Istanbul, Turkey, 26.11.2015: The International Islamic Trade Finance Corporation (ITFC), a member of the IDB Group, has signed a Memorandum of Understanding (MoU) with the Kingdom of Morocco to work on various trade initiatives between ITFC and the Kingdom.

The signing ceremony took place in Istanbul on the sidelines of the 31st Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC).

Dr. Waleed Al-Wohaib, the CEO of ITFC signed the MoU on behalf of ITFC, while the Kingdom of Morocco was represented by Mr. Mohamed Abbou, Minister Delegate to the Minister of Industry, Trade, Investment and the Digital Economy in charge of Foreign Trade.
“I am delighted that ITFC will be working with the Kingdom of Morocco on various projects. With the increase in trade among OIC member countries, I am confident that this agreement will open doors of opportunities that will benefit not only the Kingdom of Morocco, but other OIC member countries as well”, said Dr. Waleed Al-Wohaib, the CEO of ITFC.

The aim of the MoU is to implement various projects for the benefit of Morocco under The Aid for Trade Initiative for Arab States (AfTIAS). Other aims of the MoU include utilizing the experience of Morocco in implementing “Caravans of Exports” to Africa, as well as the use of ITFC’s trade finance offers in the public and private sector. The MoU will also focus on how to plan and implement a regional trade development forum.

About ITFC
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of the IDB Group’s trade finance activities under a
single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.