ITFC and Tajikistan Sign a $40 Million Agreement for Fuel Imports
Wednesday 25 July 2012
JEDDAH (Press release) – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, signed US $40 million financing agreement with the Government of the Republic of Tajikistan for the imports of gasoline and diesel.
Murodali Alimardon (مرادعلی علیمردان), Deputy Prime Minister of Tajikistan and Dr. Waleed Al-Wohaib (ولید الوهاب), Chief Executive Officer of ITFC signed the Agreement, which took place at the Islamic Development Bank Headquarters in Jeddah.
The signing ceremony was under the auspices of Ahmed Mohamed Ali (احمد محمد علی), President of IDB Group and was attended by high level delegates from the Republic of Tajikistan including Makhmadi Mullaev, Deputy Director of the Agency on State Material Reserves, Alisher Saliev, Chairman of the OJSC Agroinvestbank, Abdukarim Tursunov, Chairman of Micro Credit Deposit Organization Tamvil, and representatives from ITFC.
Commenting on the event, Dr. Al-Wohaib said:
This signing yet marks another major milestone in achieving ITFC’s mandate of advancing trade to improve the livelihoods of our member countries. It is part of ITFC’s strategy for the upcoming year to expand trade financing in the CIS countries.
Tajikistan faces energy shortages, due to its geographical location mainly; with this agreement, oil products imports will be facilitated to the country, to help meet its needs.
From his end, Mr. Alimardon said:
We appreciate the role ITFC plays in the facilitation of the intra-OIC trade. This agreement is a benchmark document for us in developing the cooperation with ITFC. It will enable us to import oil products – such a crucial element of our imports; thus it will substantially contribute to the development of our economy. Moreover, we expect that it will open up new opportunities for our cooperation in trade financing field, specifically in such sectors as cotton, wheat, aluminium, etc.
As an autonomous entity within the Islamic Development Bank Group, the ITFC was formed to consolidate the trade finance business that was formerly undertaken by various windows within the IDB Group. The consolidation of the bank’s trade finance activities under a single umbrella increases the efficiency of service delivery by enabling rapid response to customer needs in a market-driven business environment.