylvester Grisby, Minister of State for Presidential Affairs, Liberia, Hon. Adebayo Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria and his counterpart, Hon. Dr. Jumoke Oduwole MFR, Minister of Trade and Investment, Federal Ministry of Trade and Investment, Nigeria as well as Nigeria's former Vice President Hon. Namadi Sambo. Hon. Bockaire Kalokoh, Deputy Minister of Finance of Sierra Leone and Hon. Sheilla Chikomo, Deputy Minister Foreign Affairs and International Trade, Zimbabwe represented their respective countries. The event was also well attended by business leaders led by billionaire entrepreneur Mr. Aliko Dangote, Founder and Chief Executive of the Dangote Group, Mr Tony Elumelu, Chairman of Transcorp Group, policymakers, pan-African CEOs, and entrepreneurs. Their presence showcased a shared vision and determination to enhance trade across Africa, as they pledged to work together to leverage the AATC for the continent's economic transformation. The Abuja AATC comprises two interconnected nine-storey towers. One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub. The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities. These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses. It will also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities. The AATC building is expected to achieve gold - and potentially platinum - Leadership in Energy and Environmental Design (LEED) certification by the United States Green Building Council (USGBC), a globally recognised standard for sustainable building design and construction. This certification will make the Abuja AATC one of the few certified buildings in Nigeria and West Africa, underscoring its commitment to environmental sustainability. The global architect Messrs SVA International developed a multifaceted global design, drawing inspiration from the concept of a bazaar, which reflects the vibrant feature of daily life in many African cities. Construction of the USD120 million project commenced in November 2021 on a prime piece of land measuring 5,856 square meters and achieved completion in 41 months. The Abuja Afreximbank African Trade Centre (Abuja AATC) is the first of seven planned AATCs across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda. In addition, Afreximbank recently broke ground in Bridgetown, Barbados, to construct the first AATC outside of Africa. Through franchising and licensing arrangements, the Bank intends to partner with relevant institutions and economic development organizations to establish non-Bank owned ATCs in the rest of Global Africa. These AATCs will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community. Distributed by APO Group on behalf of Afreximbank. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
