GENEVA, 27 September 2017 — The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the Enhanced Integrated Framework (EIF), a programme focused on supporting the Least Developed Countries' (LDCs) capacity to trade, signed a Memorandum of Understanding to cooperate on joint trade-related technical assistance for the LDCs. Joining efforts, they aim to provide technical assistance and capacity‑building programmes that can help increase the exports of the LDCs.
Marking the start of a new partnership, the Memorandum of Understanding (MOU) was signed on the sidelines of the WTO Public Forum 2017 in Geneva on 27 September 2017.
“We are pleased with this partnership and what it will offer in supporting our least developed member countries,” commented Eng. Hani Salem Sonbol, CEO ITFC, who signed the MOU with Dr Ratnakar Adhikari, Executive Director of the Executive Secretariat for the EIF.
Eng. Sonbol added, “Serving the LDCs is at the core of ITFC’s mandate, and it contributes to achieving the SDGs, and we at ITFC thrive to build strategic partnership and provide integrated trade solutions tailored to the needs of our member countries to support socio-economic situations.”
Dr. Ratnakar Adhikari said, "The new partnership with ITFC marks a vital first step in advancing strategic trade investments in the LDCs. Together we are committed to ensuring that no LDC is left behind as well as to building a better trading future for the LDCs."
"We have identified three key areas of engagement, including capitalizing on the EIF analytical framework to help the LDCs to undertake policy reforms and jointly fund priority projects, as well as build the LDCs' capacities to strengthen trade-related institutions," he added.
This MOU is within the framework of the UN’s Sustainable Development Goals, aiming at significantly increasing the exports of developing countries, with a view to doubling the LDCs' share of global exports by 2020. This will be achieved through leveraging resources and providing trade financing for the development of LDC trade through business-to-business exchanges, direct financing or cooperation with other fund providers, amongst others.
A Memorandum of Understanding (MoU) was signed on the sidelines of the WTO Public Forum on 27 September 2017
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading the provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world‑class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of 'Advancing Trade & Improving Lives'.
About the Enhanced Integrated Framework (EIF):
The Enhanced Integrated Framework (EIF) brings together partners and resources to support the Least Developed Countries (LDCs) in using trade for poverty reduction, inclusive growth and sustainable development. The EIF is a global partnership between the LDCs, Donors and International Agencies, underpinned by a multi-donor trust fund, which provides financial and technical support to build trade capacity in 47 LDCs and four graduated countries. The EIF is the only global Aid for Trade (AfT) programme exclusively designed for the LDCs and therefore is uniquely placed to assist the countries to develop sustainable trade strategies that have a positive impact on people's lives through the promotion of private sector development and job and income opportunities. Through a multilateral approach, the EIF ensures a coordinated, transparent and efficient delivery of AfT. The EIF is recognized under Goal 8a of the Sustainable Development Goals.
CREDITS: Header photo by Habibah Agianda/Flickr