ITFC, ABI support private sector and SMEs in West Africa with €40 million

Mar 22, 2017

This is to support private sector and small and medium-sized enterprises in West Africa.

The International Islamic Trade Finance Corporation (ITFC)
and Atlantic Business International (ABI) have signed a €40 million Euros Murabaha agreement to support private sector and Small and Medium-sized Enterprises (SMEs) in West African OIC member countries. The signing which took place on the sidelines of the Economic forum between Mr Abou Jallow, General Manager at ITFC, and Mr Habib Kone, General Manager of ABI, offers a two-step Murabaha Financing Line to Atlantic Business International on behalf of its subsidiaries Banque Atlantique operating in West Africa. Speaking at the signing, Mr. Abou Jallow said, "by extending a line of financing for Banque Atlantique in order to support the Private Sector, ITFC will play an important role in enhancing the productive and active role that Private Sector play in a robust domestic business market and improve its access to Global Trade with the objective to accelerate financial inclusion of SMEs." Mr Kone further extended his appreciation to the ITFC for partnering with the Banque Centrale Populair du Maroc (BCP) Group (ABI is a member of the BCP Group), and highlighted the importance of this partnership in leveraging and developing a strong know-how in Islamic financing solutions.