The financing is aimed at helping Senegal to continue to contribute to economic inclusion by gearing capital towards the private sector
DAKAR, Senegal, June 2, 2020/ -- The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has approved a
Murabaha Financing of EUR 8 million for the Senegalese bank, Banque
Islamique du Sénégal (BIS), to support the Bank’s trade finance
operations within Senegal’s private sector.
The financing is
aimed at helping Senegal, a member of the Organisation of Islamic
Cooperation (OIC), to continue to contribute to economic inclusion by
gearing capital towards the private sector, a key driver of jobs and
socio-economic development, in this period of economic crisis resulting
from the COVID-19 pandemic. Around 300,000 SMEs and microenterprises
account for 90% of businesses in Senegal.
The Murabaha will
positively serve intra-OIC trade, which is ITFC’s trade finance and
development mandate. Furthermore, the facility is expected to support
around 1,000 jobs within the private sector, including companies in food and distribution.
In an effort to address the current crisis,
the Government of Senegal has implemented a significant response plan
that includes medical and social measures. The swift disbursement of
this financing by ITFC has enabled local private companies to procure
urgent food staples, and support national response efforts to ensure
food security.
The CEO of ITFC, Eng. Hani Salem Sonbol, spoke of
the importance of the financing, saying, “This Murabaha is a necessary
intervention during extraordinarily difficult global conditions and will support BIS’ and the Government’s efforts to safeguard the availability of much-needed commodities for the people of Senegal. It also aims to
support private companies that are the nation’s largest employers”.
ITFC has been actively supporting trade development in Senegal since its
inception in 2008, with more than US$764 million of financing and trade
facilitation programs in favour of the West African country and its
critical sectors, such as energy and agriculture.
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) 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, ITFC has provided more than US$51
billion 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.
Link: International Islamic Trade Finance Corporation (ITFC)