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ITFC supports members with $605m under COVID-19 Response Program

ITFC supports members with $605m under COVID-19 Response Program
ITFC approved for its member countries more than $58 billion since 2008

Mubasher: The International Islamic Trade Finance Corporation (ITFC) has provided the member countries with $605 million as financial support under its COVID-19 Response Program, CEO of ITFC, Hani Sonbol, announced.

The corporation aimed to help its members restore livelihoods, build resilience, and kick-start economic growth which was affected by the pandemic.

It had a particular focus on supporting micro, small, and medium-sized enterprises (MSMEs), sustaining agriculture value chains, and building capacities.

Sonbol’s statements came during the opening session of the Egypt International Cooperation Forum, which kicked off today, 8 September.

The CEO noted that the trade finance gap, initially estimated at $1.5 trillion prior to the pandemic, surged to $3.4 trillion and $6.5 trillion, in order to be able to meet the Sustainable Development Goals.

“Our role is not to crowd out the private sector but to ensure that our resources are deployed where they have the greatest catalytic role in attracting private capital and addressing market gaps,” Sonbol added.

He elaborated, “For every five dollars approved by ITFC, four are mobilised from external investors.”     

ITFC approved for its member countries more than $58 billion since 2008, including $23 billion in Africa. Additionally, around $7 billion were approved for Africa’s least developed countries, according to Sonbol.

The corporation also designed phase II of the Aid for Trade Initiative for the Arab States (AfTIAS2.0) Program, a multi-donor and multi-country programme that aims to enhance the environment for international trade in the Arab region by making it more efficient and inclusive.