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Jeddah - Yasmine El Tohamy - International Islamic Trade Finance Corp. signs agreements with Gambia, Tajikistan, and IFC
RIYADH: The International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group, signed three strategic agreements during its participation in the 2026 Annual Group Meetings in Baku.
The agreements focused on enhancing cooperation in trade finance, trade development, private sector growth, and regional economic cooperation.
The agreements included a three-year framework agreement worth $250 million with Gambia, signed by ITFC CEO Hani Salem Sonbol and Gambia’s Minister of Finance and Economic Affairs Seedy Keita.
The agreement will provide a platform for ITFC to support priority sectors in Gambia, including energy supplies, food security, healthcare, agricultural value chains, and private sector financing through local financial institutions.
ITFC also signed a $10 million direct Murabaha financing facility with Tajikistan to support the purchase and trade of cotton and cotton products, signed by the ITFC CEO and Tajikistan’s First Deputy Prime Minister Hokim Kholiqzoda.
This pilot initiative provides working capital to stakeholders in the cotton sector, enabling the government’s export agency, through manufacturing companies, to purchase cotton from farmers during the harvest season for subsequent export, thereby supporting a sector that contributes significantly to export activity, agricultural value chains, and rural livelihoods.
The agreements also included a confirmed banking facility signed between ITFC and the International Finance Corporation, which will enable ITFC to expand its trade finance operations by leveraging IFC’s risk-sharing framework and guarantees to cover payment obligations to issuing banks.
The agreement was signed by ITFC Chief Operating Officer Nazeem Noordali and IFC Gulf Cooperation Council Countries Director Abdullah Jefri.
This collaboration is expected to enhance access to trade finance for importers and exporters in member states of the Organization of Islamic Cooperation, facilitate cross-border trade transactions, and support greater trade connectivity and economic growth across member countries.
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