BAKU, Azerbaijan, Sept. 2
By Fakhri Vakilov – Trend:
The International Islamic Trade Finance Corporation (ITFC) and the Uzbek "Trustbank" signed an agreement to open a trade financing line worth $15 million, Trend reports citing Uzbekistan’s Ministry of Investment and Foreign Trade.
Moreover, an Agreement was signed between ITFC and "Turonbank" on the provision of technical assistance in the implementation of reporting in accordance with international financial reporting standards (IFRS).
These agreements were signed on September 1 within the framework of the 46th annual meeting of the IDB group, where a panel session was organized by the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IDB), for partner organizations in the CIS region.
During the event, the activities and successful projects of ITFC in the countries of the region, the prospects for expanding Islamic trade finance, the development of the financial sector and the revitalization of regional trade were discussed.
The event was attended by President of the IDB Muhammad Sulaiman Al Jasser, Chairman of the Board of Governors of the IDB, Governor of the IDB from Uzbekistan, Uzbekistan’s Minister of Investments and Foreign Trade Sardor Umurzakov, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) Hani Salem Sonbol, the leadership of the Ministry of Investment and Foreign Trade, the Ministry of Finance, the Central Bank of Uzbekistan, commercial partner banks in the CIS region and other officials.
During the event, ITFC demonstrated its trading solutions, provided to support the private sector, mainly small and medium-sized enterprises, for the procurement of equipment and raw materials. ITFC also talked about new trade development initiatives such as the CIS Trade Development Program, which will be launched in the near term.
In conclusion, Sonbol noted that ITFC plans to become a leading provider of trade solutions for its member countries, continuing to provide support in overcoming the consequences of the pandemic. The COVID-19 pandemic response strategy, in which ITFC provided $1.1 billion in trade finance, clearly demonstrates ITFC's desire to restore economic growth in the CIS region.
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