Connect with us
Anglostratits

Business

The International Islamic Trade Finance Corporation (ITFC) signs its largest Syndicated Murabaha Trade Financing Agreement

Published

on

ITFC

US$ 189 million Trade Financing to Support Procurement of Petroleum Products, Food, and Medical Supplies and Signing of MoU to Support Trade Related Technical Assistance in the Fishing Industry

MALÉ, Maldives, September 26, 2022/APO Group/ — 

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), signed two landmark agreements to support the essential commodities sector in the Republic of Maldives witnessed by H.E. Ibrahim Ameer, Minister of Finance and IsDB Governor, Maldives, during an official visit of Eng. Hani Salem Sonbol, Chief Executive Officer, ITFC.

A US$ 189 million financing was signed by Mr. Husen Amru Mohamed Rashad, Chief Executive Officer and Managing Director, State Trading Organization plc (STO), Republic of Maldives and Eng. Hani Salem Sonbol, Chief Executive Officer, ITFC. This financing which is a renewal and increase of an existing Murabaha trade facility will provide support for the procurement of petroleum products, staple food, medicine, and medical equipment to aid in the country’s economic recovery from the COVID-19 pandemic.

Capacity building and technical assistance initiatives offered to MIFCO is expected to boost the fisheries sector’s competitiveness

The second agreement is a Memorandum of Understanding (MOU) and signed by Mr. Husen Amru Mohamed Rashad, Chairman of Maldives Industrial Fisheries Company Ltd. (MIFCO) and Eng. Hani Salem Sonbol, CEO ITFC, to support MIFCO with the relevant Trade-Related Technical Assistance. This MOU is aimed at enhancing the competitiveness of MIFCO and it access to global markets. The fishing industry in the Maldives is the nation’s second-biggest industry after tourism, employing half of the country’s workforce and providing a livelihood for the population.

Speaking during the ceremony, ITFC CEO, Eng. Sonbol commented: “ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the import of strategic commodities to support the recovery of the economy from the pandemic. Apart from the support extended on the trade financing front, the MoU with MIFCO is also a major milestone given the fishing sector’s strategic importance to the economy.  Capacity building and technical assistance initiatives offered to MIFCO is expected to boost the fisheries sector’s competitiveness.  We therefore look forward to continuing our trade finance and development support of the Maldives.” 

Mr. Husen Amru Mohamed Rashad, Chief Executive Officer and Managing Director, State Trading Organization plc, Republic of Maldives also reiterated that the successful long-standing partnership and cooperation between Maldives and ITFC, considering the support it provides to procurement of essential commodities. He also stressed that the MOU signed to support capacity development of MIFCO was an important step, which will directly benefit growth of fisheries sector.

STO CEO, thanked ITFC for its continued support, highlighting that the renewal of enhanced facility comes at a critical time as global commodity prices at highest due to ongoing war in Russia-Ukraine and country face the economic recovery from pandemic. The facility will enable to ensure energy, food and medicine security in the country, while supporting economic stability and growth in key sectors.

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

Events

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

Published

on

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.

Continue Reading

Business

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

Published

on

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.

 

Continue Reading

Business

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

Published

on

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).

Continue Reading

Trending