The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Banks (IsDB) Group, has signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. The agreement brings together ITFC, the Trade and Development Fund (TDFD) (managed by ITFC), the Oil Sustainability Program (OSP) and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit includes a gas cylinder, stove and important accessories, as well as training to ensure safe and sustainable use.
The signing ceremony was held in the presence of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and His Excellency Mohammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by the Faculty of Engineering. Mr. Adeeb Y. Al-Aama, CEO of ITFC and Chairman of the TDFD Executive Committee, Mr. Mohamed bin Haitham Al-Tayer, Head of the Eng. Forward7 Initiative, and Mr. Lev Herom, Chief Financial Officer of BURN Manufacturing.
Additionally, another commitment agreement was signed with Eng. GASCO CEO Abdulrahman bin Sulaiman and Engineer. Mr. Adeeb Y. Al-Ahma as Chairman of the TDFD Executive Committee; Under this agreement, TDFD will be responsible for receiving and managing funds allocated from all partners and disbursing them to the implementing entity.
The project is a direct reflection of Saudi Arabia’s commitment to the Middle East Green Initiative, launched in 2021, and is the first official project under the Forward7 umbrella, which aims to expand access to clean cooking solutions across the least developed countries. The partnership also builds on the Memorandum of Understanding signed between OSP and ITFC during the IsDB Group Annual General Meeting in 2024 and reaffirms the partners’ joint commitment to achieving Sustainable Development Goal 7, namely ensuring access to affordable, reliable, sustainable and modern energy for all.
Notably, the project includes eight years of direct support for household LPG refills, funded by anticipated revenues from carbon credits generated by clean cooking kits. Through a collaborative effort, the partners were able to reduce the cost of each kit by 63%, significantly improving affordability and access to targeted communities.
The partnership presents an innovative development model that combines grant-based financing, carbon credit mechanisms and public-private cooperation. It also demonstrates the ability of multilateral institutions to develop scalable and sustainable solutions. This initiative will serve as a model that other OIC countries can emulate, transforming access to clean cooking from an aspirational goal to a concrete development outcome.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 83 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 be a catalyst for trade development in OIC member countries and beyond, we help member countries gain better access to trade finance and provide them with the trade-related capacity-building tools they need to succeed in global markets.
About the Trade and Development Fund (TDFD):
TDFD is committed to supporting Shariah-compliant initiatives in line with global sustainable development goals. Our mission is to provide philanthropic resources to strengthen human and organizational capacity and power projects that improve employability and income opportunities. Operating on the principles of Waqf, it strives to provide financial support to sustainable development projects across the Islamic community in OIC member and non-member countries. Join us on our journey to drive positive change and foster sustainable growth through philanthropic and empowering projects. Together, we are building a brighter future for communities around the world.
