ITFC shows interest in more active participation in financing important projects in Azerbaijan, which is in line with the organization's development plans until 2030, Azernews reports.

Hani Salem Sonbol, executive director of ITFC, part of the Islamic Development Bank (IDB) group, told reporters.

"Our focus will be on strategic projects such as renewable energy and green finance. We are also going to strengthen cooperation with SMEs in Azerbaijan. We recently signed an important agreement with Rabita Bank, which I am sure will strengthen our partnership and help support the country's development. Importantly, our diverse range of products can be utilized in both the public and private sectors, as well as in mixed enterprises and state-owned companies. We are committed to more active cooperation with Azerbaijan and see great potential for joint work with stakeholders, contributing to the development of the region as a whole," he said.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank Group and was established with the main purpose of trade development.

The IDB Group maintains strong relations with Azerbaijan and endeavors to contribute to its socio-economic development. The Group is implementing projects worth about $1.2 billion in Azerbaijan.

The portfolio includes $956 million in IDB financing, $120.2 million approved by ICD (Islamic Corporation for the Development of the Private Sector), $83.4 million in ITFC trade operations, and $19.4 million in other IDB Group funds and operations.

The ITFC was established in 2003, with the aim of developing and expanding intra-Organisation of Islamic Cooperation (OIC) trade. Since its inception, the ITFC has provided financing facilities of $9.361 billion, mainly aimed at covering the import needs of oil and refined petroleum products, in addition to the basic raw materials required for the manufacture of food products such as wheat.

The ITFC's 2021 program for Egypt was signed by Sonbol and other Egyptian officials in January 2021. The program will provide integrated financing solutions to Egypt for $1.1 billion, according to the Ministry of Planning. The program will support the Egyptian government's efforts to advance the economic recovery in Egypt in light of the repercussions resulting from the COVID-19 pandemic, which will lead to improving social and economic development initiatives and internal trade, as well as importing basic commodities such as food, crude oil, and petroleum products.

The ITFC is committed to supporting the development of the region and is actively working to strengthen the partnership with small and medium entrepreneurs in Azerbaijan. Sonbol expressed his confidence that the recently signed contract with Rabitabank OJSC will further strengthen the partnership between the ITFC and Azerbaijan. He noted that the corporation's services can be used in both the public and private sectors.