International Islamic Trade Finance Corporation (ITFC) Signs US$47.6 Million Financing Agreement with the Republic of Türkiye to Strengthen Health Services and Mitigate the Effects of Earthquakes

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, signed a US$47.6 Million Murabaha Financing Agreement with the Ministry of Treasury and Finance (MoTF) of the Republic of Türkiye.  The signing ceremony took place in Istanbul on the sidelines of the COMCEC Meetings, where the agreement was signed by Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC, and Mr. Kerem Dönmez, Director General of the Directorate General of Foreign Economic Relations at the Ministry of Treasury and Finance of the Republic of Türkiye.

This agreement marks a milestone in ITFC’s partnership with Türkiye, representing the first sovereign financing facility extended to the Republic of Türkiye and ITFC’s first intervention in the healthcare sector.

The US$47.6 million facility will be utilized to strengthen Türkiye’s healthcare system and mitigate the impact of the 2023 earthquakes. The financing will support the procurement of essential medicines and medical devices for distribution across 12 to 53 provinces, with a particular focus on areas most affected by the disaster. By improving access of critical healthcare resources to people, the facility aims to help restore vital medical services, enhance the resilience of health institutions, and contribute to the country’s ongoing recovery efforts.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$89 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.