ITFC stresses its role in Africa trade finance

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SHARM AL SHIEKH — The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, participated in the “Africa 2017” Conference entitled “Business for Africa held in Sharm Al Shiekh. This event was inaugurated by Egypt’s President Abdel Fattah El-Sisi, and witnessed high-level presence of African countries.

ITFC, and among other international organizations, and Banks, has sponsored this conference believing in the importance of the mandate of this conference “supporting business, and development opportunities in the continent of Africa to engage with some of Africa’s most important economic partners and stakeholders”, and empowering the strategic partnership between ITFC, IDB Group, and Egypt.

ITFC's Chief Operating Officer Nazeem Noordali presented ITFC role in specific to the African trade finance during the Panel on “Financing Cross-Border Infrastructure and Trade” held on the 3rd day of “Africa 2017” conference. In which he has emphasized on “Africa’s Agenda 2063 aspires to an African world-class infrastructure which, by 2045, should enable intra-continental trade to grow to up 50% from less than 14% today, and Africa’s total contribution to global trade to rise from 2.5% to 12%. All the evidence suggests that, to close the large financing gap and realize this ambition, the existence of capital is not necessary the issue, but rather, the lack of mechanisms needed to make it available.”

He also said in his speech “the international trade has been for centuries a key driver of global economic growth. The past decades have been particularly marked by an unprecedented and substantial expansion of international trade, rising from $5 trillion in 1994 to about $24 trillion today.”

Noordali noted that “ITFC always gives special emphasis to regional projects and for the promotion of intra trade and intra investment. For this purpose, ITFC has established among various international activities, ITFC has established the Arab Africa Trade Bridge (AATB) Program that seeks to enhance and increase trade between the two regions. This program has now evolved into a mainstream activity.”

He reiterated the commitment of the International Islamic Trade Finance Corporation, and the entire IDB Group, to support the achievements of the Sustainable Development Goals. — SG


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