This report demonstrates ITFC’s resilience and adaptability in supporting its member countries through strategic trade financing and development initiatives amidst increased global economic uncertainties.

In a year characterized by persistent global challenges including economic disruptions and supply chain vulnerabilities, ITFC has successfully bolstered its efforts to support economic recovery and sustainable growth among its member countries.

Through innovative trade solutions and dedicated sector support, ITFC played a critical role in fostering regional economic integration and enhancing the trade capabilities of OIC member countries, thereby contributing significantly to their socioeconomic stability.

Eng. Hani Salem Sonbol, CEO of ITFC, remarked on ITFC’s results: 

“Despite 2023 being a challenging year, ITFC delivered admirable results. Our focus was on minimizing the impact of global disruptions on trade and development in our member countries. The ITFC Annual Report reflects our achievements, the strength of our strategic approach, and our unwavering commitment to economic development and regional integration across the OIC member countries.

Highlights of the 2023 Annual Report

• Trade Financing. ITFC approved US$6.9 billionin trade finance, focusing on diversification beyond traditional sectors including agriculture and SMEs, highlighting a commitment to sustainable economic support;
• Support for SMEs and Private Sector Entities. ITFC intensified its support for the private sector with substantial finance approvals amounting to US$905 million, aimed at fostering entrepreneurship and job creation across the member states;
• Food Security. ITFC contributed significantly to food security by disbursing around US$2 billion to import 8 million metric tonsof food commodities, benefiting over 22 million households in member countries. This effort aligns very well with the UN SDG 2:Zero Hunger;
• Agricultural Development. ITFC’s financing in agriculture supported the purchase of agricultural produce from farmers, providing US$254 millionin pre-export finance to agricultural companies. This enabled timely payments to more than 600,000 farmers in Africa, fostering substantial agricultural exports worth US$528.8 million;
• Portfolio Diversification. In 2023, ITFC diversified its trade finance portfolio by extending significant support across various sectors, including a substantial US$4.2 billiontowards the energy sector and strategic interventions in SME development, particularly enhancing women’s participation in trade through capacity-building programs;
• Trade Development Programs. The corporation advanced trade development by increasing intra-OIC trade, with ITFC mobilizing US$4.5 billionof trade finance from syndicate partners and facilitating a 17% increase in intra-OIC trade compared to the previous year. This effort supports SDG 17:Partnerships for the Goals;

The report also details ITFC’s proactive engagement in high-level dialogues and strategic partnerships, pivotal in advancing trade finance and development goals.

It showcases the impact of flagship programs like the Arab Africa Trade Bridges (AATB) Program and various SME development programs, which have been instrumental in boosting intra-OIC trade and strengthening economic resilience.

Other Key Achievements in 2023

• Economic Impact. Through strategic initiatives and programs, ITFC has bolstered intra-OIC trade and significantly contributed to the economic empowerment of communities and sectors across the Corporation’s member countries;
• Capacity Building. Numerous training programs and workshops were conducted to enhance institutions’ trade professionals and their skills and capabilities, further enriching the trade ecosystem across member countries;
• Geographical Outreach.The financing covered operations in 22 countries, emphasizing ITFC’s widespread impact across all OIC regions;
• Sustainable Development Initiatives.ITFC participated in significant environmental actions, including the world’s largest-ever voluntary carbon credit auction, reflecting its commitment to sustainability;
• Intra-OIC Trade Finance.ITFC approved US$4.59 billionfor intra-OIC trade finance, demonstrating a commitment to enhancing economic integration and cooperation among member countries;
• Strengthened Governance Engagement.ITFC continued its engagement with Governors to fortify support mechanisms, ensuring tailored financial solutions that address specific regional and national economic challenges;
• Focus on Least Developed Member Countries (LDMC).The LDMC’s share of the trade finance portfolio reached 44%, reflecting ITFC’s strategic emphasis on supporting the most vulnerable economies within its membership.

ITFC is committed to boosting economic prosperity across OIC member countries and will continue to enhance the Corporation’s trade finance and development initiatives to meet their evolving needs, as showcased in the 2023 ITFC Annual Report.

Download the full English version here and Arabic version here.

The signing ceremony took place on Saturday during the Islamic Development Bank’s (IsDB) four-day 2023 Group Annual Meeting, which took place in Jeddah, Saudi Arabia.

The connection between Nigeria and the ITFC will continue to grow in light of the beneficial impact it is having, according to Zainab Ahmed, the Minister of Finance who served as the head of Nigeria’s delegation at the meetings, who said shortly after the agreement was signed.

A $10 million contract for the Murabaha financing facility has also been inked by Jaiz Bank.

“ITFC is one of the high-performing subsidiaries of the IsBD, we have a strong presence in Nigeria supporting businesses largely the energy sector and also agriculture and trade and they have been doing that through partnerships with financial institutions operating in Nigeria.

“Today we signed a framework agreement that charts the roof of our partnership over the next couple of years with the ITFC.

“Also, today, it signs an agreement with Jaiz Bank for the benefit of one of our states. They continue to work with us to improve the performance of businesses and thereby improve the growth of our economy.

“Our hope and target are to see that ITFC triples its portfolios in Nigeria within the next year’s coming.”

She called on the corporation to continue to render their support to the countries and also improve the capacities of not just companies but also the sovereign government.

“We are happy with this trade finance line for our customers, when we go back home, it will surely go a long way to assist our customers,” Managing Director, Jaiz Bank, Surajo Salisu.

“Where governments are coming to sign agreements for their countries, we are here as a private institution to sign for ourselves, it shows how great we are performing.

“Our partnership with the itfc has been for five years now and there was no disappointment, that is why you Jaiz Bank joining among ministers and governments signing for itself.

“Hundred percent of our business is localized and will be utilized locally and additional foreign exchange will come into the country with great turnover. It will be of benefit to the country, to our people, and the Islamic bank.”