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Commonwealth Signs MoU with the International Islamic Trade Finance Corporation

Commonwealth Signs MoU with the International Islamic Trade Finance Corporation

International Islamic Trade Finance Corporation (ITFC)

The Commonwealth Secretariat ( and the International Islamic Trade Finance Company (ITFC) ( have signed a Memorandum of Comprehension (MoU)  to collaborate on essential regions of improvement.

Important locations of target in the MoU involve women’s economic empowerment, digital trade and e-commerce, personal sector and small and medium enterprises progress, climate adjust and ecosystem security, capability developing for trade negotiations and trade finance.

The digital signing ceremony was held through a substantial-degree bilateral conference amongst the Commonwealth Secretary-General, the Rt Hon Patricia Scotland QC and ITFC CEO, Eng Hani Salem Sonbol.

At the signing ceremony, Secretary-Basic Scotland stated:

“Both the Commonwealth and the Worldwide Islamic Trade Finance Company share the objective of strengthening and supporting the economic and improvement aspirations of our member states. Our collaboration will give us with improved prospects and improved access to tap into our collective concepts, information, capabilities and mixed money assets to serve our popular members’ progress demands. The six agreed areas of cooperation alongside with our put together advocacy and convening electrical power can provide important assistance for the recovery of our establishing and compact states which are the most vulnerable to world financial disruptions.”

ITFC CEO, Eng Hani Salem Sonbol explained:

Commenting on the signing, Eng. Hani Salem Sonbol, Chief Government Officer of ITFC, explained “really happy to see that ITFC’s partnership with the Commonwealth Secretariat is a partnership of motion. Whilst we celebrate signing a new Memorandum of Knowing, we are also officializing the to start with two initiatives all set for implementation in Cameroon and Pakistan.”

Recognizing the position of partnerships in furthering trade enhancement, Eng. Hani Salem Sonbol mentioned, “at ITFC, our aim is to function efficiently with our companions to establish and offer you the very best options, in all spots of trade finance and trade development, which includes seizing options that manifest in rising trade challenges such as digitalization, agricultural technology and local climate transform to identify a handful of.”

There are twelve widespread member states between the two organisations which shows a significant typical fascination. These international locations include things like Cameroon, Gambia, Mozambique, Nigeria, Sierra Leone, Uganda, Guyana, Bangladesh, Pakistan, Maldives, Brunei, and Malaysia.

A challenge highlighted in the MoU among the Commonwealth Secretariat and ITFC incorporate a trade improvement venture in Pakistan that enhances the all round trade competitiveness of the place by making the potential of Pakistan’s Ministry of Commerce and strengthening their all round trade negotiations abilities.

One more agreed initiative is a electronic bootcamp that will be held in Cameroon to aid the government’s e-commerce system through capability-making programs that help ladies and SMEs. Roughly 100 ladies-owned SMEs are envisioned to be beneficiaries of this application.

Via this collaboration, the Commonwealth Secretariat and ITFC goal to assist build decent careers, increase trade and greener economies for the gain of all but primarily for girls and SMEs.

Dispersed by APO Group on behalf of Global Islamic Trade Finance Corporation (ITFC).

Get in touch with Us:
Twitter: @ITFCCORP
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About the International Trade Finance Corporation (ITFC):
The Global Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was recognized with the major aim of advancing trade between OIC member countries, which would finally contribute to the overarching goal of improving upon socioeconomic ailments of the persons across the environment. Commencing functions in January 2008, ITFC has provided US$61 billion of financing to OIC member international locations, earning it the foremost supplier of trade options for these member countries’ needs. With a mission to turn out to be a catalyst for trade improvement for OIC member nations and past, the Company allows entities in member countries acquire improved accessibility to trade finance and delivers them with the important trade-similar capacity setting up resources, which would allow them to properly compete in the global market.

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