Jeddah [Saudi Arabia], July 24: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, announced the release of its 2024 Annual Development Effectiveness Report (ADER).
The ADER serves as an essential reporting and transparency tool, enabling ITFC to measure, communicate, and continually refine its strategies and interventions for achieving sustainable development outcomes. The 2024 report highlights ITFC's expanding role as a driver of sustainable trade, economic resilience, and inclusive growth across its member countries.
"The ADER showcases ITFC's ability to provide innovative, impactful solutions that address the complex needs of our member countries," said Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC. "While we celebrate key milestones, we are also assessing our interventions to ensure we continue advancing toward a more inclusive, resilient, and sustainable future."
In 2024, ITFC delivered tangible results, demonstrating its focus on resilience and economic inclusion. The key highlights include:
ITFC allocated US$2.66 billion, 38% of its total portfolio, to Least Developed Member Countries (LDMCs), supporting inclusive growth. Additionally, US$268 million directly benefited over 380,000 smallholder farmers, enabling the procurement of 840,000 metric tons of local agricultural products.
Disbursements to the energy sector amounted to US$4 billion, bringing reliable electricity to approximately 13.8 million households. Food security interventions provided over 5.6 million metric tons of essential commodities worth US$1.45 billion, benefiting more than 30 million households.
ITFC financed 312 small and medium enterprises (SMEs) and corporates through partnerships with 23 financial institutions, promoting financial inclusion and economic diversification.
Intra-OIC trade financing reached US$4.8 billion. Through strategic programmes such as the Arab Africa Trade Bridges (AATB) and the Aid for Trade Initiative for Arab States (AfTIAS).
Technical assistance and training initiatives reached over 3,100 individuals, a 32% increase from the previous year, with nearly 40% women participants.
Source: Emirates News Agency
