ITFC Strengthens Global Trade Partnerships at 9th World Global Review for Trade

ITFC reiterated its commitment to strengthening existing partnerships and exploring new synergies to provide member countries with trade solutions suited to global dynamics.

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, proudly participated in the 9th World Global Review for Trade. This event, themed "Mainstreaming Trade," took place at the World Trade Organization’s (WTO) headquarters in Geneva from June 26 to 28, 2024.

The WTO Aid for Trade Review is a significant global platform that brings together policymakers, development agencies, and trade experts to discuss strategies and initiatives to promote trade as a means of development. This year's theme emphasized the importance of integrating trade into national development strategies for sustainable economic growth.

ITFC reiterated its commitment to strengthening existing partnerships and exploring new synergies to provide member countries with trade solutions suited to global dynamics. The event allowed ITFC to solidify its strategic partnerships with the international trade community, explore new cooperation areas, and present the IsDB Group's achievements, including the publication of the IsDB Aid for Trade Report.

A key highlight was the joint declaration signed by Eng. Hani Salem Sonbol, CEO of ITFC; H.E. Ngozi Okonjo-Iweala, Director General of the WTO; Benedict Oramah, President and Chairman of the Board of the African Export-Import Bank (Afreximbank); Gerd Müller, Director General of UNIDO; Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC); and Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC). The joint declaration aims to strengthen cooperation in areas of common interest under the coalition ‘Partenariat pour le coton’ by establishing sustainable textile hubs, supporting private sector investments, and encouraging collaboration and advocacy in Africa and beyond.

Following the signature ceremony, a high-level panel session titled "Cotton to Clothing: Charting Pathways to Create Sustainable Jobs for Women and Youth in West and Central Africa" was held. Mr. Sonbol highlighted ITFC's long-term involvement in cotton production over the past 15 years, during which US$2 billion was financed to connect firms and millions of smallholder cotton farmers to global value chains. He also presented ITFC's programs to support investment promotion, market access, and capacity building to enable a regional textile value chain in Africa.

Eng. Hani Salem Sonbol also participated in a panel session on “Financing Aid for Trade—Regional Perspectives,” where he emphasized the potential for economic transformation of OIC member countries through regional integration. He showcased the IsDB Group synergy that offers robust regional programs to OIC member countries across different continents.

Commenting on ITFC’s participation during the WTO Aid for Trade Review 2024, Eng. Hani Salem Sonbol said, “ITFC’s participation at the 9th World Global Review for Trade is a clear testament to our good relations with the World Trade Organization and our support for their mission of leveraging trade to generate employment opportunities and improve livelihoods. ITFC remains committed to strengthening existing partnerships and leveraging new synergies to provide our member countries with trade solutions best suited to global dynamics. We look forward to further supporting sustainable trade, trade finance, and value creation through these strategic partnerships.”