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| The International Islamic Trade Finance Corporation (ITFC), the trade finance arm of the Islamic Development Bank (IsDB) Group, has announced that two of its trade finance deals have been honoured in the prestigious Islamic Finance News (IFN) Deal of the Year Awards for 2024. |
In Egypt, the ITFC record-breaking US$604 million syndicated financing for the Arab Republic of Egypt represented by Egyptian General Petroleum Corporation (EGPC) was recognized as the Sovereign Deal of the Year award. The financing, which saw participation from 17 banks, was mobilized in just three weeks to support EGPC’s urgent trade financing requirements. This achievement underscores the pivotal role of ITFC in enhancing the Government of Egypt’s energy security.
The second deal, a US$30 million Sovereign Murabaha Financing Facility, for the Republic of Tajikistan, was recognized as the IFN Trade Finance of the Year 2024.
The financing for the Government of Tajikistan represented by the Agency of State Material Reserves (ASMR), was for the procurement of strategic food and energy commodities for the Tajik economy. The financing helped enable the government to stabilize domestic market prices while ensuring that people in remote areas have access to quality food at an affordable prices.
The awards were presented at the IFN Awards ceremony in Dubai, where Mr. Anvar Nigmatov, Senior Manager for Türkiye and CIS, ITFC along with representatives Mr. Abdurahmon Jamolzoda, Deputy Director of the Agency on State Material Reserves under the Government of the Republic of Tajikistan attended to accept the prestigious recognition.
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