The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a MoU with KOSGEB (SME Development and Support Agency of Turkey), to enhance cooperation and coordination in trade finance for the development of SMEs.
The signing ceremony took place during the 32nd Session of the COMCEC in IDB Group Country Gateway Office in Istanbul on Nov. 24.
The MoU was signed by Hani Salem Sonbol, CEO ITFC and Recep Bicer, president KOSGEB, with the presence of high level representatives from both entities.
Recep Bicer on behalf of the KOSGEB stated that they believe the MoU they have signed with ITFC will provide and enhance the opportunities for SMEs in Turkey to grow tremendously in a short period of time benefiting from the facility provided by ITFC. He added that the MoU will enhance cooperation and coordination in their own finance sector more than ever.
Hani Salem Sonbol, CEO ITFC, said: “As a developmental institution, ITFC is dedicated to provide Islamic trade finance among its member countries and the rest of the world to improve the lives and the well-being of people. ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services, introduce them to different partners in other OIC member countries, building capacities of SMEs in collaboration with local institutions, and exchanging expertise and experiences among traders through reverse linkages.”
The MoU also examines the possibility of providing Islamic Trade Finance solutions to SMEs in Turkey. The suggested cooperation program includes developing joint programs for capacity building activities for SMEs in Turkey and Reverse Linkage Programs for transferring know how of KOSGEB to other OIC member countries.
The signing ceremony took place during the 32nd Session of the COMCEC in IDB Group Country Gateway Office in Istanbul on Nov. 24.
The MoU was signed by Hani Salem Sonbol, CEO ITFC and Recep Bicer, president KOSGEB, with the presence of high level representatives from both entities.
Recep Bicer on behalf of the KOSGEB stated that they believe the MoU they have signed with ITFC will provide and enhance the opportunities for SMEs in Turkey to grow tremendously in a short period of time benefiting from the facility provided by ITFC. He added that the MoU will enhance cooperation and coordination in their own finance sector more than ever.
Hani Salem Sonbol, CEO ITFC, said: “As a developmental institution, ITFC is dedicated to provide Islamic trade finance among its member countries and the rest of the world to improve the lives and the well-being of people. ITFC does not limit its activities to trade financing only, but also assists its clients with business advisory services, introduce them to different partners in other OIC member countries, building capacities of SMEs in collaboration with local institutions, and exchanging expertise and experiences among traders through reverse linkages.”
The MoU also examines the possibility of providing Islamic Trade Finance solutions to SMEs in Turkey. The suggested cooperation program includes developing joint programs for capacity building activities for SMEs in Turkey and Reverse Linkage Programs for transferring know how of KOSGEB to other OIC member countries.
