BAKU, Azerbaijan, June 14. Azerbaijan has received a total of $93 million in trade approvals from the International Islamic Trade Finance Corporation (ITFC) since the organization’s inception in 2008, according to the newly released ITFC Annual Report 2024.
The report also highlights growing engagement in Central Asia, with the following cumulative trade approval figures:
Uzbekistan – $926 million
Kazakhstan – $810 million
Kyrgyzstan – $26 million
Tajikistan – $212 million
Turkmenistan – $75 million
Collectively, the five Central Asian countries have secured more than $2 billion, signaling increasing ITFC interest in supporting regional economic connectivity and trade-led development.
The report shows that that Uzbekistan and Kazakhstan, in particular, have emerged as key beneficiaries of Islamic trade finance, driven by their ambitious industrial transformation and export-led growth strategies.
In line with the mission of the IsDB Group to promote comprehensive socioeconomic impact, ITFC remains focused on financing trade transactions that promote inclusive growth and address the development needs of Member Countries. The support provided by ITFC nurtures the trade-led strategies of OIC Member Countries and fosters sustainable economic development and growth. The Corporation’s strategic role in advancing trade and improving lives through economic and financial inclusion continues to be integral to the global development agenda. Year after year, ITFC continues to achieve significant and measurable impact as the leading provider of trade solutions for OIC Member Countries.