The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, commenced the first day of the 49th IsDB Group Annual Meeting with a series of strategic meetings and important signings. Held at the Intercontinental Hotel, Riyadh, the first day of the annual meetings marked a notable increase in collaborative efforts between ITFC and its member countries to foster economic growth and development across vital sectors.

Discussions during the meetings featured high-level engagements with key partners and stakeholders, and member countries including Djibouti, Kazakhstan, Burkina Faso, Cameroon, and Uganda. These discussions focused on enhancing financial cooperation, exploring new avenues for collaboration, and discussing ongoing projects developed to boost economic development in respective member countries.

Eng. Hani Salem Sonbol, CEO of ITFC, commented on the day’s events: “Today’s engagements show ITFC’s efforts and commitment to promote sustainable economic growth and encourage collaboration among our member countries. The agreements we have signed demonstrate our unwavering dedication to our partners and pave the way for more creative economic solutions crucial for development and prosperity in the world.”

Key Signings

A US$40 million Murabaha Agreement between ITFC and the Trade and Development Bank (TDB). This agreement, signed during the annual meetings, aims to bolster economic growth and enhance trade finance capabilities within Eastern and Southern Africa.  ITFC and TDB are collaborating further on initiatives to facilitate trade and development and strengthen their strategic partnership.

A Framework Agreement with the Government of Uganda. This three-year, U$150 million Agreement will support Uganda’s key sectors, such as energy, agriculture, and health, alongside promoting private sector development. This financing from ITFC will foster closer cooperation and coordinate efforts to drive sustainable development across these critical sectors.

A US$250 million Murabaha Financing Agreement with Afreximbank.  This trade facility will provide support for Afreximbank’s trade operations within the UKAFPA program. This initiative will benefit economic operators in both the private and public sectors, facilitating the smooth import and export of strategic commodities, particularly in member countries that share common interests.

Extending partnership with the United Nations Economic and Social Commission for Western Asia (UN ESCWA) for activities focused on boosting awareness of Aid-for-Trade Initiative for Arab States (AfTIAS 2.0), especially through supporting the Arab SMEs Summit.

Comprehensive support Agreement with Cameroon. This agreement represents a comprehensive support package to enhance the nation’s infrastructure and agricultural productivity. This initiative involves financing projects essential for Cameroon’s strategic development goals, including improving transportation networks and energy generation capabilities. Central to the support package will focus on increasing access to financial services for Cameroonian enterprises, thereby boosting trade and fostering economic diversification under ITFC’s flagship program, Africa Arab Trade Bridges (AATB) Program.

These agreements underline ITFC’s commitment to enhancing economic cooperation and advancing trade solutions across its member countries, contributing significantly to their socio-economic development.  The day’s events have set a positive tone for the rest of the IsDB Annual Meetings. More agreements are expected to be signed, and critical initiatives will be launched to strengthen economic cooperation and enhance developmental impact across member countries.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Contact us:
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org

Follow us on:
Twitter: @ITFCCORP  
Facebook: @ITFCCORP 
LinkedIn: International Islamic Trade Finance Corporation (ITFC)

About the International Islamic 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 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.

President William Ruto has secured Zimbabwe’s support for Raila Odinga’s bid for the African Union Commission chairmanship.

Kenya has presented its candidature for AUC Chairperson for 2025 – 2028.

This comes in the wake of a unanimous decision by the African Union Executive Council, on 15th March 2024, that the Eastern Africa region submit candidates for the AU Chairperson.

President Ruto said Kenya candidature is informed by the role that the country plays in enhancing the Pan – African Agenda.

“I am assured that Kenya and Zimbabwe will persist in conferring and backing each other on multitude issues of bilateral, regional and continental significance alongside the African Union
Agenda 2063,” said President Ruto.

President Ruto made the remarks at the Bulawayo State House, Zimbabwe on Saturday, during bilateral talks with his counterpart Emmerson Mnangagwa.

During the bilateral meeting, Kenya and Zimbabwe signed nine MoUs in the fields of transport, infrastructure, health, education, defense, trade and investments among other areas.

President Mnagangwa emphasized on the need for investors to exploit existing opportunities in the two countries.

Meanwhile, Kenya and Zimbabwe will leverage on their rich shared history, socio-cultural, political and economic ties as well as abundant natural resources for the mutual benefit of their citizens.

President Ruto said the two countries have a deep understanding which underpins our mutual support over the years in diverse arenas.

“Based on this, I wish to declare Kenya’s unreserved support for Zimbabwe’s readmission to the Commonwealth, and for the African Union’s call for the immediate lifting of all illegal sanctions against the Republic of Zimbabwe,” said President Ruto.

Kenya’s commitment to the principle of sovereign equality of nations and states, and a rule-based multilateral system makes no room for the contemplation or imposition of unilateral coercive measures.

“I stand here to affirm Kenya’s commitment to the flourishing of our bilateral relations, and our shared determination to advance and enhance mutual benefit through partnership and consultation,” said President Ruto.

President Ruto made the remarks on Friday evening during a banquet hosted in his honour at the Bulawayo State House in Zimbabwe.

Dr Ruto said President Mnagangwa’s emphatic commitment to accelerate the development of energy, transport and communications infrastructure as enablers of trade and investment, productivity and efficiency and, ultimately rapid economic growth is a substantial testament to the boldness and ambition of his vision for Zimbabwe’s economic turnaround.

“To underscore this observation, I further note your government’s decision to break new ground in monetary policy and inaugurate a new currency backed by gold and other asset reserves, as compelling proof of Your Excellency’s irrevocable intent to usher in a new era of economic recovery and transformation,” said President Ruto.

The Head of State said he was confident that the two countries are poised to accomplish immense growth together, on the basis of the bilateral frameworks of cooperation the numerous areas of potential mutual gains.

President Mnangagwa said Zimbabwe will forever be grateful to Kenya for standing resolutely with the country, particularly in the clarion and unequivocal call for the removal of illegal Western-imposed economic sanctions.

“We have a common and rich liberation war history and a shared vision for prosperity, peace and progress. As we look into the future, we must now leverage on the current social, political and economic ties as well as natural endowments for the mutual benefit of our two countries and peoples,” said President Mnagangwa.

He said Zimbabwe also took a leaf from Kenya, especially in infrastructure development that is now ubiquitous in the country as roads, that were in a state of disrepair, were now being resurfaced in every part of the country.

“We are on course to attain our national Vision 2030 to become an empowered upper middle-income economy. The reforms undertaken since the inception of the Second Republic have seen a conducive business environment, which has in-turn increased both local and foreign investments across all sectors,” he said.

Distributed by APO Group on behalf of President of the Republic of Kenya.

Agricultural innovation and technology remain key to poverty reduction, President William Ruto has said.

The President pointed out that innovation has the potential to introduce economies to the possibilities of the digital economy and increase intra-Africa trade, thus accelerating regional integration.

With innovation, he said, barriers become bridges, borders transform into portals and challenges turn into opportunities.

President Ruto made the remarks during the Zimbabwe International Trade Fair held in Bulawayo where he was the chief guest.

“There is no doubt that the Zimbabwe International Trade Fair represents this country’s preparedness to usher in a new era of development driven by the country’s human and natural resources,” said President Ruto.

Saying he was convinced that Zimbabwe’s commitment to transform its immense potential into sustainable abundance is robust, President Ruto cited the efforts, intentions and capability of leaders in the Southern African country to take its people and economy to the next level.

“I am also convinced that this intentionality is closely connected with the vision and theme of the Zimbabwe International Trade Fair,” he said.

President Ruto, who was accompanied by his Zimbabwe counterpart Emmerson Mnangagwa, noted that innovation empowers technologies to achieve more in volume and variety, making it easier to satisfy demand and offer choice.

In this connection, President Ruto said innovation reduces waiting time and leads to higher levels of satisfaction, enabling producers to attain and maintain higher standards.

“It guarantees both consistency and security, making both consumers and producers surer about their expectations,” he said.

He pointed out that an economy anchored on innovation-driven efficiency becomes and stays competitive and guarantees high returns to investors.

“In terms of potential, Zimbabwe exemplifies Africa’s best case scenario,” he said.

With a median age of just under 18, President Ruto said Zimbabwe is a young nation with one of Africa’s best literacy rates at 89.85 percent. The youthful population is, therefore, well-educated and highly skilled young powered. Their drive and motivation are thus unmistakable and compelling.

He asked all participants and visitors to take advantage of the trade fair and undertake vigorous networking to forge partnerships, collaborate and exchange ideas about the most innovative means of achieving mutual benefit.

“Just as innovation has been defined as the catalyst of industrialisation and trade, I encourage you to make the Zimbabwe International Trade Fair your catalyst of more inspired engagements,” said President Ruto.

Distributed by APO Group on behalf of President of the Republic of Kenya.

Today, President Abdel Fattah El-Sisi received Speakers of Arab Councils and Parliaments participating in the sixth Conference of the Arab Parliament in Cairo. The meeting was also attended by Deputy Prime Minister of the Kingdom of Bahrain H.E. Sheikh Khalid bin Abdullah Al Khalifa, President of the Arab Parliament, Mr. Adel Bin AbdulRahman Alasoomi, and Speaker of the House of Representatives, Counselor Hanafy Gebaly.

Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said the Speakers the Arab Councils and Parliaments congratulated President El-Sisi on taking the constitutional oath for a new presidential term, which demonstrates the Egyptian people’s confidence in his leadership and the development path pursued by the state. President El-Sisi welcomed Egypt’s guests and emphasized the significant responsibility entrusted to the Arab Councils and Parliaments to advance the path of Arab integration, to fulfill the aspirations of our peoples for security, development, and stability, as well as the vital role of parliamentary diplomacy in defending Arab just causes in various regional and international fora and before the international public opinion.

President El-Sisi commended the current session of the Arab Parliament for addressing several important topics, notably Artificial Intelligence, to ensure keeping pace with the current age and addressing its challenges. The President reiterated Egypt’s full support for enhancing joint parliamentary action across all levels. This was appreciated by the attendees, who welcomed Egypt’s significant role and its leadership in spearheading efforts in support of joint parliamentary action.

The meeting discussed developments in the region, reviewing the current challenges that necessitate unified Arab positions and solidarity to address regional crises, and support the nation-state and its institutions to achieve security, stability, and development for the Arab peoples.

The discussions also tackled the current situation in the Palestinian Territories. The Speakers of Arab parliaments commended Egypt’s pivotal role in supporting the Palestinian people and for their just cause. They expressed deep appreciation and respect for Egypt’s historical stance in firmly rejecting the displacement of Palestinians from their lands, thus preventing attempts to liquidate the Palestinian issue. They also lauded Egypt’s efforts in leading and managing the delivery of humanitarian aid and relief, and its perseverance in carrying out this process despite the significant obstacles.

President El-Sisi also reviewed Egypt’s efforts to reach calm in Gaza and to protect the region from an expansion of the conflict. The President reiterated that the utmost priority is to stop the bloodshed of the Palestinian people through intensive engagement with the various international and regional parties so as to achieve a ceasefire, exchange detainees and prisoners, and deliver sufficient humanitarian aid to alleviate the worsening humanitarian crisis in the sector. He reaffirmed that intensive efforts will continue on all fronts to support the rights of the Palestinian people, particularly their right to an independent state along the June 4, 1967 borders with East Jerusalem as its capital.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.