ITFC, WTO Agree to Assist Least Developed Countries on Exports

By Modupe Gbadeyanka

A partnership has been entered into by the International Islamic Trade Finance Corporation (ITFC) World Trade Organization (WTO) to help Least Developed Countries (LDCs).

ITFC is a member of the Islamic Development Bank (IsDB) Group, and the WTO was represented by the Enhanced Integrated Framework (EIF), a programme focused on supporting LDCs capacity to trade.

The agreement aims to provide technical assistance and capacity‑building programmes that can help increase the exports of the LDCs.

Marking the start of a new partnership, the Memorandum of Understanding (MOU) was signed by Eng. Nasser Al-Thekair, GM Trade & Business Development in ITFC on behalf of Eng. Hani Salem Sonbol, CEO ITFC, and Dr. Ratnakar Adhikari, Executive Director of the Executive Secretariat for the EIF.on the side-lines of the WTO Public Forum 2017 in Geneva on 27 September 2017.

Eng. Sonbol added, “Serving the LDCs is at the core of ITFC’s mandate, and it contributes to achieving the SDGs, and we at ITFC thrive to build strategic partnership and provide integrated trade solutions tailored to the needs of our member countries to support socio-economic situations.”

Dr Ratnakar Adhikari said, “The new partnership with ITFC marks a vital first step in advancing strategic trade investments in the LDCs. Together we are committed to ensuring that no LDC is left behind as well as to building a better trading future for the LDCs.”

“We have identified three key areas of engagement, including capitalizing on the EIF analytical framework to help the LDCs to undertake policy reforms and jointly fund priority projects, as well as build the LDCs’ capacities to strengthen trade-related institutions”, he added.

From his side, Eng. Al-Thekair commented that, “building strategic partnerships is in line with ITFC’s strategic direction to leverage on existing international organizations to achieve greater results together through unifying efforts and resources for targeted interventions”.

This MOU is within the framework of the UN’s Sustainable Development Goals, aiming at significantly increasing the exports of developing countries, with a view to doubling the LDCs’ share of global exports by 2020. This will be achieved through leveraging resources and providing trade financing for the development of LDC trade through business-to-business exchanges, direct financing or cooperation with other fund providers, amongst others.