International Islamic Trade Finance Corporation participates in Turkey-Africa Foreign Trade Bridge in Istanbul

With inflation adversely affecting the global economy, Muslim nations are acting to increase intra-trade as a mean of improving their economies and benefit socioeconomic development.

Organized by TUSKON (the Turkish Confederation of Businessmen and Industrialists), the program of events commenced with a ministerial meeting headed by H.E. Kursad Tuzmen, Minister of State of Turkey, followed by the signing ceremonies of the 2nd Istanbul Declaration and the Mutual Cooperation Agreements between TUSKON and participating Chambers of Commerce.

The attendees then transferred to the Istanbul WOW Convention Center for the opening ceremony of Trade Bridge at which the key speakers were H.E. the Minister of State; TUCSON President Mr. Rizanur Meral; and ITFC CEO Dr. Waleed Al Wohaib.

Representing the ITFC, CEO Dr. Waleed Al Wohaib, delivered a speech in which he praised the efforts of the Turkish government, together with the Turkish business community, for their contribution to the development of trade in the Muslim world, their role in COMCEC (the Committee for Economic And Commercial Cooperation) and for supporting trade and economic cooperation between OIC member countries, especially in Africa.

Continuing, Dr. Waleed said, "Turkey's performance can be considered as a model for enhancing intra-trade with excellent exports and imports with IDB member countries, which have increased more than four times in value over the last five years from around $10bn to over $40bn."

The ITFC CEO went on to say, "This outstanding performance is for sure the result of the ceaseless efforts of the Turkish government and business community. Furthermore, it is worth mentioning that since the start of IDB's trade finance program, Turkey has been one of the major beneficiaries with around $2.9bn in trade financing, which is equivalent to 10% of IDB's total trade finance of $30bn."

Concluding his address, Dr. Waleed commented that the ITFC enjoys excellent relations with the financial market, which enables it to increase trade finance through mobilizing resources, noting that the ITFC had an excellent start where it approved $1bn in trade finance during the first quarter of this year alone.

He also noted that the ITFC has close cooperation with the Under Secretariat of the Treasury, the Under Secretariat of Foreign Trade, the Turkish EXIM Bank, the Istanbul Chamber of Commerce, IGEME, TUSKON, MUSIAD, IBF, TOBB and other trade promotion organizations in Turkey. In Turkey, the ITFC focuses on small and medium enterprises, which have benefited from lines of trade finance totaling around $94m extended to the Turkish EXIM Bank since 1993.