The International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank Group, commenced the 49th annual meeting of the Islamic Development Bank Group with strategic discussions and important agreements. The first day of the meetings in Riyadh saw increased efforts towards cooperation between the organization and member states to promote economic growth and development.
During the talks, several key stakeholders including Senegal, Kazakhstan, Burkina Faso, Cameroon, and Uganda were present to discuss ways to enhance cooperation and explore new possibilities for collaboration. The focus was on ongoing projects aimed at boosting economic development in member countries.
The CEO of the International Islamic Trade Finance Corporation, Engineer Hani Salem Sonbol emphasized the organization’s commitment to sustainable economic growth and cooperation among member countries. He highlighted that these agreements signed during the meetings would open up new economic solutions for development and prosperity worldwide.
Several significant agreements were signed during the meetings including a $40 million Murabaha agreement with Trade and Development Bank to enhance trade financing capabilities in eastern and southern Africa. Another agreement worth $150 million over three years will support key sectors such as energy, agriculture, and health in Uganda. Additionally, a $250 million Murabaha financing agreement was signed with African Export-Import Bank to facilitate commercial operations in member countries.
The meetings also witnessed expanded partnerships with organizations like United Nations Economic and Social Commission for Western Asia (ESCWA) and African Export-Import Bank. These agreements aim to enhance trade, economic cooperation, and development impact across member countries. The day’s events set the stage for further agreements and initiatives that are expected to be launched during the annual meetings of the Islamic Development Bank.
Overall, these strategic discussions highlight the importance of sustainable economic growth and cooperation among member countries towards achieving economic development goals across Africa.
