ITFC Signs Financing Agreement with Industrial Development Bank of Trkiye

Jeddah, The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $50 million financing agreement with the Industrial Development Bank of Trkiye at ITFC headquarters in Jeddah. The agreement was made in coordination with the Turkish Ministry of Treasury and Finance. The financing will support the working capital needs of private-sector companies in the regions affected by earthquakes. It aims to assist Turkish companies by meeting their pre-import and pre-export requirements, especially those affected by the tragedy. The financing, with its focus on enhancing economic activity, aims to bring hope and resilience to the region. ITFC chief executive Eng. Hani Salem Sonbol stated that the agreement underscores the corporation's dedication to bolstering trade and economic development, addressing critical needs, and fortifying the financial resilience and recovery of companies impacted by the earthquake. Industrial Development Bank of Trkiye Chief Executive Murat Bilgiç highlighted that the financing agreement marks a significant stride in contributing to the economic recovery in Trkiye post-earthquake and aiding in the reconstruction of companies in the affected areas. Source: Saudi Press Agency