Jeddah, March 15, 2025 – The International Islamic Trade Finance Corporation (ITFC), the trade finance arm of the Islamic Development Bank (IsDB) Group, has been honored with two prestigious Islamic Finance News (IFN) Deal of the Year awards for 2024, recognizing its significant contributions to global trade finance and economic development. These awards underscore ITFC’s commitment to facilitating critical trade finance solutions that support economic stability and growth, particularly in emerging markets.
The first of the two accolades, the Sovereign Deal of the Year award, was granted to ITFC for its involvement in a landmark $604 million syndicated financing deal with the Arab Republic of Egypt. The financing, which was arranged in a remarkably short period of three weeks, was aimed at addressing the urgent trade finance needs of the Egyptian General Petroleum Corporation (EGPC). The deal, which saw participation from 17 international banks, played a pivotal role in enhancing Egypt's energy security by securing vital resources and stabilizing the country’s energy sector. This swift and successful mobilization highlights ITFC’s capability in executing complex, high-value deals to support national interests and foster economic resilience.
The second award ITFC received was for its $30 million sovereign Murabaha financing facility provided to the Republic of Tajikistan. This financing, allocated to the Government of Tajikistan through the Agency on State Material Reserves (ASMR), was essential in procuring strategic food and energy commodities. The funds helped stabilize the local market and ensure the availability of essential goods at affordable prices, particularly for residents in remote regions of the country. By facilitating access to high-quality food and energy resources, the financing supported Tajikistan’s economic stability and contributed to the well-being of its citizens, particularly during times of market volatility.
These two awards reflect ITFC’s integral role in advancing sustainable economic development across member countries, especially in areas facing critical challenges in energy security, food supply, and economic resilience. The deals also showcase ITFC’s expertise in structuring and mobilizing finance for sovereign states, demonstrating the institution’s leadership in Islamic trade finance.
As part of its ongoing mission, ITFC continues to focus on bridging gaps in trade finance and supporting the socioeconomic development of IsDB member countries through innovative financing solutions. These accolades further solidify the Corporation’s reputation as a key player in the global trade finance landscape, committed to promoting economic growth, stability, and security through strategic partnerships and financial expertise.
The recognition from Islamic Finance News underscores the growing importance of Islamic finance in addressing global economic challenges, and ITFC’s pivotal role in ensuring that countries can access the financial resources they need to navigate and thrive in an increasingly interconnected world.