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SPECIAL FEATURE


OFID AND


THE ITFC ABOUT THE ITFC The International Islamic Trade Finance Corporation (ITFC)


is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among Organisation of Islamic Cooperation (OIC) member countries, to ultimately contribute to the overarching goal of improving socioeconomic conditions of people across the world. Commencing operations in January 2008, the ITFC has provided more than US$45 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC also provides member countries with the necessary trade-related capacity building tools to successfully compete in the global market.


ITFC BY COUNTRY Egypt US$200m Burkina Faso US$174.74m Tunisia US$145.19m Pakistan US$95m Maldives US$75m Morocco US$71m Cameroon US$59.88m Senegal US$54.54m Kazakhstan US$35m Djibouti US$20m Regional Africa US$18m Côte d’Ivoire US$14.69m Gambia US$13m


GENERAL ALAN WOLFF “Again in 2018, trade has grown faster in developing countries than in developed ones. In the past decade, the share of intra- developing countries’ trade has increased from one-quarter to one-third of global trade flows. This means that a bigger share of the trade finance market supports transactions in developing countries and between developing countries. Still, as we know from the Asian Development Bank’s Trade Finance Gap survey, this is where the trade finance gaps are the largest. By reducing these gaps, we could increase the trade opportunities of developing countries, which, in turn, drive world trade growth.”


See https://www.adb.org/publications/ why-trade-finance-gaps-persist


WTO DEPUTY DIRECTOR- OFID LOANS VIA THE


SINCE 2007 Aggregate Approvals US$2,072,790,947.59 Aggregate Disbursement US$2,303,676,009.18


OFID’S CONTRIBUTIONS TO ITFC SYNDICATES


* Note that disbursements are higher than approvals, since some of the loans are made on a revolving basis (they can be paid back and drawn down again).


OFID’S ITFC SECTOR FOCUS Agriculture 17%


Banking and finance 2% Commodities 8% Energy 59% Industry 5% Health 5% Mineral resources 3%


PHOTO: WTO 31


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