The Islamic Trade Finance Corporation (ITFC) has signed a memorandum of understanding (MoU) with Moroccan Attijariwafa Bank.

The MoU will focus on opportunities for joint trade financing in Morocco and elsewhere in Africa in accordance with shariah principles. The co-operation will focus on different areas, including bilateral treasury and interbank transactions for liquidity investment and borrowing foreign exchange, as well as identifying opportunities for structured trade finance operations in Morocco and other markets.

“This signing is a set up for a strategic partnership and aims at developing unique trade finance solutions which serve the needs of our member countries in the region,” says ITFC acting CEO Hani Sonbol.

Since 2008, the ITFC provided over US$2bn in financing to support Morocco’s strategic sectors, specifically the energy and steel industries.