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The International Islamic Trade Finance Corporation Executes its First Standalone LC Confirmation Transaction - Afrik-news.com : Africa news, Maghreb news


The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group, has advised and confirmed the first standalone Letter of Credit in favour of Groupe Chimique Tunisien in Tunisia under the recently approved LC Confirmation Facility.
The LC which was issued by City Bank Ltd Bangladesh facilitated the timely shipment of fertilizer from Tunisia to Bangladesh, an intra-OIC trade flow. The import will enable Noapara Group, the importer, to facilitate the domestic supply of highly sought-after fertilizer to farmers for the production of staple foods for the country.
ITFC’s newly developed standalone LC Confirmation instrument is open to all segments of clients but targeting mainly SMEs, by way of providing exporters risk mitigation for their sales to importers in OIC member countries. ....

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