Bridge Bank Group secures US$11m Murabaha financing from ITFC to support private sector and SMEs

COTE D’IVOIRE – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), granted a Euro 10 million (US$11.83m) Murabaha financing to Bridge Bank Group, Cote d’Ivoire (BBGCI). The facility represents a significant portion of BBGCI’s remaining 2021 trade financing requirements and enables BBGCI to support the Bank’s growing private sector clients as well as small-to-medium-sized enterprises (SMEs). BBGCI, Cote d’Ivoire’s nineth largest bank by total assets, will make the funding available to the Bank’s growing client-base, especially importers operating in sectors such as…

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Coris Bank secures US$23m investment from ITFC for improvement of access to finance SMEs

BURKINA FASO – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, continues its ongoing commitment to strengthen private sector development in Burkina Faso through its latest Murabaha financing agreement with Coris Bank International (CBI). The €20 million (US$23.65m) agreement is part of the West Africa SMEs Program, a flagship program of ITFC aimed at improving access to finance for SMEs in the region by providing them, as well as partner banks, with credit and capacity building facilities. It is estimated that SMEs…

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ITFC and Cameroon sign US$750m agreement to support the trade sector

CAMEROON – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB) and the Republic of Cameroon have signed two US$750 million agreements to support key sectors through integrated trade solutions. The signing was done virtuallybetween 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…

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Tunisia secures US41.5bn from ITFC to increase trade flows and build trade capacity

TUNISIA – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$1.5 billion framework agreement with the Government of Tunisia aimed at supporting Tunisian State-owned companies to finance the importation of essential commodities such as energy and industrial products amongst others. The agreement will increase trade flows and build trade capacity within the Republic as well as to access trade development programs to drive exports and promote inter-regional trade with other Arab and African countries. Under the agreement, signed by…

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