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Association of National Development Finance Institutions in Member
Countries
of the Islamic Development Bank (ADFIMI)
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DEDC
and ITFC to promote import trading finance scheme to UAE exporters
The
Dubai Export Development Corporation (DEDC), the Dubai government
body charged with promoting exports from the emirate, organised
vital meetings with the delegations from the International Islamic
Trade Finance Corporation (ITFC), an autonomous entity within the
Islamic Development Bank Group to discuss the Import Trade Finance
Operations (ITFO) scheme.
ITFC
promotes and finances intra-trade among member countries including
purchasing goods and resale to the member countries against a
reasonable mark-up with deferred payment arrangements.
DEDC
and ITFC aim to promote the ITFO scheme to the UAE's manufacturers
and exporters by informing potential users on the procedures,
guidelines and how to benefit from this scheme. 'Since our
establishment two years ago, one of our main objectives is to
undertake an advocacy role for export ers in their relations with
various governments and other relevant agencies through the
formation of mutually beneficial partnerships.
'Our
alliance with ITFC helps us provide finances to the country's
manufacturers by assisting them with operational facilities to
import goods which are essential for our economic development. The
ITFO scheme will strengthen and expand the export industry of the
UAE,' said Farid Karmostaji, Director for Export Market Development,
DEDC.
(More)
Development Bank of Turkey (TKB) adopts a new strategy to finance
SMEs
The
Law establishing the Bank, TKB only permits loans to be made to
joint stock companies. In order to reach SMEs TKB has decided to
implement apex lending as a new financial instrument. Since TKB does
not have a branch network in February 2008, it has signed an apex
lending agreement with Garanti Bank a leading Commercial Bank in
Turkey. The goal of the agreement is to finance small enterprises in
OSTIM - Ivedik industrial zones – home to 12.000 SMEs and 50.000
workers. It is a pilot project in which TKB will try to raise funds
for SMEs both locally and internationally.
The
budget of the project is USD 16 million and will be used to finance
investment and working capital requirements of SMEs where the
maximum loan per company is US$400.000. As of March 2008, loans
totalling about 3,5 million have already been disbursed to more than
80 companies.
As
part of Country Development Strategy Turkey has been divided into
regions of different levels of development. Each has a special
administrative unit pursuing region specific strategies. In this
context TKB is providing expertise in SWOT analysis and sectoral
assesment analysis. In the Kýrýkkale province located east of
Ankara, an underdeveloped region adversely affected by migration and
lack of entrepreneurship spirit TKB was recently involved in
sectoral SWOT analysis and identification of strategic issues. The
strategies will be transformed into new action plans. The results
were announced at a regional conference in March.
President of Indonesia expresses his full support to the Islamic
Solidarity Fund for Development (ISFD)
A
delegation comprised of H.E. Bahruddin Yousef Habibi Former
President of Indonesia, H.E. Dr. Abdulrahman Swar Al-Dahab Former
President of Sudan member of the Advisory Panel and H.E. Dr. Ahmed
Mohamed Ali, President of the IDB.
Have
visited the President of Indonesia in a bid to mobilize resources
for the newly established Islamic Solidarity Fund for Development
(ISFD) before the upcoming Organization of Islamic Countries (OIC)
summit next week in Dakar, Senegal. The President expressed his
utmost support to the ISFD for its noble objectives. The President
also expressed his willingness to share Indonesia's experience in
poverty alleviation, improving living conditions, job creation and
technical training.
The
ISFD initiative goes back to the OIC extraordinary summit held in
Makkah, Saudi Arabia, in December 2005 within the Ten-Year Program
of Action adopted by OIC. IDB was entrusted with establishing the
fund. The fund was formally adopted by IDB Board of Governors during
the annual meeting last May in Dakar with a US$10 billion target.
Already US$2.6 billion were contributed from 31 member countries and
IDB resources.
The
Islamic Development Bank (IDB) to Host the 11th Meeting of the Heads
of Financial Institutions and Funds (Coordination Group- CG)
The
11th meeting of CG is expected to be attended by heads of the Arab
Development Fund (Riyadh), the Kuwait Fund for Arab Economic
Development (Kuwait), the Arab Fund for Economic and Social
Development (Kuwait), the Abu Dhabi Development Fund (Abu Dhabi),
the Arab Monetary Fund (Abu Dhabi), the Arab Bank for Economic
Development in Africa (BADEA) (Khartoum), AGFUND (Riyadh), the OPEC
Fund for International Development (OFID) (Vienna) and the Islamic
Development Bank (Jeddah).
Many issues will be addressed during the meeting through several
working papers on the role of the CG in boosting development efforts
in Palestine, the Group’s greater efforts to assist least developed
African countries in achieving the Millennium Development Goals (MDGs),
ways of strengthening trade finance cooperation within the Group to
promote development, increase the efficiency of development finance
in general, setting up of a suitable Arab assistance promotion
mechanism and ways of strengthening projection execution cooperation
with the Group.
Since the Coordination Group was established over three decades ago,
it has provided overall US$ 80 billion worth of financing designed
to boost socio-economic development efforts in developing countries
worldwide like - the Trans-Saharan Highway (Algiers – Lagos) and the
road link between Dakar, Senegal and Port Sudan, Sudan, - the Djama
– Manantali dams construction project designed to harness water flow
along River Senegal. The Coordination Group has also helped to
coordinate many
development project finance efforts in Central Asia worth nearly
US$1 billion in sectors such as transport, communication,
electricity, industry, water, agriculture, housing, health,
education, training and institutional capacity building.
The
Association of Development Finance Institutions in the Member
Countries of Islamic Development Bank elected new Chairman and New
Secretary General. As Chairman was elected Br. Mehmet Emin Ozcan,
Member of the Board, Turkiye Cumhuriyeti Ziraat Bankasi A.S.; and
like Secretary General was elected Mr. Nuri Birtek.
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Islamic Development Bank
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The Islamic
Development Bank (IDB) to Host the 11th Meeting of the Heads of
Financial Institutions and Funds (Coordination Group- CG)
The 11th meeting of CG is expected
to be attended by heads of the Arab Development Fund (Riyadh), the
Kuwait Fund for Arab Economic Development (Kuwait), the Arab Fund
for Economic and Social Development (Kuwait), the Abu Dhabi
Development Fund (Abu Dhabi), the Arab Monetary Fund (Abu Dhabi),
the Arab Bank for Economic
Development in Africa (BADEA)
(Khartoum), AGFUND (Riyadh), the OPEC Fund for International
Development (OFID) (Vienna) and the Islamic Development Bank
(Jeddah).
Many issues will be addressed
during the meeting through several working papers on the role of the
CG in boosting development efforts in Palestine, the Group’s greater
efforts to assist least developed African countries in achieving the
Millennium Development Goals (MDGs), ways of strengthening trade
finance cooperation within the Group to promote development,
increase the efficiency of development finance in general, setting
up of a suitable Arab assistance promotion mechanism and ways of
strengthening projection execution cooperation with the Group.
Since the Coordination Group was
established over three decades ago, it has provided overall US$ 80
billion worth of financing designed to boost socio-economic
development efforts in developing countries worldwide like - the
Trans-Saharan Highway (Algiers – Lagos) and the road link between
Dakar, Senegal and Port Sudan, Sudan, - the Djama – Manantali dams
construction project designed to harness water flow along River
Senegal. The Coordination Group has also helped to coordinate many
development project finance
efforts in Central Asia worth nearly US$1 billion in sectors such as
transport, communication, electricity, industry, water, agriculture,
housing, health, education, training and institutional capacity
building.
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