Jeddah, Saudi Arabia – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group signed a Memorandum of Understanding (MoU) with Trade And Development Bank - TDB (formerly PTA Bank). The MoU aims at enhancing the cooperation and partnership in trade financing transactions, trade facilitation and promotion, knowledge sharing and other trade related areas.
The signing ceremony took place in ITFC’s Headquarters in Jeddah on 14th December, 2016, where it was signed by Eng. Hani Salem Sonbol, CEO ITFC and Mr. Admassu Tadesse, President and CEO of TDB, in the presence of high level representatives from both institutions.
During the ceremony, Mr Admassu Tadesse on behalf of the TDB stated that they believe the MoU they have signed with ITFC is an important and strategic step in the direction of enhancing trade especially in Eastern and Southern Africa. He also added that ITFC’s financing facilities would include both the public and private sector, which will support the overall economy of TDB Member States in Africa.
Eng. Hani Salem Sonbol, CEO ITFC also made a statement on the MoU signed with TDB; "As a developmental institution, ITFC is keen to provide Islamic trade finance amongst its member countries and the rest of the world to improve the lives and the well-being of people. Moreover, ITFC provides diversified tailored financing solutions to its clients which create a unique, dynamic and strategic relationship with them”
The MoU also examines the possibility of providing Islamic Trade Finance solutions including Islamic discounting to support the import of strategic commodities from OIC Member Countries to TDB Member States. In addition, TDB could provide agency services to ITFC for operations within the region and under specific terms and conditions. The collaboration between both entities will also cover exchanging expertise through training and technical assistance in the area of Islamic Finance.
It is worth mentioning that ITFC had approved a total of $93million in favour of TDB used mainly for the importation of petroleum products. This revamped partnership seeks to scale up the cumulative amount of trade transactions over the next few years.
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