ITFC Invests $3.8 Billion in Member Countries’ Energy Sectors
The International Islamic Trade Finance Corp., a key entity within the Islamic Development Bank Group, has dedicated a whopping $3.8 billion in 2023 to strengthen the energy sectors of its member countries.
According to the 2023 annual report released by ITFC, a significant 55 percent of the allocated funds were channeled into the power sector, highlighting the corporation’s commitment to supporting various projects in the region.
With a total of $49 billion invested in the energy sector since 2008, ITFC aims to enhance the quality of life for populations in member states by ensuring reliable access to power resources.
This substantial financial commitment underscores ITFC’s strategic focus on the energy sector as a crucial driver of development in the region.
Advancing Trade and Livelihoods in Member Countries
In a recent social media post, ITFC reiterated its mission to advance trade and improve livelihoods, particularly in member countries classified as least developed.
In March, ITFC announced plans to inject $1.4 billion into Bangladesh’s energy infrastructure to enhance the country’s energy resilience, as reported by the Saudi Press Agency.
This financial initiative marked a significant milestone in the longstanding partnership between ITFC and the Bangladesh Petroleum Corp.
Strategic Partnerships and Collaborations at IsDB Annual Meeting
During the 49th Annual Meeting of the Islamic Development Bank in Riyadh, ITFC sealed a series of agreements with member countries and strategic partners, signaling a surge in collaboration for economic growth and development.
These agreements highlight ITFC’s commitment to fostering economic cooperation and devising trade solutions within member states, ultimately contributing to their overall social and economic progress.
The activities during the IsDB meeting set the stage for the launch of additional initiatives aimed at further enhancing economic cooperation and maximizing development impact for member states, as reported by SPA.