BAKU, Azerbaijan, September 21. The International Islamic Trade Finance has made remarkable strides in advancing trade among member countries of the Organization of Islamic Cooperation (OIC), Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation and Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) (members of the Islamic Development Bank (IsDB) Group), said in an exclusive interview with Trend.
He noted that since 2008, ITFC has achieved impressive results in both trade finance and trade development.
“On the trade finance front, ITFC's cumulative trade finance approvals and disbursements have reached more than US$70 billion and US$60 billion, respectively; making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market. Since the inception of ITFC in 2008, the Corporation has approved more US$ 11 billion to sustain food security in OIC Member Countries. Approvals for the Food and Agriculture Sector culminated at US$ 1.8 billion in 2022 from US$ 419 million in 2008. This represents a jump of 342% and illustrates the efforts that have been made by ITFC to support the vital sector since its inception,” said Hani Salem Sonbol.
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