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ITFC Advances Global Economic Integration through Strategic Partnerships at the 49th Islamic Development Bank (IsDB) Group Annual Meetings

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ITFC

Significant Agreements and Strengthened Partnerships Manifest the ITFC Role in Propelling Trade Development and Socio-economic Progress Among OIC Member Countries

RIYADH, Saudi Arabia, April 30, 2024/APO Group/ — 

During the third day of the 49th IsDB Annual Meetings, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb), a member of the Islamic Development Bank (IsDB) Group, signed additional agreements and engaged in pivotal partnership discussions with several key OIC member countries and other key stakeholders.

The day featured strategic meetings with the IsDB Governors from, the Sultanate of Oman, The Gambia, Bangladesh, Maldives, Pakistan, Uzbekistan, and Tajikistan. These meetings focused on enhancing bilateral cooperation, particularly promoting trade and economic integration and supporting economic resilience and sustainability. 

From advancing SME development to empowering local financial institutions, ITFC sets the stage for a sustainable economic future

Additionally, a session on “The Role of SMEs in Saudi Vision 2030” explored how local and regional financial institutions (FIs) could empower small and medium-sized enterprises (SMEs) to achieve the objectives of Saudi Vision 2030. The dialogue also discussed means to unlock the full potential of SMEs, recognized as a key driver of economic diversification and job creation in the Kingdom, and showcased successful initiatives like the KSA SME Export Empowerment Program, a model partnership between FIs and the Saudi government in supporting SME growth.

The day’s proceedings included signing several important agreements, each designed to bolster economic prospects in the OIC member countries. Among these was a US$25 million Mudarabah Agreement with Saudi Arabia for a Line of Finance to Bank De Caire to offer financing to exporting SMEs. In West Africa, a EUR60 million LC Confirmation Facility with the Bank of Africa Cote d’Ivoire was signed to facilitate trade and bolster financial stability. A grant agreement with BADEA was also concluded to contribute to the Arab Africa Trade Bridges (AATB) program, promoting economic integration across regions.

Eng. Hani Salem Sonbol, CEO of ITFC, commented on the day’s significant milestones: “These agreements, signed during the IsDB Annual Meetings are a significant milestone in ITFC’s mission as we celebrate 50 years of the IsDB Group’s commitment to human development. They are pivotal to our efforts to promote trade and enhance socio-economic development across our member countries. From advancing SME development to empowering local financial institutions, ITFC sets the stage for a sustainable economic future. We are proud to reinforce our commitment to fostering robust trade ecosystems that support the dynamic needs of our Member Countries and their communities.”

Furthermore, ITFC signed an MoU for a Technical Assistance project on the digitalization of Certificates of Origin with AACE-WAEMU that will benefit several countries, including Benin, Burkina Faso, Cote d’Ivoire, Mali, and Senegal, enhancing regional trade cooperation by reducing trade cost and time. For the Republic of Maldives, two Memoranda of Understanding Agreements were finalized for the ‘Blue Carbon Generation Project’, which aligns with global environmental sustainability goals.

Finally, several significant developments were made in Asia and North Africa. A landmark 3-year US$3 billion Framework Agreement was signed with the Government of Pakistan to strengthen the nation’s trade and economic growth significantly, while Al Salam Bank Algeria secured a US$15 million LC Confirmation Facility to bolster their trade finance operations in Algeria.

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

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

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

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