Source: Africa Press Organisation – English (2) – Report:
ALGIERS, Algeria, May 20, 2025/APO Group/ — 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. 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.