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Breaking down the amount in terms of intra-trade, the IDB member countries received the bigger slice, with financing of imports reaching $1.3bn compared to $300m for non-member countries.
Dr. Waleed Al Wohaib, ITFC CEO, stated:
"For over 30 years we have looked at trade as a vehicle for economic development in member countries and in our first year of operations our trade finance objectives were surpassed as the numbers show. We will continue to support the growth of intra-trade between member countries and to qualitatively and quantitatively increase trade finance operations in the private sector."
Dr. Al Wohaib highlighted the expanding of ITFC's business base to include more new clients such as the Lebanese Islamic Bank, Jordan Pharma Co., and the Afribank Nigeria Plc.
Posted by Siba Sami Ammari
