The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Banks (IsDB) group, has signed a USD 1 billion, five-year framework agreement covering 2026-2030 with the Islamic Republic of Mauritania to strengthen cooperation through strategic trade finance and capacity-building initiatives and support the country’s economic development priorities.
The signing took place during an official visit by His Excellency Abdallah O. Suleiman O. Sheikh Sidia, Minister of Economic Development and Governor of IsDB, to the IsDB Group Headquarters in Jeddah. The agreement was signed at ITFC headquarters by Dr. Abdallah O. Suleiman O. Sheikh Sidia, Ph.D. ITFC CEO Adeeb Yusuf Al Ahma was in attendance, as were His Excellency Mohamed Remin Daby, Governor of the Central Bank of Mauritania and Acting Governor of ISDB Mauritania, representatives of ITFC and members of the Mauritanian delegation.
This framework agreement reflects the strong partnership between ITFC and the Islamic Republic of Mauritania, establishing a strategic framework to support the country’s socio-economic development and expand its trading capacity over the next five years.
Under the agreement, ITFC will mobilize financing and technical assistance to develop priority sectors of Mauritania’s economy, particularly energy, banking and the private sector. The partnership will facilitate financing for the import of energy products, provide trade finance facilities and letter of credit verification lines to local banks, and support small and medium-sized enterprises (SMEs). It also includes technical assistance programs to improve agricultural productivity and promote trade facilitation in strategic areas of the economy.
His Excellency Abdallah O. Suleiman O. Sheikh Sidia, Mauritania’s Minister of Economic Development, spoke on the occasion, stressing that this agreement will help mobilize critical financial resources to support national development priorities and promote sustainable economic growth.
Adeeb Al Ahma, CEO of Engineering ITFC, noted that this agreement demonstrates ITFC’s continued commitment to supporting member countries through trade-led development and will help strengthen key sectors of Mauritania’s economy while expanding trade and investment opportunities.
Mauritania has been a long-standing partner of the ITFC since its inception in 2008, with cumulative approvals exceeding USD 1.2 billion, supporting key sectors of the economy and contributing to strengthening the country’s trade and development capabilities.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Banks (IsDB) group. It was established with the primary purpose of facilitating trade between OIC member countries, ultimately contributing to the overarching goal of improving the socio-economic conditions of people around the world. Started operations in January 2008, ITFC has provided over USD 92 billion in financing to OIC member countries, making it a leading provider of trade solutions to meet the needs of these member countries. With a mission to catalyze trade development in OIC member countries and beyond, the company helps member countries gain better access to trade finance and provides them with the trade-related capacity-building tools they need to succeed in global markets.
