The International Islamic Trade Finance Corporation (ITFC) Commences 2025 Islamic Development Bank (IsDB) Annual Meetings Focusing on Boosting Intra-Organisation of Islamic Cooperation (OIC) Trade in its Member Countries

ALGIERS, Algeria, May 20, 2025/ — The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, embarked on its participation at the 2025 IsDB Group Annual Meetings with signing agreements that signal a renewed drive to scale up trade finance, unlock private sector growth, and deepen regional economic integration.

In the lead-up to the signings, Eng. Adeeb Al Aama, CEO of ITFC, led the ITFC delegation in a series of high-level bilateral meetings with governors and delegations from member countries, including Tajikistan, Bangladesh, The Gambia, and Senegal, as well as strategic partners such as Turk Eximbank and Vakif Katilim Bank. These engagements reaffirmed the Corporation’s commitment to fostering dialogue-driven partnerships and advancing shared development goals. Discussions focused on expanding trade finance and trade development opportunities, exploring new partnership models, and strengthening bilateral cooperation aligned with ITFC’s mandate.

Key Signings 

Senegal: EUR 2 billion Framework Agreement to Power Key Sectors 
ITFC signed a five-year Framework Agreement with the Republic of Senegal valued at EUR 2 billion. Signed by H.E. Dr. Abdourahmane Sarr, Minister of Economy, Planning and Cooperation and Governor of IsDB, and Eng. Adeeb Y. Al Aama, CEO of ITFC, the agreement will provide financing support across vital sectors such as energy procurement, agriculture, healthcare, and private sector development, helping to promote sustainable job creation.

Uzbekistan: Expanding Private Sector Access to Islamic Financing with AgroBank and Smartbank 
ITFC signed two agreements with its long-standing partner in Uzbekistan to expand Islamic trade financing solutions for the country’s private sector. The first agreement is a US$10 million Mudaraba Financing Agreement with JSCB Smartbank, a subsidiary of JSCB AgroBank, in addition to the second agreement to increase the amount of Line of Finance Facility to US$ 25 million. These agreements reflect the growing demand for Sharia-compliant products in Uzbekistan and lay the groundwork for future cooperation in treasury and liquidity management services.

Held at the Abdelatif Rahal International Conference Center in Algiers, the opening day of the IsDB Annual Meetings has set the stage for an ambitious and action-oriented week. ITFC’s participation is already sparking meaningful dialogue on the future of trade financing and trade development across the member countries, addressing critical sectors such as food security, energy access, SME growth, and the expansion of digital trade. With several additional agreements and high-level engagements anticipated in the coming days, ITFC continues to strengthen its role as a catalyst for sustainable economic transformation.

 

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About the International Trade Finance Corporation (ITFC): 
The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 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.