Supporting Suriname’s economic development through financing strategic imports. The signing took place during the visit of H.E. Gillmore Hoefdraad, Minister of Finance of Suriname & IDB Governor at the ITFC Headquarters in Jeddah where he had signed the term sheet with Eng. Hani Salem Sonbol, CEO ITFC.
The US$30 million operation, in favor of Suriname is for financing the agricultural, medical and industrial sectors. Supplies that will be purchased under this transaction includes basic goods, raw material for production of the basic goods, inputs for the agriculture sector in addition to medicine and medical supplies.
Commenting on the signing, Eng. Hani Salem Sonbol said, “This trade financing is at the heart of ITFC’s role in supporting the development of strategic commodities that underpin a nation’s economic welfare and thus provide sustainable livelihoods to a significant proportion of the population.” Moreover, ITFC is indirectly contributing to the social welfare of Surinamese and contributing to reducing unemployment.
From his side, H.E Gillmore Hoefdraad commended the role of the IDB Group in Suriname’s socio-economic development. He also added that Suriname relies heavily on imports for consumption; this operation will benefit all economic sectors. “Sustaining these imports is of strategic importance to the economic development of the country.”
It is worth mentioning that the IDB Group has provided operations amounting to USD145 million for the health, education and transport sectors.
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The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group, created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has consolidated all the trade finance businesses that was previously handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC member countries. As a member of IDB Group, ITFC has unique access to member countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.itfc-idb.org