ITFC to promote trade between OIC members

ABU DHABI — A UAE delegation headed by Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, and Acting Governor of Islamic Development Bank, will participate in the opening meeting of the general assembly of the International Trade Financing Corporation (ITFC), to be held in Jeddah.

By A Staff Reporter

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Published: Fri 23 Feb 2007, 9:53 AM

Last updated: Sat 4 Apr 2015, 8:29 PM

The ITFC is working to help enhance economic development among the member countries of Organisation of Islamic Conference (OIC) by extending trade exchanges, supporting exports, economic development and combating poverty, said Dr Kharbash.

It is also developing and financing bilateral trade, activating developmental impact of trade financing operations, and supporting export potentials of member countries, Dr Kharbash said.

The opening meeting is to be attended by member ministers of finance and economy and central bank governors.

An International Islamic Trading Financing Corporation (ITFC) is to be launched as well, with head offices to be located in Jeddah. Dubai will host its first branch, Dr Kharbash said.

A number of suggestions and recommendations pertaining to bilateral trading would be discussed at the conference, said Dr Kharbash. Member countries had concluded an agreement in Kuwait last year for constituting an ITFC with a total capital of $3 billion, of which $500 million will be offered for subscription.

The ITFC was mainly initiated by Saudi Arabia during the Islamic Summit held in 2003, as part of the suggestions presented by the UAE during the 29th annual meeting of the governors of the Islamic Development Bank (IDB) held in Teheran in September 2004.

It was aimed to help enhance economic development of member countries by extending trade exchanges. The UAE delegation comprises Khaled Al Bustani, Assistant Under Secretary of the Ministry of Finance and Industry and Jamal Nasser Lotah, Assistant Undersecretary of the Ministry of Finance and Industry for Industry Affairs.

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