International Islamic Trade Finance Corporation (ITFC)’s Post

"The AATB Program aims to enhance economic integration, trade, and investment between #Arab and #African regions. This event marks a significant milestone in achieving these goals. By fostering closer ties, we can unlock immense economic potential and drive #sustainable growth. The partnerships we form today will pave the way for increased trade, investment, and mutual prosperity." - Opening remarks by Eng. Hani Salem Sonbol, ITFC CEO, Acting CEO, Islamic Corporation for the Development of the Private Sector (ICD), and Secretary General of the AATB Program, at the Tunisia Africa Business Meetings. #AATBMeeting #Afreximbank #TunisiaAfricaBusinessMeetings #TradeDevelopment #EconomicCollaboration

We are honoured to have witnessed and participated in the launch of Nigeria’s inaugural export under the Africa Continental Free Trade Area AfCFTA Guided Trade Initiative (GTI) in Apapa, Lagos. The African Continental Free Trade Area (AfCFTA) is a trade agreement among African Union member states, creating a single continental market for goods and services. This marks a significant step towards enhancing intra-African trade and economic integration. As Nigeria enters the next phase of the GTI, we remain committed to supporting the AfCFTA office under the able leadership of Mr. Olusegun Awolowo and also encouraging businesses to take advantage of the opportunities under AfCFTA, to export locally produced goods to markets across the continent. This launch had shipments to Kenya, Cameroon, Uganda, Zambia, and Egypt. Organized by the Nigerian AfCFTA Coordination Office in collaboration with the AfCFTA Secretariat, this initiative confirms Nigeria’s readiness to embrace the benefits of the GTI, foster collaboration among member states, and boost private sector growth. #AfCFTA #IntraAfricanTrade #EconomicIntegration #GTI #NigeriaExports #TradeOpportunities #AfricaGrowth #PrivateSector #Collaboration

Yesterday, Nigeria officially joined the second phase of AfCFTA’s Guided Trade Initiative (GTI). This action not only boosts confidence in AfCFTA but also serves as a clarion call for other countries to expedite their efforts towards this paradigm shift on the continent. As one of the most robust economies in the region, Nigeria's decision is anticipated to build on the successes of the first phase. Despite current constraints, there is an urgent need for all stakeholders to come on board and accelerate this regional agenda. #AfCFTA is a unifier. African Continental Free Trade Area (AfCFTA) Secretariat Africa Trade Academy Dode Seidu #Agenda2063 #AfCFTA #TradePolicy #ContinentalTrade #SMEGrowth #ParadigmShift #WellBeing

“As a South-South multilateral institution, ITFC emphasizes regional projects and promotes intra-trade and investment. In 2023, 66% of our transaction volume, worth $4.6 billion, supported intra-OIC trade. Since 2008, we have provided $75.5 billion, with almost $20 billion allocated to #Africa.” "ITFC with its partners are developing programs to enhance intra-regional trade and connectivity, such as the #Arab Africa Trade Facilitation and Promotion Program with Afreximbank to expand #trade and #investments between Arab and Sub-Saharan Africa. ITFC also has flagship programs like the AATB program to improve #trade infrastructure and inter-regional trade and investment opportunities." ‎ - Eng. Hani Salem Sonbol, ITFC CEO, and Acting CEO, Islamic Corporation for the Development of the Private Sector (ICD), during a plenary session on the sidelines of the ongoing African Export-Import Bank (Afreximbank) Annual Meetings (AAM2024) and the 3rd AfriCaribbean Trade Forum in #Nassau.

📍Guided Trade Initiative (GTI) Inaugural Shipment: Giant stride for Nigeria and a Big Leap for Africa📍 I had the opportunity to participate in the virtual meeting and engagement organized by the Nigeria AfCFTA Coordination Office for selected businesses that are export ready under the GTI/AfCFTA framework preparatory to the much anticipated inaugural shipment by Nigeria and joining of the second phase of the GTI/AfCFTA framework. The preparation of the businesses was undertaken by the concerted effort of the Nigeria AfCFTA Coordination Office with support of relevant stakeholders to ensure the businesses meet all the requirements to participate in the framework. For the businesses, the opportunity to participate in the GTI/AfCFTA framework offers a gateway to take advantage of the preferential treatment under the AfCFTA.The excitement of the participating businesses cannot be contained! It is a new dawn for Nigeria, Africa and and the future of intra-african as well as International Trade. #AfCFTA #AfCFTAImplementation #GuidedTradeInitiative #GTI #Trade #IntraAfricanTrade #NationalmplementationCommittees #NigeriaAfCFTACoordinationOffice

Some notable Islamic issuances were launched this week, including US dollar-denominated sovereign Sukuk from the governments of Turkiye and Indonesia, the Islamic Development Bank Group - isdb.org euro Sukuk facility and an inaugural green Sukuk issuance from a UAE Islamic bank. South Africa is also preparing to issue its inaugural domestic Sukuk in the coming two weeks. Read more of the week’s top news in this IFN market round-up. https://lnkd.in/esAND-Yc... #REDmoney #IFN #IslamicFinance #Finance #Sukuk #Fund #Turkiye #Indonesia #UAE #SouthAfrica #Maldives #Nigeria #Philippines

South Africa has sent its first shipment of products to other countries trading under the African Continental Free Trade Area (AfCFTA), becoming the first Southern African Customs Union (SACU) member state to do so. The AfCFTA creates the world’s largest free trade area by number of countries, and has the potential to bring transformative change and tremendous opportunities to African economies and businesses. The implementation of the agreement will accelerate the development of regional and local value chains, offering investors access to a population of 1.7 billion people with a fast-growing continental gross domestic product (GDP). #AfCFTA #Africa #FreeTradeArea #SACU #EconomicDevelopment #RegionalValueChains #BusinessOpportunities #Investment #GDP #TransformativeChange

2nd African Continental Free Trade Area (AFCTA) Conference, 25-26 July 2024, ICC Durban, South Africa. The AFCTA Conference seeks to demystify the components and opportunities offered by the AfCFTA for SMEs. It will unpack the ongoing policy and regulatory developments and updates which are key in implementing the Agreement. The Event will also discuss strategies that SMEs can use to extend their footprint in the African marketplace. Contact us to register https://lnkd.in/dgtRauhZ Register today and don't miss out! Powered by MillaSA https://www.millasa.co.za/ #africatrade #globaltrade #networking #businessopportunities #investment #commodities #research #SMEs #tradefinance #AfCFTA #newmedia