Jeddah --March,8
In a bid to foster closer cooperation ties with international organizations and institutions engaged in international trade finance and development, the deputy director of the World Trade Organization (WTO), Mrs. Rugwabiza Valentine, and the chief executive officer of the International Trade Centre (ITC), Mrs. Patricia Francis, have been invited to attend the opening session and make statements on WTO-related issues.

The agenda comprises items addressing the way the ITFC will carry out its activities during the coming period.

It should be recalled that the ITFC had disclosed that it officially started business at the beginning of the year and that its objective is to promote trade among member countries of the Organization of Islamic Conference (OIC) by providing funds for trade and striving to increase OIC intra-trade from 13% to 20% by 2015, to address the intricacies of complying with WTO agreements and to perform the task of building member countries’ export capacity in line with the Sharia.

The ITFC’s authorized capital stands at US$ 3 billion and the capital put forward for subscription at US$ 750 million.

The ITFC has been established to continue the IDB’s efforts to boost trade among its member countries. The IDB’s trade finance operations so far stands at US$ 27 billion and have increased significantly over the past five years at an annual rate of US$ 1 billion.