The International Islamic Trade Finance Corporation (ITFC) Signs US$ 450 Million Socioeconomics Development Framework Agreement with the Government of Burkina Faso

Jeddah, May 2017

On the side-lines of the Islamic Development (IDB) Group 42^nd Annual Meeting of the Board of Governors held in Jeddah during the period from 14^th to 18^th of November 2017, the International Islamic Trade Finance Corporation (ITFC) has signed a three -Years US$ 450 million socioeconomic development framework agreement with the Government of Burkina Faso. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mrs Hadizatou Rosine Coulibaly, Minister of Economy, Finance and Development and Islamic Development Bank Governor for Burkina Faso.

The framework agreement aims at financing and supporting Burkina Faso’s export of agricultural commodities, especially cotton, import of energy commodities such as crude oil and refi ned petroleum products, import of agricultural inputs and food stuff and extend lines of financing to local banks to support small and medium-sized enterprises.

On this occasion, Eng. Salem Sonbol commented that: “This agreement comes within the framework of ITFC’s keenness to support & promote trade and trade cooperation between the member countries. Eng. Salem Sonbol has also commended on the two parties’ assiduity to support and promote the close cooperative spirit prevailing between them in line with ITFC’s pledge to support Burkina Faso’s 2016/2020 National Program for Economic and Social Development (PNDES).”

On her part, H.E Mrs Hadizatou Coulibaly has welcomed the support provided by ITFC to promote the socioeconomics in Burkina Faso saying: “This agreement will enable our government to continue on supporting the target sectors and enhancing its investment program that aims at improving the lives of individuals and advancing our country’s national economy”. She added: “This agreement comes within the framework of the plan set by the government of Burkina Faso for correcting the economic situations in the different fields”.

It is worth to mention that ITFC has provided over US$ 770 million since inception in 2008, in favour of Burkina Faso.

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About ITFC

The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group. It was 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 since consolidated all the trade finance businesses that used to be 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 Sharia-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