ITFC extends US$ 15 Million Line of Trade Financing Facility to Invest Finance Bank
The International Islamic Trade Finance Corporation (ITFC), signed a trade finance agreement with Invest Finance Bank (InFinBank), Uzbekistan. The US$ 15 million facility, which is the first Trade Finance Facility ITFC extending to Invest Finance Bank (InFinBank), aims to support the import and pre-export financing needs of its clients in Uzbekistan. In addition, the financing also endorses the Bank’s quest to expand its Shari’ah Compliant trade finance offerings.
The partnership, signed by Mr. Abdihamid Aweis Abu, ITFC’s General Manager, Trade Finance and Mr. Bobir Burkhanov, Chairman of the Board of InFinBank is implemented under the US$ 500 million Framework Agreement, signed between the Republic of Uzbekistan and ITFC.
Commenting on the agreement, Mr. Abdihamid said: “This new partnership with InFinBank highlights our commitment to position the private sector at the heart of our work for the advancement of trade and post-Covid economic recovery of our member-countries. We look forward to building an impactful partnership with InFinBank that will help us contribute to the Uzbekistan growing economy. This is the first of many and we are poised to do more for the private sector as they hold the key to economic recovery.”
Since joining ITFC in 2019, Uzbekistan has received trade finance and development support across key sectors including agriculture, the private sector, and SMEs. The private sector clients and SMEs have been supported under 17 Line of Trade Finance Facilities totaling an amount of US$ 166 million.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Trade Finance Corporation (ITFC):
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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$61 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.