Itfc Supports The Energy And Food Sectors of the Government of Jordan With A $3 Billion Framework Agreement

AMMAN, JORDAN – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed on Sunday ,Sep 6th 2015, a $3 billion framework agreement for the cooperation with the Government of Hashemite Kingdom of Jordan, represented by the Planning and International Cooperation Ministry, where ITFC seeks to be the first partner that provides comprehensive financial solutions to the Kingdom’s strategic sectors. The signing ceremony took place at the headquarters of the Planning and International Cooperation Ministry, in Amman. The agreement was signed by H.E. Eng. Imad Fakhoury, Planning and International Cooperation Minister, representing the Jordanian Government, and Dr. Waleed Al-Wohaib, CEO ITFC.

During the ceremony, H.E. Eng. Imad Fakhoury thanked ITFC for its cooperation with Jordan, which has been experiencing tough financial and economic conditions arising from the turmoil in the region. He emphasized that this financing will be allocated for the import of strategic commodities like crude oil, oil derivatives, liquefied gas and foodstuff such as wheat, barley, sugar and rice, and the facility will be utilized upon requirement by the relevant government entity with the 3 years .

From his side, Dr. Waleed Al-Wohaib stressed on ITFC’s continuous dedication for the socio-economic development of Jordan. He also added “ITFC is trying its best to align its support with other economic promotion programs, designed by ITFC Member Countries to guarantee reaching the highest developmental impact. This is clearly shown in ITFC’s huge contribution in financing these two strategic sector (Food and Energy), which are considered to be main strategic sectors to the Jordanian Government”. Moreover, he clarified that this financing “will contribute to achieving one of the most important goals for ITFC, which is enhancing Intra-OIC trade among the member countries”

It is worth mentioning that, since its inception in 2008, ITFC has approved several trade financing operations with a total of USD596.5 million in favor of Jordan , including lines of financing for local banks, trade financing operations for the private sector , and two trade financing operations for the imports of petroleum products in favor of the Government with a total amount of USD 538 million. Also it’s worth mentioning that the trade financing for Jordan provided by IDB before the establishment of ITFC amounted US$828.5 million which results into total of US$1,425 million trade financing granted to Jordan by IDBG.

About ITFC

The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank (IDB) Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in January 2008. The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response 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 intra-trade among OIC (Organization of Islamic Cooperation) member countries. As a member of the IDB Group, ITFC has unique access to governments in its member countries and works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps businesses 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.

Operating to world-class standards, the ITFC’s mission is clear from its mandate to be a catalyst for the development of trade among OIC member countries and with the rest of the world. ITFC aspires to be a recognized provider of trade solutions for the OIC Member Countries’ needs; in order to fulfill its brand promise of ‘Advancing Trade & Improving Lives”. www.itfc-idb.org