International Islamic Trade Finance Corporation releases 2019 Annual Development Effectiveness Report

Jeddah – 14 May 2020: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, today released its 2019 Annual Development Effectiveness Report (ADER).  In 2019, ITFC approved US$5.8 billion trade financing, a 12% increase from the previous year, to advance trade in member countries. Of this, US$5 billion was disbursed towards improving the livelihoods of millions of people in line with the institution’s overarching goal to realise the targets set out in the UN Sustainable Development Goals (SDGs). Disbursement in Asian and CIS member countries of the Organization of Islamic Cooperation (OIC) stood at US$2.6 billion, while in African OIC countries, total disbursements amounted to US$2.4 billion.

To meet these SDGs, which include No Poverty, Decent Work and Economic Growth, Zero Hunger and Affordable and Clean Energy, in 2019 ITFC has financed US$ 2.1 billion towards least developed member countries (LDMCs), representing 36% of the total trade finance portfolio. Additionally, more than US$3.9 billion was extended to support intra-OIC trade.

Themed Feeding the Planet, the report places emphasis on ITFC’s engagement in the global agri-food value chains and food security. Key highlights of ITFC’s impact across vital growth sectors in OIC member countries in 2019 include: