The Brief: ITFC and Afreximbank Partner to Promote African Trade, and Former Football Star, George Weah, to Become Liberia’s 25th President.

ITFC and Afreximbank partner to support African trade with $100m and €50m Murabaha Partnership Agreements. George Weah to become Liberia's 25th President.

ITFC, Afreximbank join Efforts to Support African Trade

ITFC and Afreximbank Partner to Promote African Trade with $100 Million and €50 Million Murabaha Partnership Agreements

The International Islamic Trade Finance Corporation (ITFC), along with Afreximbank, a multilateral financial institution established by African governments and institutional investors, have signed a $100m agreement and a €50m Murabaha agreement.

The agreements aim to facilitate and finance exports between African countries, as well as with Africa and the rest of the world, supporting procurement from suppliers in member and non-member countries, thereby promoting trade across Africa.

Commenting on the agreement, Eng. Hani Salem Sonbol, the CEO of ITFC, said: “This partnership comes as part of ITFC’s commitment to support the development of the African member countries’ exports as an important lever toward the sustainable growth, job creation and poverty reduction.”

The agreements were signed by Eng. Hani Salem Sonbol, and Mr. Amr Kamel, Executive Vice President, Business Development & Corporate Banking of Afreximbank, in a ceremony held during the Afro-Arab Trade Finance Forum.

“I see great prospect for the unfolding Afreximbank-ITFC partnership,” Mr. Kamel added, “but I am mindful that realising the tremendous opportunities will require determination and hard work. We are committed to invest our resources in that direction.”.

George Weah: Former AC Milan, PSG, and Chelsea Star to Become Liberia’s 25th President

The only African footballer to have ever been named FIFA World Player of the Year has been officially confirmed as Liberia’s President-elect.

Retiring from professional football in 2003, his illustrious career saw him win a slew of honours including the Ballon d’Or, and the African Footballer of the Year on a number of occasions.

Over a period of 14 years, after being signed by Arsene Wenger at Monaco, with whom he won the Coupe de France (a feat which he achieved on two more occasions with PSG), he went on to win the Italian league twice with AC Milan, before playing for Chelsea and Manchester City later in his career. Named FIFA World Player of the Year in 1995, the following year, he was runner-up to Ronaldo.

Following his retirement, George Weah returned home to Liberia to begin a career in politics, forming the Congress for Democratic Change, and announcing his intention to run for the presidency in 2005.

His perceived inexperience for the role was cited as one of a number of reasons for his loss to Liberia’s current incumbent, President Ellen Johnson Sirleaf, in the 2006 elections. She later went on to win the 2011 Nobel Peace Prize, in recognition of her “non-violent struggle for the safety of women and for women’s rights to full participation in peace-building work.”.

The now President-elect Weah continued to build his career over the coming years, becoming a Senator in 2014, before finally announcing his intention to run again for the presidency in April 2016.

His election win against Vice President Joseph Boakai, will see him take over office from President Ellen Johnson Sirleaf on 22 January 2018.

Commenting on his win via Twitter,  he said “My fellow Liberians, I deeply feel the emotion of all the nation. I measure the importance and the responsibility of the immense task which I embrace today. Change is on.”