ITFC channels $3.8bn into member countries’ energy sectors in 2023

The International Islamic Trade Finance Corp., an autonomous entity within the Islamic Development Bank Group, dedicated $3.8 billion in 2023 to bolster member countries’ energy sectors.

In its 2023 annual report, the ITFC disclosed that 55 percent of the allocated amount went to the power sector, constituting a significant portion of the total funding approved for various projects throughout the year.

Since 2008, the corporation has greenlit $49 billion for the energy sector, aiming to elevate the living standards of member states’ populations by ensuring reliable access to power resources.

This substantial financial commitment underscores ITFC’s strategic focus on the energy sector as a pivotal driver of development.

In a social media post, the organization reiterated its mission to advance trade and improve livelihoods, with a special emphasis on aiding member countries, particularly those in the least developed category.

In March, ITFC unveiled plans to inject $1.4 billion into Bangladesh’s energy infrastructure to bolster the country’s energy resilience, as reported by the Saudi Press Agency.

This financial initiative marked a significant milestone in the enduring partnership between ITFC and the Bangladesh Petroleum Corp.

Just weeks later, the corporation sealed a series of agreements with various member countries and strategic partners during the 49th Annual Meeting of the IsDB in Riyadh.

The meeting witnessed a notable surge in collaboration between ITFC and member countries, aimed at fortifying economic growth and development, according to SPA.

These agreements underscored ITFC’s dedication to fostering economic cooperation and devising trade solutions within member states, thereby contributing to their comprehensive social and economic advancement.

SPA highlighted that the activities during the IsDB meeting laid the groundwork for the launch of additional initiatives, aiming to further bolster economic cooperation and maximize development impact for member states.