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Islamic banking meetings in Riyadh result in $440 million in deals to finance African countries

The second day of Islamic banking meetings saw the International Islamic Trade Finance Corporation (IICF) sign agreements to contribute $440 million in financing to African countries.

The World Bank expects Africa's growth to recover in 2024, rising from 2.6 percent in 2023 to 3.4 percent in 2024.

Chairman of Islamic Development Bank Group Dr. Muhammad Al-Jasser Sunday, the Islamic Corporation for Investment and Export Credit offers its customers excellent insurance solutions. With the aim of reducing commercial and political risks related to trade and investment in member countries.

In his inaugural address on the second day of the Islamic Development Bank Group's Private Sector Forum held on the sidelines of the Islamic Development Bank Group's 2024 annual meeting in the Saudi capital, Riyadh, the total business was protected. Established more than 30 years ago, the organization has supported more than 108 billion in trade and investment among Islamic Cooperation countries.

Since its establishment in 1999, the Islamic League for the Development of the Private Sector has funded a total of 451 projects in various sectors worth a total of $6.9 billion, Al-Jasser said. It has investment activities in 50 member countries, including finance, infrastructure, agriculture, manufacturing and energy, where last year it focused on helping small and medium-sized enterprises grow and innovate.

He said the International Islamic Trade Finance Corporation, established in 2008, had total assets of more than $75 billion and approved operations worth $6.9 billion last year.

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It also provided business support to key sectors. Total financing lines provided to support the private sector, such as energy, agriculture and small and medium enterprises, stood at more than $18 billion by the end of last year.

For his part, the CEO of the Saudi Fund for Development, Sultan Al-Murshad, told Asharq Al-Awsad that he had signed a memorandum of understanding with the Islamic Banking Group. With the aim of coordinating efforts and participating in financing development projects around the world.

Sultan Al-Murshid, CEO of the Saudi Development Fund, during the second day of the meeting of the Islamic Bank (Asharq Al-Awsad).

The Fund is a strategic and development partner of the Islamic Banking Group in financing many development projects around the world and points to the role of the Arab Coordination Group in financing development projects around the world, including the Saudi Fund. Development, Kuwait Fund for Development, Abu Dhabi Fund of Development, and a few other boxes.

Promoting African Development

In addition, the International Islamic Trade Finance Corporation – a member of the Islamic Development Bank Group – concluded a $40 million Murabaha agreement with the Trade and Development Bank. It also contributes to economic growth and improving trade financing capabilities in Eastern and Southern Africa.

It signed a $150 million framework agreement with the Ugandan government, extending over three years, to promote private sector development, trade cooperation and coordination of initiatives, and support key sectors such as energy, agriculture and health. . To promote sustainable development in these important sectors.

It concluded a 250 million Murabaha financing agreement with the African Export-Import Bank as part of a trade financing program for Africa's adaptation to the crisis in Ukraine.

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The Foundation also announced the signing of a support package with the Cameroonian government to improve the country's infrastructure and agricultural productivity, including financing essential projects to achieve Cameroon's strategic development goals, including improving transport networks and power generation capacities.

The support package will focus on increasing Cameroonian companies' access to financial services, which will promote trade and economic diversification within the framework of the International Islamic Trade Finance Corporation Program and the Arab-African Trade Bridges Program.

The World Bank expects Africa's growth to rebound in 2024, rising from 2.6 percent in 2023 to 3.4 percent in 2024 and 3.8 percent in 2025. However, this recovery is still weak. In addition, while the growth of public debt is slow, more than half of African governments are grappling with external liquidity problems and face unsustainable debt burdens, according to the Africa Pulse report published by the World Bank and visited by Asharq Al-Awsat. .

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