ITFC holds first African-Asian Cotton B2B Meeting

ITFC co-hosted the B2B Meeting along with the Bangladesh Textile Mill Association and Bangladesh Cotton Association.
Updated 14 April 2017
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ITFC holds first African-Asian Cotton B2B Meeting

The International Islamic Trade Financing Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, organized its first African-Asian Cotton B2B Meeting event as part of its Cotton Development and Partnership Program. The meeting took place in Dhaka’s Westin Hotel.
ITFC co-hosted the B2B Meeting along with the Bangladesh Textile Mill Association and Bangladesh Cotton Association.
The event was inaugurated by Abul Maal Abdul Muhith, minister of finance, Bangladesh, and chairman of the IDB board of governors; and Hani Salem Sonbol, CEO of ITFC. The meeting was attended by West African cotton producers, the African Cotton Association, the Bangladesh Textile Mills Association, the Bangladesh Cotton Association, and Bengali Spinning/Textile Mills.
The meeting aimed at supporting the Bangladeshi textile industry, which is an important source of employment and export earnings for the country’s economy. ITFC was able to act as a bridge between the Asian countries, especially Bangladesh and Indonesia, and develop new business partnerships with African cotton suppliers.
Thanking Baba Berthe, president of African Cotton Association, CEOs, and representatives of West African cotton ginning companies for being part of the meeting, Sonbol said: “ITFC is thankful to its strategic partners for co-hosting this important business development event for OIC’s cotton industry. ITFC, as the trade finance and development arm of the IDB Group, brings businessmen together from its member countries and provides them with a platform to develop new business partnerships to benefit from direct trade linkages between cotton exporting countries and the Bangladeshi textile industry.”
Finance minister Abdul Muhith said: “This meeting has opened doors for our cotton importers to develop trade ties with African suppliers. With the current challenging economic environment and the increasing competition, ITFC has given us a chance to reach out to new destinations.”
Calik Cotton sponsored the meeting as the event’s strategic partner. Calik Cotton supplies cotton of different origins to major local and international textile industrialists.
ITFC is recognized as the leading trade financier for cotton in West Africa. As such, it is mandated to facilitate and promote intra-trade among OIC member countries.


Saudi port ‘most advanced’

Updated 21 April 2018
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Saudi port ‘most advanced’

King Abdullah Port has concluded its participation in the Global Infrastructure Congress by winning an award for the most advanced port. The award was presented during the closing ceremony of the conference, which was recently held at the Grand Hyatt Dubai hotel. The event was held under the patronage of UAE’s Minister of Infrastructure Development Abdullah B. Al-Nuaimi, and in partnership with the Federal Transport Authority — Land and Maritime and the Sheikh Zayed Housing Program.
Rayan Qutub, CEO of King Abdullah Port, said: “The award represents a culmination of the port’s efforts in realizing Vision 2030 as a key player in the maritime shipping and logistics sector.” He extended his thanks and appreciation to Al-Nuaimi for “the valuable award, which reflects the status the port has reached after only five years of operation.”
The award came in recognition of the port’s efforts in innovating new, distinguished practices in the port sector, in addition to providing world-class ideas, initiatives and projects that contribute to empowering and delivering sustainable and ready-to-use infrastructure solutions. It was announced that King Abdullah Port had won among more than 100 participants.
King Abdullah Port also participated in the Port and Marine Infrastructure Forum, which was attended by representatives from ministries, port authorities, private sector developers, and industry actors. Qutub delivered a detailed presentation on the port’s latest developments in regards to infrastructure and operations during a session titled “Global Perspectives and Best Practices.”
As of the end of 2017, King Abdullah Port has become the second-largest port in the Kingdom in terms of container handling, and it was recently ranked the eighth fastest-growing port in the world in 2017, according to Alphaliner, the global leader in analyzing maritime transport data, port capabilities and the future of vessels and shipping route development.