Through its International Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank (ISDB) will provide Togo with $250 million to lay the groundwork for expanding its partnership into three new key sectors: energy, agriculture, and private sector development.
The related agreement was signed last Friday, May 12th, on the third day of the IsDB’s annual meetings in Jeddah.
According to the ITFC, which disclosed the information, the deal will give Togo the means to develop its private sector and stimulate economic growth. It will also help the country have a more efficient and secure trading system for imports and exports.
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Besides extending their partnership to more sectors, the two partners also inked an agreement for a 3-year program for capacity-building in trade facilitation, promoting export value chains, Islamic finance, e-commerce, and private sector development.
Last Friday, the ITFC signed a dozen major agreements with several countries, including Algeria and Cameroon, as well as regional organizations such as Afreximbank, and the ECOWAS Bank for Investment and Development (EBID).
Afreximbank will receive $325 million in financing for its UKAPFA program, and EBID will get $27 million to meet the needs of its private sector clients.
The ITFC also concluded a memorandum of understanding with OCP Africa to set up an innovative financing mechanism for African farmers.
