Jeddah: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has announced the release of its 2024 Annual Report, titled “Reaching New Frontiers.” The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries.
According to African Press Organization, in 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritizing trade finance, facilitation, and trade development to support member countries’ national development agendas.
A significant portion of the total portfolio, 41%, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services. ITFC successfully mobilized US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals.
The report highlights that US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023. These intra-OIC trade approvals accounted for 67% of ITFC’s total trade finance operations, reinforcing the Corporation’s role in fostering regional economic integration and cooperation.
Further efforts to strengthen the private sector included providing US$ 1.2 billion in financing, reflecting a 14% increase over the previous year. This support reached 47 financial institutions and included engagements with 19 new clients across Africa, the Middle East, and Central Asia.
In addressing food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries. Since the launch of the IsDB Group’s Food Security Response Program (FSRP) in 2022, ITFC has mobilized US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. In Tajikistan alone, ITFC’s food security financing contributed to reaching over 200,000 households, benefiting nearly 900,000 individuals by ensuring access to staple goods such as wheat, sugar, and edible oil.
October 2024 marked the launch of ITFC’s first Environmental and Social (E and S) Policy, which included a 10-year E and S action plan, a 5-year carbon reduction strategy, and strengthened governance to embed ESG principles across all operations. The Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg.
The report also outlines the achievements of ITFC’s flagship programs, such as the Arab Africa Trade Bridges (AATB) Program, which supported regional value chains by hosting B2B meetings and launching Africa’s first textile and leather standards program. The Aid for Trade Initiative for the Arab States (AfTIAS 2.0) Program saw implementation progress on 21 ongoing projects across Arab States, focusing on job creation, trade facilitation, and export development.
Additionally, Trade Connect Central Asia+ (TCCA+) advanced regional integration among six Central Asian countries through projects promoting agri-business development, investment attraction, and food security. The Global SMEs Program expanded its footprint in West Africa and officially launched in Cameroon, enhancing access to trade finance and advisory services for small and medium-sized enterprises.
In 2024, ITFC delivered a range of integrated trade solutions and targeted interventions reflecting its holistic development approach. Tailored capacity-building programs, reverse linkage initiatives, and trade facilitation tools addressed specific needs across various sectors. Highlights include the Indonesian Coffee Export Development Program, capacity-building workshops on Islamic finance, technical support to Togo and Mali’s electricity sectors, and the rollout of electronic Certificates of Origin in West Africa.
With a focus on the future, ITFC remains committed to addressing the evolving priorities of its Member Countries, driving innovation, strengthening strategic partnerships, and delivering high-impact trade finance solutions to accelerate progress toward sustainable and inclusive development across the OIC region.