Latest news with #trade finance
Zawya
14 minutes ago
- Business
- Zawya
ITFC reports strong results and sustainability progress in 2024 Annual Development Effectiveness Report
JEDDAH, Kingdom of Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, announced the release of its 2024 Annual Development Effectiveness Report (ADER). The ADER serves as an essential reporting and transparency tool, enabling ITFC to measure, communicate, and continually refine its strategies and interventions for achieving sustainable development outcomes. The 2024 report highlights ITFC's expanding role as a driver of sustainable trade, economic resilience, and inclusive growth across its member countries. 'The ADER showcases ITFC's ability to provide innovative, impactful solutions that address the complex needs of our member countries,' said Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC. 'While we celebrate key milestones, we are also assessing our interventions to ensure we continue advancing toward a more inclusive, resilient, and sustainable future.' Key Highlights of 2024 ADER In 2024, ITFC delivered tangible results, demonstrating its focus on resilience and economic inclusion. The key highlights include: Filling Trade Finance Gaps. ITFC allocated US$2.66 billion, 38% of its total portfolio, to LDMCs, supporting inclusive growth. Additionally, US$268 million directly benefited over 380,000 smallholder farmers, enabling the procurement of 840,000 metric tons of local agricultural products. Securing Critical Supply Chains. Disbursements to the energy sector amounted to US$4 billion, bringing reliable electricity to approximately 13.8 million households. Food security interventions provided over 5.6 million metric tons of essential commodities worth US$1.45 billion, benefiting more than 30 million households. Strengthening Private Sector Participation. ITFC financed 312 small and medium enterprises (SMEs) and corporates through partnerships with 23 financial institutions, promoting financial inclusion and economic diversification. Fostering Regional Integration. Intra-OIC trade financing reached US$4.8 billion. Through strategic programs such as the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS), ITFC strengthened regional value chains and institutional capacities. Investing in Capacity Development. Technical assistance and training initiatives reached over 3,100 individuals, a 32% increase from the previous year, with nearly 40% women participants. Embedding Sustainability into Core Operations The Corporation adopted its first Environmental and Social (E&S) Policy and launched a Ten-Year E&S Action Plan. A new governance structure was also introduced to guide implementation, laying the foundation for more responsible trade finance operations. Empowering Growth through the SDGs ITFC made significant strides in advancing multiple Sustainable Development Goals through its trade finance and development initiatives. Its efforts have helped reduce poverty (SDG 1), strengthen food security (SDG 2), and expand access to clean and affordable energy (SDG 7). By supporting smallholder farmers, empowering local economies, and promoting intra-OIC trade, ITFC has also played a key role in fostering strong global partnerships to accelerate sustainable development across member countries (SDG 17). The 2024 ADER affirms ITFC's deepening commitment to transparency, sustainability, and measurable impact. As the Corporation looks ahead, it remains focused on bold innovation, collaborative partnerships, and leveraging Islamic finance to build a more inclusive and sustainable global trade ecosystem. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: E-mail: ITFC@ Social media: Twitter: Facebook: 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. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Zawya
14 minutes ago
- Business
- Zawya
$1bln financed: DP World reshapes the global trade finance map
Dubai, UAE – DP World Trade Finance has mobilised over $1 billion in working capital for businesses across emerging markets, helping close the global trade finance gap and keep goods moving through some of the world's most challenging economic environments. This milestone was achieved through a combination of DP World's own lending operations and partnerships with more than 32 financial institutions globally- including J.P. Morgan, Standard Bank, NedBank and more. Their financing solutions, delivered alongside DP World's logistics capabilities, have helped reduce risk and improve access to capital for underserved businesses of all sizes, thus lowering barriers to international trade. By combining trade finance with logistics, DP World offers businesses both funding and real-time visibility into their supply chains. This integrated model helps lenders make faster, more informed decisions - unlocking capital where it's needed most. The portfolio that DP World Trade Finance handles has also proven to create an very healthy loan book with high quality assets, way better than the industry benchmarks, further reinforcing the effectiveness of this data-driven, integrated approach. To date, DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors including agriculture, metals, automotive, and engineering. Commenting on this achievement, Group Chairman and CEO of DP World, Sultan Ahmed Bin Sulayem said:"The growth of our trade finance business underscores the UAE's role as a catalyst for global trade. By making capital more accessible, particularly in high-potential markets, we are shaping a trade system that is more inclusive and resilient.' Sinan Ozcan, Senior Executive Officer, DP World Trade Finance, said: 'Cross-border trade is the engine of global economic growth, but access to affordable finance remains a critical barrier for many businesses, especially SMEs in emerging markets. Reaching this $1 billion milestone reflects our commitment to changing that. Through DP World Trade Finance, we've created a network that connects businesses with capital, streamlines the financing process and enables trade to flow more consistently on a global scale.' The global trade finance gap, estimated at $2.5 trillion [1], continues to limit opportunities for businesses in developing economies, particularly those without access to traditional financing due to limited credit histories, lack of collateral, or weaker balance sheets that classify them as high risk. For media enquiries, please contact: Adal Mirza Group Vice President Hakam Kherallah Group Senior Manager Follow DP World on: X (Twitter): LinkedIn: About DP World Trade Finance DP World Trade Finance's purpose is to help businesses grow by providing them with access to the much-needed working capital for trade. We leverage DP World's global infrastructure and ecosystem to gain transparency, visibility, data and control over cargo, and mitigate the risks inherent to financing international trade. Our approach of embedding trade finance solutions within DP World's ecosystem enables us to provide trade finance to businesses, directly or in collaboration with our partner financial institutions, and enable seamless trade flow for everyone. Since its launch in July 2021, DP World Trade Finance has partnered with 32 financial institutions and has financed over US$1 Billion of trade. DP World Trade Finance (DP World Financial Services Limited) has obtained its lending license in June 2022 and is engaged in providing credit via structured short-term working capital solutions. DP World Trade Finance participates in risk with existing lenders on the platform to ensure that working capital requirements of clients are adequately met. The platform is operated by DP World Financial Services Limited, which arranges and provides credit for clients who are based in the UAE. DP World Services Limited arranges credit for clients outside the UAE. About DP World DP World is reshaping the future of global trade to improve lives everywhere. Operating across six continents with a team of over 100,000 employees, we combine global infrastructure and local expertise to deliver seamless supply chain solutions. From Ports and Terminals to Marine Services, Logistics and Technology, we leverage innovation to create better ways to trade, minimizing disruptions from the factory floor to the customer's door. WE MAKE TRADE FLOW
Al Bawaba
an hour ago
- Business
- Al Bawaba
$1 Billion Financed: DP World Reshapes the Global Trade Finance Map
DP World Trade Finance has mobilised over $1 billion in working capital for businesses across emerging markets, helping close the global trade finance gap and keep goods moving through some of the world's most challenging economic milestone was achieved through a combination of DP World's own lending operations and partnerships with more than 32 financial institutions globally- including J.P. Morgan, Standard Bank, NedBank and more. Their financing solutions, delivered alongside DP World's logistics capabilities, have helped reduce risk and improve access to capital for underserved businesses of all sizes, thus lowering barriers to international combining trade finance with logistics, DP World offers businesses both funding and real-time visibility into their supply chains. This integrated model helps lenders make faster, more informed decisions - unlocking capital where it's needed most. The portfolio that DP World Trade Finance handles has also proven to create an very healthy loan book with high quality assets, way better than the industry benchmarks, further reinforcing the effectiveness of this data-driven, integrated date, DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors including agriculture, metals, automotive, and on this achievement, Group Chairman and CEO of DP World, Sultan Ahmed Bin Sulayem said: "The growth of our trade finance business underscores the UAE's role as a catalyst for global trade. By making capital more accessible, particularly in high-potential markets, we are shaping a trade system that is more inclusive and resilient.'Sinan Ozcan, Senior Executive Officer, DP World Trade Finance, said: 'Cross-border trade is the engine of global economic growth, but access to affordable finance remains a critical barrier for many businesses, especially SMEs in emerging markets. Reaching this $1 billion milestone reflects our commitment to changing that. Through DP World Trade Finance, we've created a network that connects businesses with capital, streamlines the financing process and enables trade to flow more consistently on a global scale.' The global trade finance gap, estimated at $2.5 trillion , continues to limit opportunities for businesses in developing economies, particularly those without access to traditional financing due to limited credit histories, lack of collateral, or weaker balance sheets that classify them as high risk.
Arab News
a day ago
- Business
- Arab News
ICIEC and Al-Baraka Islamic Bank Bahrain sign credit insurance policy
The Islamic Corporation for the Insurance of Investment and Export Credit, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al-Baraka Islamic Bank Bahrain signed a documentary credit insurance policy. The policy will strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. Under this partnership, ICIEC will provide insurance coverage for the confirmation of letters of credit issued by Al-Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states. CEO of ICIEC Dr. Khalid Khalafalla said: 'This strategic collaboration with Al-Baraka Islamic Bank reflects ICIEC's commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our documentary credit insurance policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients.' CEO of Al-Baraka Islamic Bank Bahrain Dr. Adel Salem said: 'We are delighted to partner with ICIEC on this pioneering credit insurance policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' The documentary credit insurance policy serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.
Finextra
2 days ago
- Business
- Finextra
MTN completes first transaction using JPMorgan's new Electronic Bill of Exchange offering
Mobile Technology Network South Africa (Pty) Ltd. (MTN SA), a major mobile telecommunications provider, has successfully completed the first transaction using J.P. Morgan's new Electronic Bill of Exchange (eBoE) offering – marking a pivotal step in the digitization of global trade finance. 0 The transaction facilitated the shipment of goods from Asia to the United Kingdom (UK). Today, large portions of the global trade finance industry still use paper and wet ink signatures for the selling or procuring of goods and/or services. As part of the industry's digitization shift, we are one of the first banks to transition eligible programs to Electronic Negotiable Instruments (eNIs) incorporating electronic signatures. The Electronic Trade Document Act (ETDA), which passed in the United Kingdom (UK) in 2023, is helping facilitate this trend by mandating that certain Negotiable Instruments - such as Bills of Exchange and Promissory Notes - in electronic form are to be treated in the same way as they would be in physical form. Dino Molefe, Chief Finance Officer at MTN SA said, 'MTN South Africa has been a leader in developing our working capital strategy as it pertains to our procurement of devices. J.P. Morgan and MTN SA have collaborated closely to unlock additional liquidity through innovative solutions, making us the ideal collaborator to pioneer this digital tool.' We have implemented Enigio's trace:original solution to facilitate the creation, management, and storage of eNIs, which satisfy the legal requirements of the ETDA. Using Enigio's blockchain infrastructure, an eBoE is securely signed and updated throughout its lifecycle, improving transparency and streamlining workflows, while enabling automatic data transfer and reducing risks and errors associated with traditional manual processes. The offering is initially available to companies transacting under English law. 'Our goal is to be at the forefront of the future of trade, as one of the first banks to approve the financing of a select set of Electronic Negotiable Instruments,' said Natasha Condon, Global Head of Trade Sales and Head of EMEA Trade at J.P. Morgan. 'By collaborating with Enigio, we are able to further the digitization of trade, ultimately helping corporations access working capital benefits in a much more streamlined way, how and when they need it.' 'Our trace:original solution has been designed to address the complexities of global trade while ensuring compliance with evolving regulations,' said Patrik Zekkar, CEO of Enigio. 'This transaction is a significant step forward in proving that electronic trade solutions can operate at scale - and that they are already doing so.'
