Prospects for trade finance and trade development

Within the framework of the 46th Annual Meeting of the IDB Group, a panel session was held with the participation of ITFC and the IDB for partner organizations in the CIS region.

During the event, the activities and successful projects of ITFC in the countries of the region, the prospects for expanding Islamic trade finance, the development of the financial sector and the activation of regional trade were discussed.

Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov, in turn, noted:
- Partnership with ITFC can help to eliminate existing barriers. We are confident that our close cooperation will provide our exporters with convenient access to new financial instruments that facilitate international trade, strengthen and expand our trade with the member countries of the Islamic Development Bank Group and the CIS.

As a result of the session, an agreement was signed between ITFC and Trustbank on opening a trade finance line in the amount of $ 15 million, as well as an Agreement between ITFC and Turonbank on providing technical assistance in implementing reporting in accordance with International Financial Reporting Standards (IFRS).