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International Islamic Trade Finance Corporation (ITFC) Signs a Euro 100 million Murabaha Financing Agreement with SENELEC, Dedicated to Support Senegal’s Energy Sector

International Islamic Trade Finance Corporation (ITFC) Signs a Euro 100 million Murabaha Financing Agreement with SENELEC, Dedicated to Support Senegal’s Energy Sector

Corporate Stories, Finance
The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org) approved a Euro 100 million Murabaha financing to SENELEC (Senegal National Power Company). The company’s strategic mandate is to ensure the production, transmission, and distribution of electricity in Senegal. This approval reflects ITFC’s commitment to supporting the availability and affordability of electricity in member countries.  ITFC subscribes to the sustainable development goals and avails itself to support Member-Countries achieve them The facility is purposed to cover almost 20% of SENELEC’s financing needs to purchase refined petroleum products, directly impacting the production, transmission, and distribution of electrical energy throughout the country. The operation comes to support the Seneg...
International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries

International Islamic Trade Finance Corporation (ITFC) and The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) Launch Report on the Potential Economic Impacts of the AfCFTA on selected OIC Countries

Economy
The International Islamic Trade Finance Corporation (ITFC) (ITFC-idb.org) and its partner the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), today launched a technical report on the potential impacts of the African Continental Free Trade Area (AfCFTA) on selected OIC countries, namely Côte d’Ivoire, Egypt, Guinea, Mozambique, Tunisia and Uganda. The objective of the AfCFTA is to integrate, diversify and enhance the industrialision of the  African economies of about 1.3 billion people with a combined gross domestic product (GDP) of US$2.5 trillion in current prices, or US$6.8 trillion based on purchasing power parity (PPP). To shed light on the important findings of the research report, a virtual event was organised with the pa...
ITFC and the Republic of Cameroon Sign a US$750 Million Three-year Framework Agreement to Support Cameroon’s Key Sectors through Integrated Trade Solutions

ITFC and the Republic of Cameroon Sign a US$750 Million Three-year Framework Agreement to Support Cameroon’s Key Sectors through Integrated Trade Solutions

Finance
The International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org), a member of the Islamic Development Bank Group (IsDB) and the Republic of Cameroon have signed on April 12, 2021 two agreements in a virtual signing ceremony between H.E. Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development (IsDB Governor) and Eng. Hani Salem Sonbol, CEO, ITFC. The first signing is a three-year framework agreement amounting to US$ 750 Million under which ITFC will provide to Cameroon a financing envelop of US $ 250 Million annually over a period of three years to facilitate the imports of key commodities in the strategic sectors of energy, mining, in addition to the health sector with medical supplies including healthcare equipment. It will also sustain its already strong ...