The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank Group (IDB), provided Murabaha financing of 10 million euros to Bridge Bank Group, Côte d’Ivoire (BBGCI). Installation represents an important part of BBGCIremaining trade finance needs of 2021 and allows BBGCI support the Bank’s growing private sector clients as well as small and medium-sized enterprises (SMEs).
BBGCI, the ninth largest bank in Côte d’Ivoire in terms of total assets, will make financing available to the Bank’s growing clientele, in particular importers operating in sectors such as energy (petroleum), foodstuffs , agrifood and construction.
Commenting on the occasion, Mr. Nazeem Noordali, COO of ITFC, who signed on behalf of ITFC mentionned: “ITFC is committed to supporting the private sector and SMEs in all of our Member States. This is not only to help their economies to better recover from the challenges created by the covid-19 pandemic, but also to stimulate their growth and allow the creation of sustainable jobs. Our partnership with BBGCI is part of our overall strategy of supporting SMEs and supporting the private sector in Côte d’Ivoire and in the Africa region by providing financing through ITFCWest Africa SME Program.”
West Africa SME The program aims to improve SMEs’ access to finance in eight West African countries through the provision of capacity building and advisory services to partner banks, in addition to training and supporting SMEs in their credit application process. The program supports the SME sector growth in UEMOA zone which, in addition to Côte d’Ivoire, includes Burkina Faso, Benin, Guinea-Bissau, Mali, Niger, Senegal and Togo. The program enables entrepreneurs to strengthen the viability of their businesses by accessing capacity development training in critical areas of accounting and finance, developing business plans and best management practices, among others. . In addition, the Program provides assistance to banks to strengthen SME lending practices to modernize assessment tools and lending processes.
For his part, Mr. Ehouman Kassi, Managing Director of BBGCI added that: “We are delighted with the signing of this first Murabaha financing facility with ITFC which will strengthen our ability to support our customers during this difficult period due to the Covid 19 pandemic across the world. This facility is in line with our strategy of increasing our trade finance portfolios to primarily support SMEs that trade internationally. We believe this is the first step in our lasting relationship with ITFC
as we look forward to providing access to the ITFCWest Africa SME Program to our selected clients. This program together with the Trade Finance Facility will strengthen the Bank’s overall capacity vis-à-vis its core customers (SME) allowing it to benefit from the expected rebound in our economies.
Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).
LinkedIn: International Islamic Trade Finance Corporation (ITFC)
Phone. : +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@ itfc-idb.org
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) group. It was created for the main purpose of advancing trade between OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of people around the world. Commissioned in January 2008, ITFC provided $ 55 billion in funding to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With the mission to become a catalyst for the development of trade for OIC member countries and beyond, the Company helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to compete successfully in the global marketplace. .
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