The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, disbursed $5.8bn in 2019.
The development finance institution’s 2019 Annual Development Effectiveness Report (ADER) released Thursday also showed that the sum represents 12 percent increase from the 2018 to advance trade in member countries.
Its published financials show that “of this, $5 billion was disbursed towards improving the livelihoods of millions of people in line with the institution’s overarching goal to realise the targets set out in the UN Sustainable Development Goals (SDGs).”
A further breakdown according to the statement show that disbursement in Asian and Commonwealth of Independent States (CIS) member countries of the Organisation of Islamic Cooperation (OIC) stood at $2.6 billion, while in African OIC countries, total disbursements amounted to $2.4 billion.
The corporation further stated that “to meet these SDGs, which include no poverty, decent work and economic growth, zero hunger and affordable and clean energy, in 2019 ITFC has financed $ 2.1 billion towards least developed member countries (LDMCs), representing 36% of the total trade finance portfolio. Additionally, more than $3.9 billion was extended to support intra-OIC trade.”
The report with the theme ‘Feeding the Planet’, places emphasis on ITFC’s engagement in the global agri-food value chains and food security.
Summarising the institution’s achievements in 2019, the Chief Executive Officer, Engr. Hani Salem Sonbol, said, “ADER demonstrates how important ITFC’s work is in supporting inclusive and sustainable socio-economic growth in the developing world.
“By aligning trade finance and development initiatives, we are providing Integrated Trade Solutions designed for the needs of member countries targeting key economic sectors of agriculture, energy, and SMEs.
“Global value chains have an increasing importance in the development agenda because of the role that they play in reducing rural poverty and ensuring food security”, Sonbol added.