The ITFC, A Member of the IsDB Group, Contributed USD 5 billion for OIC Development in 2019

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has published a new report indicating its approval of USD 5.8 billion in funding for Organisation of Islamic Co-operation (OIC) member countries in 2019, out of which USD 5 billion has been released. The report stated that the agreed financing in 2019 was 12% higher than that provided in 2018 and the largest volume approved so far, bringing the entire funding volume of the ITFC for OIC countries to USD 51 billion from the conception of the body. Approximately 80% of funding in 2019 was provided by partner banks and financial institutions of developed member countries.

According to Hani Salem Sonbol, Chief Ex...