The International Islamic Trade Finance Corporation (ITFC) has revealed substantial trade finance operations for H1 2010, amounting to US$1.25bn.
Sixteen countries benefitted from ITFC support, with Asia and the CIS members representing over half of total trade finance operations.
The public sector also gained a substantial portion of ITFC financing, accounting for US$816mn of the money loaned in H1.
Waleed Bin Abdul Mohsen Al-Wohaib, chief executive officer of ITFC, comments: “These results reflect our continued efforts to advance trade by contributing to the development of markets and trading capacities to help member countries do business more effectively, in addition to being catalysts for economic solidarity, and to facilitate and develop trade through the establishment of new trade links among the Organisation of Islamic Conference (OIC) member countries.”
Over 80%, or US$1.01bn, of financing for the first half of 2010 went to OIC member countries.
Almost 60 countries are now members of OIC, which reaches across Southeast Asia, Africa, the Middle East, Africa and Latin America.
Last Updated August 17, 2010
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