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ITFC Delivers Impactful Trade Solutions in 2023 Amid a Changing and Challenging Global Environment

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ITFC

The Annual Report Showcases ITFC Navigating Change and Driving Impact to Deliver Major Milestones and Significant Achievements

JEDDAH, Saudi Arabia, April 29, 2024/APO Group/ — 

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), proudly announces the release of its 2023 Annual Report, on the them “Navigating Change, Driving Impact.” This report demonstrates ITFC’s resilience and adaptability in supporting its member countries through strategic trade financing and development initiatives amidst increased global economic uncertainties.

In a year characterized by persistent global challenges including economic disruptions and supply chain vulnerabilities, ITFC has successfully bolstered its efforts to support economic recovery and sustainable growth among its member countries. Through innovative trade solutions and dedicated sector support, ITFC played a critical role in fostering regional economic integration and enhancing the trade capabilities of OIC member countries, thereby contributing significantly to their socioeconomic stability.

Eng. Hani Salem Sonbol, CEO of ITFC, remarked on ITFC’s results: “Despite 2023 being a challenging year, ITFC delivered admirable results. Our focus was on minimizing the impact of global disruptions on trade and development in our member countries. The ITFC Annual Report reflects our achievements, the strength of our strategic approach, and our unwavering commitment to economic development and regional integration across the OIC member countries.

Highlights of the 2023 Annual Report

Our focus was on minimizing the impact of global disruptions on trade and development in our member countries

  • Trade Financing. ITFC approved US$6.9 billion in trade finance, focusing on diversification beyond traditional sectors including agriculture and SMEs, highlighting a commitment to sustainable economic support;
  • Support for SMEs and Private Sector Entities. ITFC intensified its support for the private sector with substantial finance approvals amounting to US$905 million, aimed at fostering entrepreneurship and job creation across the member states;
  • Food Security. ITFC contributed significantly to food security by disbursing around US$2 billion to import 3.8 million metric tons of food commodities, benefiting over 22 million households in member countries. This effort aligns very well with the UN SDG 2: Zero Hunger;
  • Agricultural Development. ITFC’s financing in agriculture supported the purchase of agricultural produce from farmers, providing US$254 million in pre-export finance to agricultural companies. This enabled timely payments to more than 600,000 farmers in Africa, fostering substantial agricultural exports worth US$528.8 million;
  • Portfolio Diversification. In 2023, ITFC diversified its trade finance portfolio by extending significant support across various sectors, including a substantial US$4.2 billion towards the energy sector and strategic interventions in SME development, particularly enhancing women’s participation in trade through capacity-building programs;
  • Trade Development Programs. The corporation advanced trade development by increasing intra-OIC trade, with ITFC mobilizing US$4.5 billion of trade finance from syndicate partners and facilitating a 17% increase in intra-OIC trade compared to the previous year. This effort supports SDG 17: Partnerships for the Goals;

The report also details ITFC’s proactive engagement in high-level dialogues and strategic partnerships, pivotal in advancing trade finance and development goals. It showcases the impact of flagship programs like the Arab Africa Trade Bridges (AATB) Program and various SME development programs, which have been instrumental in boosting intra-OIC trade and strengthening economic resilience.

Other Key Achievements in 2023

  • Economic Impact. Through strategic initiatives and programs, ITFC has bolstered intra-OIC trade and significantly contributed to the economic empowerment of communities and sectors across the Corporation’s member countries;
  • Capacity Building. Numerous training programs and workshops were conducted to enhance institutions’ trade professionals and their skills and capabilities, further enriching the trade ecosystem across member countries;
  • Geographical Outreach. The financing covered operations in 22 countries, emphasizing ITFC’s widespread impact across all OIC regions;
  • Sustainable Development Initiatives. ITFC participated in significant environmental actions, including the world’s largest-ever voluntary carbon credit auction, reflecting its commitment to sustainability;
  • Intra-OIC Trade Finance. ITFC approved US$4.59 billion for intra-OIC trade finance, demonstrating a commitment to enhancing economic integration and cooperation among member countries;
  • Strengthened Governance Engagement. ITFC continued its engagement with Governors to fortify support mechanisms, ensuring tailored financial solutions that address specific regional and national economic challenges;
  • Focus on Least Developed Member Countries (LDMC). The LDMC’s share of the trade finance portfolio reached 44%, reflecting ITFC’s strategic emphasis on supporting the most vulnerable economies within its membership.

ITFC is committed to boosting economic prosperity across OIC member countries and will continue to enhance the Corporation’s trade finance and development initiatives to meet their evolving needs, as showcased in the 2023 ITFC Annual Report.

Download the full English version here (https://apo-opa.co/49WoUHW)

Download the full Arabic version here (https://apo-opa.co/4aTvsZb)

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Energy

Venezuela Energy Week Confirms 19 August Date for Houston Industry Showcase

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Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the Houston Industry Showcase will take place on 19 August, convening U.S. energy leaders ahead of Venezuela Energy Week 2027 in Caracas

HOUSTON, United States of America, August 10, 2026/APO Group/ –The organizers of Venezuela Energy Week (VEW) have confirmed that the Houston Industry Showcase will take place on 19 August 2026 at The Post Oak Hotel. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will bring together U.S. energy companies, investors and policymakers to explore commercial opportunities ahead of Venezuela Energy Week 2027 in Caracas in February.

The showcase will feature Minister of Hydrocarbons Paula Henao as a keynote speaker, providing an update on Venezuela’s energy priorities, investment agenda and opportunities for international partnership. Her participation underscores the country’s commitment to strengthening engagement with global industry as it seeks to expand production and unlock new upstream investment.

Bringing together exploration and production companies, independent operators, oilfield service providers, engineering firms, technology companies and financial institutions, the Houston Industry Showcase will examine opportunities across exploration, production optimization, infrastructure rehabilitation and field development.

As Venezuela works to increase oil and gas production, demand is expected to grow for the technical expertise of U.S. service providers in drilling, well intervention, completion services, production optimization, artificial lift, digital oilfield technologies and infrastructure rehabilitation. Houston-based industry leaders – including SLB, Halliburton, Baker Hughes, Weatherford and a broad network of EPC contractors, equipment manufacturers and specialized service companies – are well positioned to support the modernization of mature fields, improve operational efficiency and deliver the technologies and services needed for future upstream projects.

The Houston event follows a successful Industry Showcase in London, which brought together international investors, operators and energy service companies to explore Venezuela’s evolving investment landscape. Building on that momentum, the Houston edition will deepen engagement with the U.S. energy industry and strengthen commercial dialogue ahead of Venezuela Energy Week 2027.

Venezuela Energy Week – the country’s largest energy investment platform to date – has been confirmed for 22–25 February 2027 in Caracas. Organized by Energy Capital & Power, the event will bring together government leaders, investors and industry stakeholders from across the global energy value chain.

To register for the Houston Industry Showcase on August 19, visit https://apo-opa.co/4g0TncR. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.

Supporting Venezuela’s Earthquake Recovery
Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4hkvteE).

Distributed by APO Group on behalf of Energy Capital & Power.

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Islamic Development Bank Institute (IsDBI) Secures New Patent for Smart Stabilization System from Intellectual Property Office of Singapore

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IsDBI

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility

JEDDAH, Saudi Arabia, August 10, 2026/APO Group/ –The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce that the Intellectual Property Office of Singapore (IPOS) has granted a new patent for its innovative Smart Stabilization System.

 

The patent was granted on 10 July 2026 under Singapore Patent No. 10202250873B for the invention titled “A Computer Network Stabilization System and Method.” The patent application was filed on 1 September 2022 and was formally granted following a comprehensive review process.

This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility. Leveraging sophisticated algorithms and advanced simulation models, the system is designed to anticipate supply and demand imbalances and implement programmable stabilization measures before they escalate into market disruptions.

Unlike traditional stabilization mechanisms that rely on capital reserves, buffer funds, or external interventions, the Smart Stabilization System introduces a next-generation framework for achieving autonomous market stabilization through proactive and programmed stabilization mechanisms. By incorporating distributed ledger technology and cryptographic trust mechanisms, the platform enhances transparency, trust, and operational resilience for digital asset and commodity markets.

The successful patent grant reflects IsDBI’s growing contribution to technological innovation and its commitment to developing knowledge-based solutions that address contemporary economic and development challenges.

Since filing the patent application back in 2022, the Institute has continued to advance the Smart Stabilization System through ongoing development and testing, aimed to expand its practical applications and support future capitalization opportunities. These advancements have positioned the system as a potentially transformative solution for enhancing stability and resilience in increasingly digital and interconnected economies.

Commenting on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “The grant of this patent by the Intellectual Property Office of Singapore further strengthens the Institute’s position as a leader in developing innovative knowledge-based solutions that leverage modern technologies to address complex development challenges. This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development.”

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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