The International Islamic Trade Finance Corporation (ITFC) Signs US$ 450 Million Socioeconomics Development Framework Agreement with the Government of Burkina Faso

On the side-lines of the Islamic Development (IDB) Group 42nd Annual Meeting of the Board of Governors held in Jeddah during the period from 14th to 18th of November 2017, the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) has signed a three -Years US$ 450 million socioeconomic development framework agreement with the Government of Burkina Faso. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mrs Hadizatou Rosine Coulibaly, Minister of Economy, Finance and Development and Islamic Development Bank Governor for Burkina Faso.

The framework agreement aims at financing and supporting Burkina Faso’s export of agricultural commodities, especially cotton, import of energy commodities such as crude oil and refined petroleum products, import of agricultural inputs and food stuff and extend lines of financing to local banks to support small and medium-sized enterprises.

On this occasion, Eng. Salem Sonbol commented that: “This agreement comes within the framework of ITFC’s keenness to support & promote trade and trade cooperation between the member countries. Eng. Salem Sonbol has also commended on the two parties’ assiduity to support and promote the close cooperative spirit prevailing between them in line with ITFC’s pledge to support Burkina Faso’s 2016/2020 National Program for Economic and Social Development (PNDES).”

On her part, H.E Mrs Hadizatou Coulibaly has welcomed the support provided by ITFC to promote the socioeconomics in Burkina Faso saying: “This agreement will enable our government to continue on supporting the target sectors and enhancing its investment program that aims at improving the lives of individuals and advancing our country’s national economy”. She added: “This agreement comes within the framework of the plan set by the government of Burkina Faso for correcting the economic situations in the different fields”.

It is worth to mention that ITFC has provided over US$ 770 million since inception in 2008, in favour of Burkina Faso.

Distributed by APO on behalf of International Islamic Trade Finance Corporation (ITFC).

About ITFC

The International Islamic Trade Finance Corporation (www.ITFC-idb.org) is an autonomous entity within the Islamic Development Bank Group. It was created with the purpose of advancing trade, which would ultimately contribute to the overarching goal of improving socioeconomic condition of the people across the Islamic world. ITFC has since consolidated all the trade finance businesses that used to be handled by various windows within IDB Group. It commenced operations in Muharram 1429H (January 2008G). The consolidation of IDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

As a leader in Sharia-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. Its primary focus is to encourage more intra-trade among OIC Member Countries. As a member of IDB Group, ITFC has unique access to Member Countries’ governments and it works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market. www.ITFC-idb.org

Source:: The International Islamic Trade Finance Corporation (ITFC) Signs US$ 450 Million Socioeconomics Development Framework Agreement with the Government of Burkina Faso

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Assessment of Health Information System in Libya Workshop

On 9th May, 2017, World Health Organization with financial support from the European Union launched a four-day workshop on the Assessment of Health Information System in Libya. The workshop was conducted in Carthage Thalasso Hotel, Tunis with the aim to develop a roadmap for strengthening Libya health information system. Eight experts from WHO Country Office, Regional Office, Headquarters, Iran, Jordan and India are facilitating this workshop.

The workshop was chaired by His Excellency Dr Omer Basher Altaher, Minister of Health, Libya and co-chaired by Dr Syed Jaffar Hussain, WHO Representative and Head of Mission, Libya. The event was attended by 80 participants from the Ministry of Health, Bureau of Social Affairs, Ministry of Education, Civil Registration Vital Statistics Department, Council of Economic Development, Libyan Board of Medical and Specialties and General Information Authority and other entities. The workshop was also attended by Health Expert, European Union, Edda Costarelli and representative from Libyan Health System Strengthening Project.

The workshop is part of the European Union funded project known as “SHAMS” Project. WHO Country Office for Libya is the implementing agency. The project was launched in January 2017 and planned to continue for two years.

Distributed by APO on behalf of United Nations Support Mission in Libya (UNSMIL).

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50th Anniversary of JFK Library at Addis Ababa University Celebrated with Photo Exhibition Sponsored by U.S. Embassy

In honor of the 50th Anniversary of President John F. Kennedy Memorial Library at Addis Ababa University (AAU), The United States Embassy partnered with AAU to host an event opening a new photo exhibition commemorating President Kennedy’s life and work. The exhibition will be on view at the University from May 15, 2017 through June 30, 2017 as part of the JFK 100 Centennial Celebration. The anniversary celebration also features a youth conference on 16 May 2017 and a panel discussion with professional librarians on “the 21st century library services and skill sets” on 17 May 2017. Both events honor President Kennedy’s legacy of encouraging youth participation in public service and expanding access to education.

Acting Deputy Chief of Mission (DCM), Lucy Abbot remarked at the opening of the exhibition, “This library is a symbol of the ongoing partnership between the United States of America, which reaches far beyond the level of our governments, extending to business, educational institutions, and in direct relations between our people.”

The photo exhibition, themed “American Visionary: John F. Kennedy’s Life and Times”, brings together images culled from the John F. Kennedy Presidential Library, the John F. Kennedy Library Foundation, Getty Images, private collections and the Kennedy family archives that capture the dramatic scope of Kennedy’s life. The exhibition is one of the most exhaustively researched collections of Kennedy photos ever assembled. “American Visionary” is based on the book JFK: A Vision for America.

Kennedy’s administration coincided with a golden age of photojournalism in America. No single politician was photographed more than Kennedy—from his first congressional bid as a decorated war hero in 1946, his fairytale marriage to Jacqueline Bouvier in 1953, his run for the White House in 1960 and role as commander in chief, to the tragedy of his death in Dallas in 1963.

“John F. Kennedy is still seen as a symbol around the world, representing and espousing the best and most universal elements of the American character,” said Stephen Kennedy Smith, Kennedy’s nephew and co-editor of JFK: A Vision for America.

As part of the “JFK 100 Centennial Celebration,” the Kennedy Presidential Library and Museum is spearheading a series of events and initiatives across the nation aimed at inspiring new generations to find meaning in the enduring values that formed the heart of the Kennedy presidency— courage, freedom, justice, service and vision. In Washington, the exhibition is part of a citywide celebration with other cultural organizations including the John F. Kennedy Center for the Performing Arts, the Smithsonian’s National Portrait Gallery and the Smithsonian’s National Museum of American History, the White House Historical Association and the Newseum.

Visitors can join the conversation about the centennial celebrations at #JFK100.

Distributed by APO on behalf of U.S. Embassy Addis Ababa, Ethiopia.

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IMF Executive Board Concludes the First Review under the Precautionary and Liquidity Line Arrangement for Morocco

  • The Moroccan authorities stated their intention to continue treating the arrangement as precautionary
  • Morocco’s sound economic fundamentals and overall strong record of policy implementation have contributed to a solid macroeconomic performance in recent years
  • Improving the business climate and governance, competitiveness, access to finance, and labor market policies will be essential to increase potential growth and reduce persistently high unemployment levels

On May 12, 2017, the Executive Board of the International Monetary Fund (IMF) completed the first review under the Precautionary and Liquidity Line (PLL) Arrangement and reaffirmed Morocco’s continued qualification for the PLL.

The two-year PLL arrangement for Morocco in the amount of SDR 2.504 billion (about US$3.42 billion) was approved by the IMF’s Executive Board in July 2016 (see Press Release No. 16/355). The Moroccan authorities stated their intention to continue treating this PLL arrangement as precautionary. It has provided insurance against external risks and supported the authorities’ program to rebuild fiscal and external buffers and promote higher and more inclusive growth. The arrangement will expire on July 21, 2018.

Following the Executive Board’s discussion, Mr. Mr. Furusawa, Deputy Managing Director and Acting Chair, said:

“Morocco’s sound economic fundamentals and overall strong record of policy implementation have contributed to a solid macroeconomic performance in recent years. The external position remained strong in 2016, as international reserves further increased despite a higher-than-expected current account deficit. While fiscal developments were less favorable than expected, this was due in part to slower growth and accelerated value-added tax reimbursements. Growth is expected to rebound in 2017 and accelerate gradually over the medium term, subject to improved external conditions and steadfast reform implementation.

“This outlook remains subject to significant downside risks, including from weak growth in Morocco’s main trading partners, geopolitical risks, and global policy uncertainty. In this context, Morocco’s PLL Arrangement with the IMF continues to serve as valuable insurance against external risks and supports the authorities’ economic policies.

“The authorities are committed to further reducing fiscal and external vulnerabilities while strengthening the foundations for higher and more inclusive growth. Building on progress made in recent years, further fiscal consolidation is needed and should be based on continued expenditure control, a comprehensive approach to enhance revenues, civil service reform, careful implementation of fiscal decentralization, and strengthened oversight of state owned enterprises. Adopting the central bank law and continuing to implement Financial Sector Assessment Program recommendations will help strengthen the financial sector policy framework. Moving toward a more flexible exchange rate regime will help preserve external competitiveness and enhance the economy’s capacity to absorb shocks. Finally, improving the business climate and governance, competitiveness, access to finance, and labor market policies is essential to raise potential growth, reduce persistently high unemployment levels, especially among the youth, and increase female labor participation.”

Distributed by APO on behalf of International Monetary Fund (IMF).

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