IFC sign partnership agreement

The International Islamic Trade Finance Corporation (ITFC) and the International Financial Corporation (IFC) signed a Letter of Intent for Partnership with the aim of intensifying and reinforcing their joint work and cooperation to achieve the Sustainable Development Goals (SDGs).

The signing took place on the sidelines of WTO’s Aid for Trade Global Review 2017 in Geneva by Hani Sonbol, CEO of ITFC, and Dimitris Tsitsiragos, Vice President of IFC.

The two institutions will be working on a variety of topics including integrated trade programs and trade development initiatives. In particular, energy security programs in Africa and agriculture sector development programs in sub-Saharan Africa.

Other areas of cooperation include climate finance, smart agriculture trainings and SMEs development. The agreement reflects the strong partnership between ITFC and IFC that is already materialized through ongoing joint-work, like the structuring of cotton sector programs in West Africa.

Commenting on the signing, ITFC CEO, Sonbol said: “I am very delighted and optimistic about the partnership with IFC. We share a common commitment for the sustainable development of our member countries. This is a milestone in the IsDB Group, as it is in line with the new strategic orientation to capitalize on the additionality effect and the advantages of respective organization.”

From his side, Dimitris Tsitsiragos, Vice President of IFC said, “This partnership will support trade and export, enhancing the access of Sub-Saharan Africa to global markets. We believe that increasing cross-border trade is vital to private sector development, which is key to helping local companies build markets and create jobs.”

Source: Fana News