Delegation meets CEO of Senelec, Coris Bank International and Senegal’s Rapid Entrepreneurship Delegation Fund (DER)
The International Islamic Trade Finance Corporation (ITFC) has sent a high-level delegation to Senegal led by its CEO, Eng. Hani Salem Sonbol, to meet the Minister of Economy, Planning & International Cooperation and newly appointed IsDB Governor for Senegal, H.E. Amadou Hott.
ITFC has been actively supporting trade development in Senegal since its inception in 2008 with more than US$ 441 million of financing and trade facilitation programs in favour of the West African country and its critical sectors such as energy and agriculture.
The delegation met with several stakeholders during its three-day visit to Dakar. These included the new CEO of Senelec (Senegal Power Company), the management of Coris Bank International Senegal and representatives from the Rapid Entrepreneurship Delegation Fund (DER).
During the visit, Eng. Hani Salem Sonbol, CEO of ITFC, and the delegation discussed a range of matters including the organization of the Arab-Africa Trade Bridges Program (AATB) Governing Board meeting in Senegal scheduled for later this year. The AATB program, launched in 2016, has made significant strides in promoting intra-OIC trade, and in particular driving trade and promotion opportunities between the Arab and Africa regions.
The delegation also briefed the Governor on the launch of the West Africa SMEs pilot program in Senegal, which will provide lines of financing and advisory services to local banks and capacity building to SMEs. The meetings also focused on the important role that ITFC has played and will continue to play in supporting critical sectors in Senegal, including energy, agriculture, private sector and SMEs.
About the International Islamic Trade and Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation (ITFC) 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 since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$45 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.