The International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, signed a $1.0 billion Five-Year Framework Agreement with Mauritania for the 2026–2030 period to strengthen cooperation and support the country’s economic development priorities through strategic trade finance and capacity-building initiatives.
The signing took place during the official visit of Dr Abdallah Cheikh-Sidia, Minister of Economic Affairs and Development and IsDB Governor, to the IsDB Group headquarters in Jeddah.
The agreement was signed at ITFC Headquarters by Cheikh-Sidia and Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in the presence ofMohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and IsDB Alternate Governor for Mauritania, as well as representatives from ITFC and members of the Mauritanian delegation.
The framework agreement reflects the strong partnership between ITFC and the Islamic Republic of Mauritania, establishing a strategic framework to support the country’s socio-economic development and expand its trade capacity over the next five years.
Under the agreement, ITFC will mobilise financing and technical support for priority sectors of the Mauritanian economy, particularly energy, banking, and private sector development.
The partnership will facilitate financing for the import of energy commodities, provide trade finance facilities and Confirmation Lines for Letters of Credit to local banks, and support small and medium-sized enterprises.
It will also include technical assistance programs to enhance agricultural productivity and promote trade facilitation in strategic sectors of the economy.
Speaking during the occasion, Dr Abdallah Cheikh-Sidia, Minister of Economic Affairs and Development of Mauritania, highlighted that the agreement will help mobilise critical financial resources to support national development priorities and foster sustainable economic growth.
Al Aama noted that the agreement demonstrates ITFC’s continued commitment to supporting its member countries through trade-driven development and will help strengthen key sectors of Mauritania’s economy while expanding trade and investment opportunities.
Since its inception in 2008, Mauritania has been a longstanding partner of ITFC, with cumulative approvals exceeding $1.2 billion that have supported key sectors of the economy and enhanced the country’s trade and development capacity.
ITFC is a member of the IsDB Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of people worldwide.
Commencing operations in January 2008, ITFC has provided more than $92 billion in financing to OIC member countries, making it the leading provider of trade solutions for their needs.
With a mission to become a catalyst for trade development across OIC member countries and beyond, the corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools to compete successfully in the global market.
