ALGIERS, Algeria, May 21. Economic diversification and reducing dependency on a limited set of commodities – and in some cases, a single commodity – remain strategic priorities for the majority of member countries of the Islamic Development Bank, Adib Al-Aama, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), said during a panel discussion titled "Unlocking Regional Complementarities: The Path to Economic Diversification and Resilience", held within the framework of the Islamic Development Bank’s Annual Meetings in Algiers, Trend reports.
“Diversifying away from commodity dependency is a strategic priority for almost all of our member countries. At ITFC, we support this agenda in two main ways,” Al-Aama said. “Firstly, by offering Sharia-compliant trade financing solutions. Secondly, by delivering tailor-made initiatives on the ground that align with each country’s national priorities and sectoral needs.”
He noted that ITFC places strong emphasis on measuring the outcomes and impact of its work:
“We track the income, results, and long-term impact of our interventions. It’s not an easy task, especially when considering the many unmeasured downstream multiplier effects, which are a crucial component of the investments we make and the work we carry out on the ground.”
Al-Aama also highlighted the challenges faced by small and medium enterprises (SMEs), which often remain disconnected from larger markets in member countries.
“There is enormous untapped potential for trade – both regionally and globally – within our member states. Without the active involvement of ITFC and other international institutions, SMEs will remain isolated,” he stressed. “That’s why we focus not only on building their capacity but also on ensuring access to trade finance, which remains our core mandate as the trade finance arm of the Bank," he added.