AgriFocus African Markets

Top Menu

  • Horticulture
  • Aquaculture
  • Crops
  • Livestock
  • Machinery
  • Technology
  • Videos
  • Directory
  • subscribe

Main Menu

  • Home
  • International News
  • Local News
  • Agribusiness
  • Events
  • Magazine
  • Advertise
  • Contact Us
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Horticulture
  • Aquaculture
  • Crops
  • Livestock
  • Machinery
  • Technology
  • Videos
  • Directory
  • subscribe

logo

Header Banner

AgriFocus African Markets

  • Home
  • International News
  • Local News
  • Agribusiness
  • Events
  • Magazine
  • Advertise
  • Contact Us
  • How Optimized Energy Management Delivers Reliability, Efficiency and Sustainability at the Fekola Gold Mine

  • Becker’s high-performance Kito electric chain and manual hoists ensure reliability and safety in the wind power sector

  • Investments in agriculture yield dividends

  • Reflecting on uptake of agricultural mechanisation in Africa

  • Plastica Alpha Spa.

  • BLT WORLD’s Scrapetec PrimeTrackers

  • Feature: Kenya scales up efforts to achieve food security

  • CNH Industrial completes the acquisition of four divisions of CEG in South Africa

  • Launch of the multilateral coalition dedicated to Agro-Ecology in Africa: International Agroecological Movement For Africa, (Iam Africa)

  • World Bank plans to invest over $5 Billion in Drylands in Africa

Agribusiness
Home›Agribusiness›ITFC Finances Afreximbank with US$200 Million COVID-19 Response Package for the Agriculture Sector in Sub Saharan Africa

ITFC Finances Afreximbank with US$200 Million COVID-19 Response Package for the Agriculture Sector in Sub Saharan Africa

By Brandon Moss
July 1, 2020
238
0
Share:

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, signed a US$200 million syndicated Murabaha financing agreement with the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors. The facility seeks to help African countries address some of the economic impacts of the COVID-19 pandemic. This syndication is supported by number of partners and financial institutions who allocated resources to the agriculture sector in African.

The agreement, which is indicative of ITFC’s ongoing commitment to and trust in Africa, will finance the export of soft commodities, such as raw cashew nuts, cocoa, sesame seeds and maize. The financing will provide critical support for the agriculture sector (the continent’s largest employer and a key driver of SME development) of 11 countries in sub-Saharan Africa.

Commenting on the Murabaha financing agreement, Eng. Hani Salem Sonbol, ITFC CEO, said: “The financing of agricultural exports during these extremely challenging economic conditions will provide a lifeline to exporters affected by the impact that COVID-19 has had on the price of commodities. Hundreds of millions of people in Africa rely on agriculture for employment and many countries’ food security rests on the smooth and affordable import and export of foodstuffs. We thank our financial partners for joining ITFC in this syndication, particularly for their unabated support in this turbulent time, to allocate resources for Africa. This new partnership with Afreximbank will go some way to supporting businesses and ordinary people as we navigate the coronavirus pandemic.”

The Africa region has been a priority for ITFC since its inception in 2008, mandated to answer to the developmental and economic requirements of the member countries in the continent. For this reason, ITFC disbursed US$2.38 billion in Africa in 2019 alone, taking the total since 2008 to US$15.6 billion, helping OIC member countries in the region to achieve sustained economic growth, job creation and value creation in the key export sectors of agriculture, energy and manufacturing.

It is worth mentioning that ITFC first partnered with Afreximbank in 2017 with the signing of a US$100 million agreement with the aim of facilitating and financing exports amongst African countries and between Africa and the rest of the world. Afreximbank is also a key partner in the Arab Africa Trade Bridges (AATB) Program initiated by ITFC, a program with a mandate of enhancing economic integration between the Africa and Arab regions and strengthening SME export development across key sectors.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Media Contact:

Tel: +966 12 646 8337

Fax: +966 12 637 1064

E-mail: ITFC@itfc-idb.org

Twitter: ITFCCORP

Facebook: ITFCCORP

LinkedIn: International Islamic Trade Finance Corporation (ITFC)

About the International Islamic Trade Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is a member 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$51 billion to OIC Member Countries, making it the leading provider of trade solutions for the 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.

About Afreximbank:

The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade. Afreximbank was established in October 1993 and is owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors. The Bank was established under two constitutive documents, an Agreement signed by member states, which confers on the Bank the status of an international organization, and a Charter signed by all Shareholders, which governs its corporate structure and operations. Afreximbank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa. At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders funds amounted to US$2.8 billion. Voted “African Bank of the Year” in 2019, the Bank disbursed more than US$31billion between 2016 and 2019. Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

Media files

International Islamic Trade Finance Corporation (ITFC)

Download logo

Hani Salem Sonbol, ITFC CEO and Benedict Okey Oramah president Afreximbank signing a finance agreement in 2019

International Islamic Trade Finance Corporation (ITFC)

Previous Article

The SOMMET DE L’ÉLEVAGE more than ever! ...

Next Article

NEW HOLLAND INTRODUCES NEW DESTEMMER MESH FOR ...

0
Shares
  • 0
  • +
  • 0

Brandon Moss

Related articles More from author

  • Agribusiness

    Good performance in SA agricultural exports despite the drought

    June 11, 2019
    By Brandon Moss
  • Agribusiness

    FARMVEST SEALS MORINGA CONTRACT, EYES GLOBAL MARKET

    April 29, 2020
    By Brandon Moss
  • Agribusiness

    Agriculture Minister enjoys rare exposure to fruit industry

    June 11, 2019
    By Brandon Moss
  • Agribusiness

    SU researcher shows how local small-scale farmers can start artisan cheesemaking businesses

    May 4, 2020
    By Brandon Moss
  • AgribusinessCrops

    The Unexpected Contribution of COVID-19 To The Fresh Produce Export Industry

    March 30, 2020
    By Brandon Moss
  • Agribusiness

    US trade deal could cripple agriculture, manufacturing in Kenya

    June 8, 2020
    By Brandon Moss

You may be interested in

  • Machinery

    MegaBoy Launch a Success

  • Uncategorized

    View your Free Copy of the AgriFocus African Markets:October – December 2020 issue

  • Local News

    Uganda: COVID-19 Will Not Affect Agriculture, ICT Sectors, Says Museveni

Timeline

  • January 18, 2021

    How Optimized Energy Management Delivers Reliability, Efficiency and Sustainability at the Fekola Gold Mine

  • January 18, 2021

    Becker’s high-performance Kito electric chain and manual hoists ensure reliability and safety in the wind power sector

  • January 18, 2021

    Investments in agriculture yield dividends

  • January 18, 2021

    Reflecting on uptake of agricultural mechanisation in Africa

  • January 18, 2021

    Plastica Alpha Spa.

Find us on Facebook

Latest News

  • How Optimized Energy Management Delivers Reliability, Efficiency and Sustainability at the Fekola Gold Mine
  • Becker’s high-performance Kito electric chain and manual hoists ensure reliability and safety in the wind power sector
  • Investments in agriculture yield dividends
  • Reflecting on uptake of agricultural mechanisation in Africa
  • Plastica Alpha Spa.

FOR SALE_ CHONGWE FARM ZAMBIA

Archives

Image Galary

    The Agrifocus African Markets Magazine and the www.agrifocusafrica.com Online Portal are registered and published under Lothbrok Media, A devision of The Lothbrok Group. All Rights Reserved. www.lothbrokmedia.com

    • Recent

    • Popular

    • Comments

    • How Optimized Energy Management Delivers Reliability, Efficiency and Sustainability at the Fekola Gold Mine

      By Brandon Moss
      January 18, 2021
    • Becker’s high-performance Kito electric chain and manual hoists ensure reliability and safety in the wind ...

      By Brandon Moss
      January 18, 2021
    • Investments in agriculture yield dividends

      By Brandon Moss
      January 18, 2021
    • Reflecting on uptake of agricultural mechanisation in Africa

      By Brandon Moss
      January 18, 2021
    • DELOITTE: Agriculture in Africa, what does the future look like?

      By Brandon Moss
      July 9, 2019
    • Officials, Plantation Owners, Tech Companies and Funding Agencies to Attend 6th Commercial Farm Africa in ...

      By Brandon Moss
      September 11, 2019
    • EU-African task force proposes new way ahead for African rural development

      By Brandon Moss
      June 10, 2015
    • Kenya moves closer to goal of 100% renewable energy generation by 2030

      By Brandon Moss
      July 29, 2019
    • Ricky chua
      on
      November 10, 2020

      Using internet technology to improve cage fish farming

      Hi, your AquaRech App ...
    • Louis Ongeso
      on
      September 27, 2020

      Using internet technology to improve cage fish farming

      Hello,I am to begin ...
    • Beauty Blog
      on
      July 23, 2020

      Agroecology as innovation

      The blog has very ...
    • Moses Mogotsi
      on
      February 5, 2020

      China’s pig farmers plan to produce mega hog-farms to meet demands of world’s biggest pork market

      Thanks for your magazine ...

    Contact Us

    Head Office
    5 The Ferns, 364 Pretoria Avenue, Randburg, South Africa, 2194

    Tell : +27 67 212 7565
    Fax: 086 678 6956
    www.lothbrokmedia.com

    Accounts
    Info@lothbrokmedia.com

    Zambia
    33 Malata Road, Madras,Lusaka, Zambia 3928Tell:+ 26 76 136 3654
    Email Info
    Info@agrifocusafrica.com

     

    • Privacy Policy
    © Copyright www.agrifocusafrica.com. All rights reserved.
    Please wait...

    Subscribe to our newsletter

    Want to be notified when our article is published? Enter your email address and name below to be the first to know.
    SIGN UP FOR NEWSLETTER NOW