ITFC, IFC partner for sustainable development goals

The International Islamic Trade Finance Corporation (ITFC) and International Financial Corporation (IFC) have joined hands in an effort to achieve the sustainable development goals (SDGs). The signing of the letter of intent for partnership took place on the sidelines of World Trade Organization’s (WTO) Aid for Trade Global Review 2017 in Geneva between Hani Salem Sonbol, CEO of ITFC, and Dimitris Tsitsiragos, vice president of IFC.
The two institutions will work on a variety of topics including integrated trade programs and trade development initiatives, particularly, energy security programs in Africa and agriculture sector development programs in sub-Saharan Africa. Other areas of cooperation include climate finance, smart agriculture trainings and SMEs development.
“This signature reflects the strong partnership between ITFC and IFC that is already materialized through ongoing joint-work, like the structuring of cotton sector programs in West Africa,” a statement said.
ITFC CEO Sonbol said: “I am very delighted and optimistic about the partnership with IFC. We share a common commitment for the sustainable development of our member countries. This is a milestone in the IsDB Group, as it is in line with the new strategic orientation to capitalize on the additionality effect and the advantages of the respective organization.”
IFC Vice President Tsitsiragos said: “This partnership will support trade and export, enhancing the access of sub-Saharan Africa to global markets. We believe that increasing cross-border trade is vital to private sector development, which is key to helping local companies build markets and create jobs.”

Source: Arab News