The International Islamic Trade Finance Corporation (ITFC) has reportedly provided approximately US$116mn in financing to support three deals in Morocco and Tunisia.
In Morocco, the ITFC will provide US$100mn to fund the purchase of crude oil for the refining company, SAMER after signing an agreement with the OPEC trade finance fund.
The Tunisian ministry of industry, energy & small and medium enterprises sponsored the first of two agreements in the country, between the ITFC and El-Fouladh Company, to finance the purchase of raw materials. The ITFC's second Tunisian accord is for the provision of finance to support the purchase of paper pulp, chemical products and spare parts by the Societe Nationale de Cellulose et de Papier Alfa (SNCPA). The ITFC is believed to have contributed a total of US$16mn, with the Saudi-Tunisian Joint Commission providing the balance of the US$29m contracts.
The ITFC was inaugurated in February 2007 as an autonomous entity by the Islamic Development Bank (IDB) to consolidate its trade business and promote economic integration and co-operation between Organisation of the Islamic Conference (OIC) member countries.
Last Updated May 08, 2008
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