The International Islamic Trade Finance Corporation (ITFC) has released its 2023 Annual Report, highlighting its efforts to support economic recovery and sustainable growth among its member countries [6498a257]. In 2023, ITFC approved $6.9 billion in trade finance, with a focus on diversification beyond traditional sectors. The organization provided substantial finance approvals of $905 million to support SMEs and private sector entities, fostering entrepreneurship and job creation. ITFC disbursed around $2 billion and 3.8 million metric tons of food commodities, benefiting over 22 million households in member countries. It also supported agricultural development by providing $254 million in pre-export finance to agricultural companies. ITFC diversified its trade finance portfolio by extending significant support to the energy sector and SME development. The organization mobilized $4.5 billion of trade finance from syndicate partners, facilitating a 17% increase in intra-OIC trade. The report also highlights ITFC's engagement in high-level dialogues and strategic partnerships, such as the Arab Africa Trade Bridges Program, to boost intra-OIC trade and strengthen economic resilience [6498a257].
These impactful trade solutions by ITFC contribute to economic recovery and sustainable growth in its member countries. The organization's focus on diversification, support for SMEs, and agricultural development fosters entrepreneurship, job creation, and food security. By mobilizing significant trade finance and facilitating intra-OIC trade, ITFC plays a crucial role in strengthening economic resilience and promoting trade cooperation among member countries.