COVID-19: ITFC Signs USD 200 Million Murabahah Agreement with the African Export-Import Bank for Funding Support

July 02, 2020

The International Islamic Trade Finance Corporation (ITFC) and the African Export-Import Bank (Afreximbank), a multilateral financial institution formed by African Governments and institutional investors, have entered into a USD 200 million syndicated Murabahah funding arrangement intended to help African countries tackle the economic impacts of the COVID-19 pandemic. 

The Murabahah facility is expected to provide critical support for the agriculture sector of 11 countries in sub-Saharan Africa. In addition, a number of partners and financial institutions who allocated resources to the agriculture sector in Africa have also provided their support to this syndicate, according to media reports.