The International Islamic Trade Finance Corporation (ITFC) a member of the Islamic Development Bank Group (IsDB), today signed a Euro 400 million 2023 Annual Plan with the Republic of Senegal, within the revised US$1.5 billion five-years Framework Agreement signed in 2021 to include new priority sectors.
The Annual Plan reflects the longstanding cooperation between ITFC and the Republic of Senegal, with more than US$1 billion of financing and trade facilitation programs provided since the inception of ITFC in 2008, to support strategic sectors such as agriculture, energy, and health in addition to supporting the private sector.
ITFC also signed the Arab Africa Trade Bridges (AATB) Country Program with Senegal, where the program is expected to span over the next two years (2023-2024) covering interventions on capacity development and trade promotion in various sectors like agro-food, pharmaceuticals, and e-commerce.
The AATB Program strengthens the government’s effort to enhance trade between Senegal and its African counterparts as well as diversify and grow its trade volume with the Arab region. The AATB country program covers the rolling out of trade projects and supports high-potential sectors in line with the implementation of the African Continental Free Trade Area (AfCFTA) Agreement.
The signing ceremony was held in Dakar between H.E. Oulimata SARR, Minister of Economy, Planning, and Cooperation of the Republic of Senegal, and Eng. Hani Salem Sonbol, ITFC CEO. The ceremony formed part of Eng. Sonbol’s official visit to Senegal where Mr. Sonbol met with high level authorities of the Republic.
The Minister of Economy, Planning, and Cooperation of the Republic of Senegal, H.E. Oulimata SARR stated: “I am gladdened with the cooperation between Senegal and ITFC which shows real dynamism and projects the fact that Senegal is a strategic partner of ITFC. I would like to express our appreciation for the work being done by the ITFC team here in Dakar as they do not relent in providing us with the needed support in achieving our goals and implementing the “Plan Senegal Emergent.”
Commenting on the signing, Eng. Hani Salem Sonbol stated: “ITFC’s partnership with Senegal is of great importance to us as we believe strongly in the country’s potential. We are therefore committed to supporting the ‘Plan Sénégal Emergent’ and boosting our intervention in strategic areas such as the agricultural value chain and the small and medium enterprises sector. We also remain strong advocates for intra-Africa trade and the implementation of programs under AATB as these programs are a major boost to the implementation of the Africa Continental Free Trade Agreement.”
ITFC has been actively supporting trade financing and development in Senegal since the Corporation’s inception in 2008, with more than US$ 1.4 billion of financing and trade facilitation programs provided.
It is worth noting that ITFC and Senegal signed a US$1.5 billion five-year framework agreement (FWA) in 2019 which covered priority sectors namely, energy, agriculture, and SMEs. An Amendment to the framework agreement was signed in November 2021 to include new priority sectors, especially the health sector in view of the COVID-19 impact.
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of people across the world. Commencing operations in January 2008, ITFC has provided US$68 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs.
With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.