The International Islamic Trade Finance Corporation has agreed to mobilise $1.5bn as part of its ‘Integrated Trade Solutions’ to support Tunisian state-owned companies for importation of essential commodities.
The fund would also enable Tunisia drive exports and access capacity development programmes and strengthen trade efficiencies, ITFC stated on Friday while announcing the signing of the agreement with the Tunisian government.
“The $1.5bn agreement is aimed at supporting Tunisian state-owned companies to finance the importation of essential commodities such as energy and industrial products, as well as to access trade development programmes to drive exports and promote inter-regional trade with other Arab and African countries,” ITFC stated.
Under the agreement, ITFC said it would mobilise financial resources from international and regional banks and financial institutions, as well as make way for further cooperation between the two parties in the areas of trade development.
Applauding the gesture, Tunisia’s Minister of Economy, Finance and Investment Support, Ali Kooli, stressed that the government was keen in enhancing cooperation and benefit from various programmes and mechanisms of the financial institution.
While reiterating ITFC’s commitment, the Chief Executive Officer, Hani Sonbol, said, “ITFC’s ongoing financial and trade development support in Tunisia is part of our efforts to diversify the local economy and boost recovery from the impact of COVID-19. It is essential that Tunisian import-export companies continue to trade with its Arab and African counterparts.
“The agreement will facilitate access to ITFC’s integrated trade solutions and key trade-related platforms such as the Aid for Trade Initiative for Arab States and Arab-Africa Trade Bridges, which are target value-added sectors, promote a skilled workforce, and drive knowledge and technology transfer among local trading companies.”