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Monday, June 17, 2024

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International Islamic Trade Finance Corporation forwards trade development funding to five member countries

GLOBAL: The International Islamic Trade Finance Corporation (ITFC) has forwarded trade development funding to five of its member countries, Twitter posts confirmed.

Of the approved trade financing, four Murabahah facilities were signed: a US$100 million facility to Uzbekistan, a US$50 million facility to the Islamic Republic of Mauritania, a EUR8 million (US$8.57 million) facility to Afriland First Bank of Cameroon and a EUR115 million (US$123.26 million) facility to Senegal. The ITFC also signed a EUR238 million (US$255.1 million) financing plan with the government of Burkina Faso and signed agreements to support Egypt’s economic growth.

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