ITFC, EIF join forces in supporting least developed countries
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and the Enhanced Integrated Framework (EIF), a program focused on supporting the least developed countries’ (LDCs) capacity to trade, signed a memorandum of understanding (MoU) to cooperate on joint trade-related technical assistance for the LDCs.
The MoU aims to provide technical assistance and capacity-building programs that can help increase the exports of the LDCs.
It was signed on the sidelines of the WTO Public Forum 2017 in Geneva on Sept. 27. “We are pleased with this partnership and what it will offer in supporting our least developed member countries,” said Hani Salem Sonbol, CEO ITFC, who signed the MoU with Ratnakar Adhikari, executive director of the executive secretariat for the EIF.
Sonbol added: “Serving the LDCs is at the core of ITFC’s mandate, and it contributes to achieving the SDGs, and we at ITFC thrive to build strategic partnership and provide integrated trade solutions tailored to the needs of our member countries to support socio-economic situations.”
Adhikari said: “The new partnership with ITFC marks a vital first step in advancing strategic trade investments in the LDCs. Together we are committed to ensuring that no LDC is left behind as well as to building a better trading future for the LDCs.”
He added: “We have identified three key areas of engagement, including capitalizing on the EIF analytical framework to help the LDCs to undertake policy reforms and jointly fund priority projects, as well as build the LDCs’ capacities to strengthen trade-related institutions.”
This MoU is within the framework of the UN’s Sustainable Development Goals, aiming at increasing the exports of developing countries, with a view to doubling the LDCs’ share of global exports by 2020.
This will be achieved through leveraging resources and providing trade financing for the development of LDC trade through business-to-business exchanges, direct financing or cooperation with other fund providers, among others.