Latest news with #MemberCountries
Zawya
04-06-2025
- Business
- 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
19-05-2025
- Business
- Zawya
Islamic Development Bank Institute Releases 2024 Annual Report during the Islamic Development Bank (IsDB) Group Annual Meetings
The Islamic Development Bank Institute (IsDBI) ( the knowledge beacon of the IsDB Group, is pleased to announce the issuance of its 2024 Annual Report, officially released during the 2025 Annual Meetings in Algiers, Algeria. The Annual Report highlights the Institute's major contributions to the development of Islamic finance as a tool to foster sustainable economic progress of IsDB Member Countries and Muslim communities worldwide. Key highlights of the report include achievements in the main programs and significant progress of the Institute's flagship projects, which seek to leverage emerging technologies and Islamic finance to deliver solutions to the most pressing development challenges. The report details IsDBI's efforts in leading the transformation of the Islamic finance sector within the IsDB Special Allocation Program to Support Islamic Finance Industry. The Institute successfully approved 24 new technical assistance projects valued at US$4.17 million, the highest level since the inception of the Special Allocation Program in 2013. The Institute made significant progress in its projects integrating knowledge technologies with Islamic finance, including developing a functional demonstration of the Smart Stabilization System and transitioning the Islamic Finance Artificial Intelligence Assistant to a no-code platform. In the area of global outreach, IsDBI continued to strengthen its strategic partnerships with global and regional institutions, contributing to the delivery of major initiatives in knowledge creation and human capital development. Capacity building programs, through the multi-modal delivery of diverse training courses in Islamic finance, benefitted professionals and online learners from 130 countries. Feasibility studies were commissioned on the game-changing flagship projects, namely the Awqāf Free Zones, Smart Countertrade System and Digital Postal Islamic Financial Services. Th outcome of the studies will lead to pilots in partnership with the relevant Member Countries and industry players, before the subsequent full-scale implementation of the projects. On this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed delight in the Institute's accomplishments and reaffirmed its commitment to the delivery of knowledge-based solutions to support the sustainable economic advancement of Member Countries and Muslim communities worldwide. The 2024 Annual Report is available on IsDBI website here: Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Media contact: Habeeb Idris Pindiga Associate Manager, Knowledge Horizons Islamic Development Bank Institute (IsDBI) Email: hpindiga@ Social media handles: X (Twitter): Facebook: LinkedIn: About the Islamic Development Bank Institute: The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
