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International Islamic Trade Finance Corporation signs SR149m agreement with Mauritania

Saudi Arabia: Wednesday, June 11 - 2008 at 12:59
PRESS RELEASE

The International Islamic Trade Finance Corporation (ITFC), a member of the IDB Group, has signed an agreement valued at SR149m with the Islamic Republic of Mauritania to finance the purchasing of food supplies during the 33rd Annual Meeting of the Board of IDB Group Governors.

Dr. Waleed Al Wohaib with Sheikh Sidi Al Mokhtar Ould Al Sheikh Abdullah.

During a special ceremony that was attended by the Chairman of the IDB Group H.E. Dr. Ahmed Mohammad Ali, Dr. Waleed Al Wohaib, the CEO of the International Islamic Trade Finance Corporation (ITFC) signed the agreement with Sheikh Sidi Al Mokhtar Ould Al Sheikh Abdullah, deputy governor of the Central Bank of Mauritania and Alternate Governor for the Islamic Republic of Mauritania for IDB Group.

In attendance were the IDB Governor for the Islamic Republic of Mauritania, Mr. Abdul Rahman Ould-hem Fazzaz, the Mauritanian Minister of Economy and Finance and Mr. Mohammad, Al Hasan Ould Bokhreis the Director of Finance and Projects Supervision in the Mauritanian Ministry of Economy and Finance.

After signing the financing agreement, Dr. Al Wohaib stated:

"This agreement will alleviate the negative effects of the spiraling costs of food prices for the brotherly people of Mauritania in addition to replenishing their strategic stock of foodstuffs. Moreover, this financing agreement is the first concrete translation of the $1.5bn that was pledged by the IDB Group yesterday to improve the overall food security for the 26 least developed member countries of the IDB Group."

He went on to say: "The ITFC is proud to be one of the first members of the IDB Group to respond to the calls of the IDB Governors in member countries to come up with immediate solutions to mitigate the effects of the crisis caused by global price rises."

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International Islamic Trade Financing Corporation

International Islamic Trade Financing Corporation was founded for the business created by the former number of departments with the Islamic Development Bank which will enable it to standardize the activities of trade financing under one umbrella, thus reducing the duplication of work and upgrading the service provided by their customers.

Autonomy enjoyed by the institution and its interaction with the variables of the market gives a unique capacity to meet the needs of different customers and respond quickly to market changes work.

Corporation works to promote the development objectives pursued by the Islamic Bank for their achievement in accordance with world standards, through the development of a number of specialized funds that will see the light turn to advance economic progress and development community with the Organization of Islamic Conference.

Contact:

Hatoon Baeshen
Account Coordinator
TRACCS - KSA
Tel: +966 2 663 2525
Fax: +966 2 663 2323

Posted by Staff
Wednesday, June 11 - 2008 at 12:59 UAE local time (GMT+4)

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International Islamic Trade Finance Corporation signs SR149m agreement with Mauritania

The International Islamic Trade Finance Corporation (ITFC), a member of the IDB Group, has signed an agreement valued at SR149m with the Islamic Republic of Mauritania to finance the purchasing of food supplies during the 33rd Annual Meeting of the Board of IDB Group Governors.

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