International Islamic Trade Finance Corp seals $1bln Mauritania finance deal

Saudi-based International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $1 billion framework agreement with Mauritania covering the 2026–2030 period to strengthen cooperation and support the country’s economic development priorities through strategic trade finance and capacity-building initiatives.

The signing took place during the official visit of Dr Abdallah O. Souleymane O. Cheikh-Sidia, Minister of Economic Affairs and Development and IsDB Governor, to the IsDB Group Headquarters in Jeddah.

The Framework Agreement reflects the strong partnership between ITFC and the Islamic Republic of Mauritania establishing a strategic framework to support the country’s socio-economic development and expand its trade capacity over the next five years.

It was signed at ITFC Headquarters by Dr Cheikh-Sidia and Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in the presence of Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and IsDB Alternate Governor for Mauritania, as well as representatives from ITFC and members of the Mauritanian delegation.

As per the deal, ITFC will mobilise financing and technical support for priority sectors of the Mauritanian economy, particularly energy, banking, and private sector development. 

The partnership will facilitate financing for the import of energy commodities, provide trade finance facilities and Confirmation Lines for Letters of Credit to local banks, and support small and medium-sized enterprises (SMEs). It will also include technical assistance programs to enhance agricultural productivity and promote trade facilitation in strategic sectors of the economy.

Speaking on the occasion, Dr Cheikh-Sidia said this agreement will help mobilise critical financial resources to support national development priorities and foster sustainable economic growth.

Eng Al Aama said the partnership demonstrates ITFC’s continued commitment to supporting its member countries through trade-driven development and help strengthen key sectors of Mauritania’s economy while expanding opportunities for trade and investment.

Since its inception in 2008, Mauritania has been a longstanding partner of ITFC, with cumulative approvals exceeding $1.2 billion supporting key sectors of the economy.-TradeArabia News Service