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DEVELOPMENT NEWS


and counting T


US$2bn ITFC Partners Forum recognizes the power of partnerships


he OPEC Fund recently received an award for its long-standing cooperation with the International Islamic Trade Finance Corporation (ITFC).


Together, the two organizations provide trade finance to support the socioeconomic progress of people across the Islamic world. Between 2007 and 2019, the OPEC Fund contributed more than US$2.1 billion to transactions worth many times this amount syndicated by the ITFC.


OPEC Fund Assistant Director-General Tareq Alnassar accepted the awar at the ITFC P Forum event in Jeddah, Saudi A abia. The OPEC Fund is one of the ITFC’s strategic business partners and attended the F


d by the ITFC. nt D


award at the ITFC Partners , Saudi Arabia. The OPEC C’s str


finance-related panel discussions Accepting the award, A


the Forum for trade iscussions.


OPEC Fund’s intention to maintain and fur enhance its strategic par “Both our organizations ar supporting the United N


’ Agenda


2030 and Sustainable Development,” he p fund a variety


said. “Together, we help fund a variet he trade value


of beneficiaries along the tr smallholder farmers to bu


chain. This can range from supporting buy seeds to


23


, Alnassar reiterated the n to maintain and further artnership with the ITFC. s are committed to Nations’ Agenda Development,” he


und contributed more than actions wor


helping developing countries import energy inputs to improve energy security. We are playing our part in providing accessible sources of trade finance to stimulate development, but there is still much work needed on this front.” The ITFC hosted the Partners Forum to celebrate its partnerships and provide an opportunity for all to reflect on their efforts to promote economic development as well as to


For For more information on tion on the


relationship between the OPEC Fund and the ITFC – and to discover why trade finance matters so much to developingch to developing countries – please visit http://bit.ly/


http://bit.ly/OQ2019-trade ade


relationship between the OPEC Fund and


omote economic development as well as to jointly consider futurjointly consider future challenges and the outlook of the international trade environment.vironment.


e challenges and the outlook


“Together, we help fund a range of beneficiaries along the trade value chain. This can range from supporting smallholder farmers to buy seeds to helping developing countries import energy inputs to improve their energy security.”


energy security.” OPE


OPEC Fund Assistant Director-General Tareq Alnassar


areq Alnassar, who leads the OPEC Fund’s Private Sector and Trade Finance


und’s Private Sector and Trade Finance Operations department


PHOTOS: ITFC


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