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.”.