The International Islamic Trade Finance Corporation (ITFC) has signed an AED73mn (US$19.8mn) trade finance agreement with UAE-based Fujairah Cement Industries (FCI).
The agreement comes as part of the ITFC’s mandate to encourage private sector expansion by making value-added and competitive financing more available.
The deal was signed by FCI’s vice chairman, Sheikh Mohamed Bin Hamad Bin Saif Al Sahrqi and ITFC’s chief executive officer Waleed Al Wohaib.
FCI will use the money for the acquisition of raw cement manufacturing materials and technology upgrades.
Commenting on the agreement, Sheikh Mohamed says: “We are looking to establish a strategic partnership with the ITFC in order to help solidify our leadership position and to take advantage of the ongoing construction boom in the UAE in particular.”
Al Wohaib adds: “This trade finance agreement represents one main element of our plans to support the private sector in the UAE in order to enhance trade in the Islamic world, in addition to offering integrated trade finance solutions for both the private and public sectors.”
The ITFC has also announced that its medium to long-term objective is to support the development of the UAE’s business sector through multiple programmes and initiatives that include trade finance and trade development to increase the country’s competitiveness and trading capacity.
Last Updated April 12, 2010
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