ITFC extends $10m to advance development objectives in Uganda 

An Islamic Development Bank (IsDB) member has granted a trade finance facility to a Uganda-based lender to advance development objectives in the country. 

The International Islamic Trade Finance Corporation (ITFC), a IsDB member, has extended a $10 million trade finance line to the Uganda Development Bank to bolster industrialization efforts in the country and assist with job creation and poverty reduction endeavours, Saudi Press Agency reported. 

The International Monetary Fund (IMF) has projected a 5.6% GDP growth for Uganda for this year, and an almost 1 percentage point increase for next year.

The landlocked East African country has a population of 46.85 million, according to the IMF.

The financing also aims to advance development objectives in Uganda, support trade, and address the country's developmental needs.

Established in 2008, ITFC offers advisory and financial services to IsDB member states, focusing on trade, Islamic finance, and sustainable development. It has mobilized $46 billion from $69 billion worth of trade financing approved for OIC member countries since inception.