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The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, announced that two of its trade finance deals have been honored in the prestigious Islamic Finance News (IFN) Deal of the Year Awards for 2024.
In Egypt, the ITFC record-breaking US$604 million syndicated financing for the Arab Republic of Egypt represented by Egyptian General Petroleum Corporation (EGPC) was recognized as the Sovereign Deal of the Year award. The financing, which saw participation from 17 banks, was mobilized in just three weeks to support EGPC’s urgent trade financing requirements. This achievement underscores the pivotal role of ITFC in enhancing the Government of Egypt’s energy security.
The second deal, a US$30 million Sovereign Murabaha Financing Facility, for the Republic of Tajikistan, was recognized as the IFN Trade Finance of the Year 2024. The financing for the Government of Tajikistan represented by the Agency of State Material Reserves (ASMR), was for the procurement of strategic food and energy commodities for the Tajik economy. The financing helped enable the government to stabilize domestic market prices while ensuring that people in remote areas have access to quality food at an affordable prices.
The awards were presented at the IFN Awards ceremony in Dubai, where Mr. Anvar Nigmatov, Senior Manager for Türkiye and CIS, ITFC along with representatives Mr. Abdurahmon Jamolzoda, Deputy Director of the Agency on State Material Reserves under the Government of the Republic of Tajikistan attended to accept the prestigious recognition.
These remarkable awards highlight ITFC’s role in ensuring economic resilience and trade development across OIC member states as well as its contribution to SDG 7 (Affordable & Clean Energy) and SDG 2 (Zero Hunger).
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
This Press Release has been issued by APO. The content is not monitored by the editorial team of African Business and not of the content has been checked or validated by our editorial teams, proof readers or fact checkers. The issuer is solely responsible for the content of this announcement.
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