Saudi Banks join Efforts to Support African Trade

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank) multilateral financial institution established by African governments and institutional investors, have signed a $100-Million agreement and a EUR 50-Million Murabaha agreement with the aim of facilitating and financing exports amongst African countries and between Africa and the rest of the world.

The agreements were signed in a ceremony held during the Afro-Arab Trade Finance Forum, organized by the Arab Bank for Economic Development in Africa (BADEA) on the 21 December 2017 in Dubai under the Arab Africa Trade Bridges Program.

The facilities are intended to be used to support procurement from suppliers from the member and non-member countries to promote trade across Africa.

Eng. Hani Salem Sonbol, the CEO,  ITFC expressed optimism in the Arab African trade while committing  ITFC’s support to the development of the African member countries. He pointed out exports as a vital lever towards the sustainable growth, job creation and poverty reduction in both African and Arab Countries.”

The partnership will be utilized to finance African OIC member countries under the “Arab-Africa Trade Bridges” Program, a regional trade promotion program that aims at addressing some of the challenges faced in promoting trade between the two regions and supporting South-South cooperation.

On his part Mr. Kamel who is the Executive Vice President, Business Development & Corporate Banking of Afreximbank, added “I see great prospect for the unfolding Afreximbank-ITFC partnership,”, “but I am mindful that realizing the tremendous opportunities will require determination and hard work. We are committed to invest our resources in that direction.”

The ceremony was attended and witnessed by other participants in the Afro-Arab Trade Finance Forum.

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