Momentum Builds in Algiers as ITFC Signs Agreements at the sidelines of the IsDB Group Annual Meetings
ALGIERS, Algeria, May 20, 2025/APO Group/ --
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, embarked on its participation at the 2025 IsDB Group Annual Meetings with signing agreements that signal a renewed drive to scale up trade finance, unlock private sector growth, and deepen regional economic integration.
The International Islamic Trade Finance Corporation (ITFC) Commences 2025 Islamic Development Bank (IsDB) Annual Meetings Focusing on Boosting Intra-Organisation of Islamic Cooperation (OIC) Trade in its Member Countries
In the lead-up to the signings, Eng. Adeeb Al Aama, CEO of ITFC, led the ITFC delegation in a series of high-level bilateral meetings with governors and delegations from member countries, including Tajikistan, Bangladesh, The Gambia, and Senegal, as well as strategic partners such as Turk Eximbank and Vakif Katilim Bank. These engagements reaffirmed the Corporation’s commitment to fostering dialogue-driven partnerships and advancing shared development goals. Discussions focused on expanding trade finance and trade development opportunities, exploring new partnership models, and strengthening bilateral cooperation aligned with ITFC’s mandate.
Key Signings
Senegal: EUR 2 billion Framework Agreement to Power Key Sectors
ITFC signed a five-year Framework Agreement with the Republic of Senegal valued at EUR 2 billion. Signed by H.E. Dr. Abdourahmane Sarr, Minister of Economy, Planning and Cooperation and Governor of IsDB, and Eng. Adeeb Y. Al Aama, CEO of ITFC, the agreement will provide financing support across vital sectors such as energy procurement, agriculture, healthcare, and private sector development, helping to promote sustainable job creation.
Uzbekistan: Expanding Private Sector Access to Islamic Financing with AgroBank and Smartbank
ITFC signed two agreements with its long-standing partner in Uzbekistan to expand Islamic trade financing solutions for the country’s private sector. The first agreement is a US$10 million Mudaraba Financing Agreement with JSCB Smartbank, a subsidiary of JSCB AgroBank, in addition to the second agreement to increase the amount of Line of Finance Facility to US$ 25 million. These agreements reflect the growing demand for Sharia-compliant products in Uzbekistan and lay the groundwork for future cooperation in treasury and liquidity management services.
Held at the Abdelatif Rahal International Conference Center in Algiers, the opening day of the IsDB Annual Meetings has set the stage for an ambitious and action-oriented week. ITFC’s participation is already sparking meaningful dialogue on the future of trade financing and trade development across the member countries, addressing critical sectors such as food security, energy access, SME growth, and the expansion of digital trade. With several additional agreements and high-level engagements anticipated in the coming days, ITFC continues to strengthen its role as a catalyst for sustainable economic transformation.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
