ITFC supports development efforts in Cameroon with $750m framework agreement

ITFC CEO Eng. Hani Salem Sonbol

PRESS OFFICE: Djembe Communications

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a new three-year framework agreement with The Republic of Cameroon for a total financing amount up to US$750m over the period, or $250m per year.

The framework agreement was signed on October 26th, 2018 between ITFC’s CEO Eng. Hani Salem Sonbol and the Republic of Cameroon represented by the Minister of Economy, Planning and Regional Development, HE Alamine Ousmane Mey.

The signing of this important agreement is reflective of the close relationship ITFC has shared with the Republic of Cameroon since its inception in 2008. To date, ITFC approved nine transactions for Cameroon to the tune of US$638.3m. Seventeen percent of that financing went to the energy sector where 83% was injected to the strategic sector of agriculture.

In his remarks regarding the signing of the agreement, Eng. Hani Salem Sonbol said: “The signing of this new framework agreement signifies our commitment to ensure continued close cooperation and a strategic partnership with the Republic of Cameroon for the benefit of its population.”

He added: “Our continued partnership under the new framework agreement is symbolic of our focus to continue to contribute towards the wellbeing of the Cameroonian people through our investment in keys sectors of energy and agriculture.”

The Cameroonian Minister of the Economy Planning and Regional Development also expressed his delight with the signing of the new framework agreement with ITFC. He also indicated his optimism for continued partnership with ITFC towards the development of key sectors in Cameroon’s economy.

Through the new agreement, ITFC will support the financing of priority projects for The Republic of Cameroon in areas including, export of agricultural commodities and import of energy commodities such as crude oil and refined petroleum products. It will also support the import of agricultural inputs, the extension of lines of financing to local banks with the objective to support SMEs and will go towards establishing capacity building programs aimed at improving trade flows through imports & exports.

About the International Islamic Trade and Finance Corporation (ITFC)

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose 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. Commenced operations in January 2008 (Muharram 1429H), ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

Since 2008, ITFC has provided more than $40.2bn of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among 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.

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