ITFC funds $2.5 bn for trade support
Baku, Fineko/abc.az. The International Islamic Trade Finance Corporation (ITFC), a member of Islamic Development Bank, is ready to expand operations for development of world trade.
ITFC CEO Waleed Al Wohaib says that the IDB Group is scaling-up its operations to assist Organization of Islamic Co-operation member countries by an additional US$2.5 bn to increase its annual growth rate from 15% to 30% over the period 2009-2011.
In 2007 overall trade of the IDB member countries stood at US$2.6 trillion, representing more than 9% of all world trade.
The ITFC’s target is to increase intra-OIC trade volumes from 15% in 2005 to 20% by 2015.
According to Dr. Al-Wohaib, intra-OIC trade has risen from 14% (US$333 bn) in 2004 to around 17% (US$421 bn) in 2007.
The ITFC is represented weakly in Azerbaijan where its customer is only Amrahbank that is not the largest one in the country.
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