ITFC agrees to support Tunisia with $1.5bln
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a framework agreement to support Tunisia with $1.5 billion.
The $ 1.5 billion agreement is aimed at supporting Tunisian State-owned companies to finance the importation of essential commodities such as energy and industrial products.
Tunisia will also spend the money to access trade development programs to drive exports and promote inter-regional trade with other Arab and African countries.
Under the agreement, signed by Eng. Hani Salem Sonbol, CEO ITFC and H.E. Ali Kooli, Minister of Economy, Finance, and Investment Support, ITFC will contribute to mobilizing financial resources from international and regional banks and financial institutions.
In addition, the agreement will make way for further cooperation between the two parties in the areas of trade development.
Tunisian state-owned companies will have access to ITFC’s integrated trade solutions, and benefit from regional trade platforms such as the Aid for Trade Initiative for Arab States (AfTIAS) and the Arab-Africa Trade Bridges (AATB) programs, which promotes trade and investment flows between Arab and African countries through enhancing enterprise competitiveness, reducing trade costs, and improving technological capacities.
These companies will also benefit from ITFC’s LC confirmation/ ICR issuance products to secure export-related transactions.
In addition a grant agreement was signed totalling to $15,000, for covering the cost of subscriptions to virtual educational and training platforms that provide certification education and training for the benefit of the National Center for Technologies in Education as part of its Distance Education Program in light of the COVID-19 pandemic.
The $ 1.5 billion agreement is aimed at supporting Tunisian State-owned companies to finance the importation of essential commodities such as energy and industrial products.
Tunisia will also spend the money to access trade development programs to drive exports and promote inter-regional trade with other Arab and African countries.
Under the agreement, signed by Eng. Hani Salem Sonbol, CEO ITFC and H.E. Ali Kooli, Minister of Economy, Finance, and Investment Support, ITFC will contribute to mobilizing financial resources from international and regional banks and financial institutions.
In addition, the agreement will make way for further cooperation between the two parties in the areas of trade development.
Tunisian state-owned companies will have access to ITFC’s integrated trade solutions, and benefit from regional trade platforms such as the Aid for Trade Initiative for Arab States (AfTIAS) and the Arab-Africa Trade Bridges (AATB) programs, which promotes trade and investment flows between Arab and African countries through enhancing enterprise competitiveness, reducing trade costs, and improving technological capacities.
These companies will also benefit from ITFC’s LC confirmation/ ICR issuance products to secure export-related transactions.
In addition a grant agreement was signed totalling to $15,000, for covering the cost of subscriptions to virtual educational and training platforms that provide certification education and training for the benefit of the National Center for Technologies in Education as part of its Distance Education Program in light of the COVID-19 pandemic.
