ITFC, AICE launch financing and development program for Indonesian coffee exports

The International Islamic Trade Finance Corporation and the Indonesian Coffee Exporters and Industries Association embark on a financing and trade development program to model a transformation change in the whole Indonesian coffee supply chain.
Updated 07 August 2016

ITFC, AICE launch financing and development program for Indonesian coffee exports

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, in collaboration with the Indonesian Coffee Exporters and Industries Association (AICE), embarked on a financing and trade development program to model a transformation change in the whole Indonesian coffee supply chain.
This program was launched on the sidelines of the World Islamic Economic Forum (WIFE), which was held in Jakarta from Aug. 2-4.
The launching event was held on Aug. 4, and attended by Hani Salem Sonbol, CEO, ITFC; Irfan Anwar, chairman, AICE, Professor Savas Alpay, group chief economist, IDB Group; Syed Habib, GM, trade cooperation and promotion program (TCPP), ITFC; Nazeem Noordali, GM, corporate and structured finance (CSF), ITFC; and invitees from interested parties.
Commenting on this program, Sonbol said: “This program will not only promote ITFC’s activities and initiatives, but also highlight the direct developmental impact that such initiatives have on the entire coffee chain in Indonesia, starting from the small farm holders right upstream through to supply chain actors, including district traders, exporters, Exporters Association, and processors.”
He added: “This program has been designed and implemented to strengthen trade development and promotion, and capacity building activities for the coffee sector. The financing will also allow coffee cooperatives and SMEs in Indonesia to increase their exports to global markets.”
Building on this year’s WIEF theme for decentralization of growth, the increasing role of SMEs, the role of ICT development, shifting comparative advantages from multinationals to SMEs, ITFC’s participation and program received excellent praise and acceptance among the delegates and industry representatives, including the Indonesian Coffee Exporters Association.
One of the most important highlights of this program is the relative ease with which it can be replicated in other member countries and industries across the globe, including the coffee industry in Africa.


5th MITEF Saudi Startup Competition kicks off

Updated 17 September 2020

5th MITEF Saudi Startup Competition kicks off

The MIT Enterprise Forum Saudi Arabia, part of MIT Enterprise Forum global network, announced the launch of registration for the MITEF Saudi Startup Competition under the slogan “Innovate, Inspire, Connect.” A fully digital version that simulates a real event, this year’s competition is held in challenging atmospheres in light of the global health crisis, and the competition’s commitment to continue supporting entrepreneurs in Saudi Arabia to overcome the current challenges, and promoting innovation processes in the Kingdom.

Registration for the 5th edition opened on Sept. 15 through the competition website, and will continue until Dec. 10. Saudi and non-Saudi entrepreneurs of all ages and economic sectors can apply to participate within one of the three contest tracks: Ideas track, startups track, and the social enterprises track, according to the terms of the competition.

Hassan Jameel, president Saudi Arabia, Community Jameel, said: “The MITEF Saudi Startup Competition continues to be a hugely significant annual event, attracting thousands of entrepreneurs from across the Kingdom. Given the current global challenges, our mission to support young Saudi talent and to help small businesses develop, is now more important than ever. I would strongly encourage entrepreneurs from all sectors to register for what promises to be another outstanding event.”

Since its launch in 2015, the MITEF Saudi Startup Competition has succeeded in attracting more than 7,500 participants from all over the Kingdom, establishing more than 45 startup projects, training more than 260 entrepreneurs and creating more than 110 job opportunities through the startups. The winners received a total of SR1.6 million ($426,500) in the form of free investments. In the Startup Investment Forum, which was held during the 4th edition of the MITEF Saudi Startup Competition over a period of three days, the event hosted 65 innovative startups from around the world, including the UAE, Egypt, Lebanon, Turkey, Greece, and Poland, in addition to 27 innovative startups participating in the MITEF Saudi Startup Competition 2019-2020.

The MITEF Saudi Startup Competition is organized by the MIT Enterprise Forum (MITEF) Saudi Arabia, a branch of MIT Enterprise Forum global network, in collaboration with Bab Rizq Jameel, an initiative of Community Jameel. The competition aims to promote and enrich the entrepreneurial environment in Saudi Arabia by supporting and celebrating all startups and entrepreneurs in the Kingdom.