Abu dhabi: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has announced the release of its 2024 Annual Development Effectiveness Report (ADER), signaling a significant financial commitment to the world’s least developed nations.
According to Emirates News Agency, the ADER is a critical tool that allows ITFC to measure and communicate its efforts towards sustainable development. The 2024 report underscores ITFC’s commitment to promoting sustainable trade, economic resilience, and inclusive growth among its member countries. Eng. Adeeb Y. Al Aama, CEO of ITFC, emphasized the importance of innovative solutions to meet the complex needs of member countries, while also reassessing interventions to advance a more inclusive and sustainable future.
In 2024, ITFC allocated US$2.66 billion, representing 38% of its total portfolio, specifically to Least Developed Member Countries (LDMCs) to support inclusive growth. This funding included US$268 million that benefited over 380,000 smallholder farmers, facilitating the procurement of 840,000 metric tons of local agricultural products.
The energy sector saw disbursements amounting to US$4 billion, providing reliable electricity to roughly 13.8 million households. Additionally, food security efforts delivered over 5.6 million metric tons of essential commodities valued at US$1.45 billion to more than 30 million households.
ITFC’s financing initiatives extended to 312 small and medium enterprises (SMEs) and corporates, achieved through partnerships with 23 financial institutions, thereby promoting financial inclusion and economic diversification. Intra-OIC trade financing reached US$4.8 billion, supported by strategic programmes like the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS).
Technical assistance and training initiatives saw a 32% increase in outreach, impacting over 3,100 individuals, with nearly 40% being women participants. This demonstrates ITFC’s commitment to empowering women and fostering economic growth through skill development.
