ITFC supports private sector and SMEs in West Africa with $43m deal

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Atlantic Business International (ABI), a member of Banque Centrale Populaire du Maroc (BCP) Group, have signed a $43 million two-step Murabaha agreement.
The signing took place between Abou Jallow, general manager of ITFC, and Habib Kone, general manager of ABI, on the sidelines of an economic forum.
The agreement provides two-step Murabaha financing to ABI on behalf of its subsidiaries Banque Atlantique operating in West Africa.
The financing aims at supporting funding access to the bank as well as supporting SMEs and the private sector in West African OIC member countries.
It also aims at promoting Islamic finance.
This facility is viewed as a component of the Arab Africa Trade Bridges (AATB) program, under which ITFC aims to cooperate with financial institutions to serve the needs of its member countries from both the regions.
Jallow said: “By extending a line of financing for Banque Atlantique in order to support the private sector, ITFC will play an important role in enhancing the productive and active role of the private sector.”
He said that it will also improve the private sector’s access to global trade and accelerate financial inclusion of the SMEs.
“From a strategic positioning perspective, leveraging cooperation with the BCP Group will ensure the expansion of ITFC’s portfolio and increase its geographical presence,” Jallow added.
Kone expressed appreciation for ITFC for partnering with the BCP Group and highlighted the importance of the partnership in leveraging and developing a strong know-how in Islamic financing solutions.

Source: Arab News