International islamic trade finance corporation (itfc) signs sr 149 million agreement with mauritania
Financing agreement is for purchase of emergency food suples
The International Islamic Trade Finance Corporation (ITFC), a member of the IDB Group, has signed an agreement valued at SR149 million with the Islamic Republic of Mauritania to finance the purchasing of food supplies on Wednesday 30 Jumad Awwal 1429H, 4th of June '08 during the 33rd Annual Meeting of the Board of IDB Group Governors.
During a special ceremony that was attended by the Chairman of the IDB Group H.E. Dr. Ahmed Mohammad Ali, Dr. Waleed Al Wohaib, the CEO of the International Islamic Trade Finance Corporation (ITFC) signed the agreement with Sheikh Sidi Al Mokhtar Ould Al Sheikh Abdullah, deputy governor of the Central Bank of Mauritania and Alternate Governor for the Islamic Republic of Mauritani for IDB Group.
In attendance were the IDB Governor for the Islamic Republic of Mauritania Mr. Abdul Rahman Ould-hem Fazzaz, the Mauritanian Minister of Economy and Finance and Mr. Mohammad Al Hasan Ould Bokhreis the Director of Finance and Projects Supervision in the Mauritanian Ministry of Economy and Finance.
After signing the financing agreement Dr. Al Wohaib stated: “This agreement will alleviate the negative effects of the spiraling costs of food prices for the brotherly people of Mauritania in addition to replenishing their strategic stock of foodstuffs. Moreover, this financing agreement is the first concrete translation of the US$ 1.5 billion that was pledged by the IDB Group yesterday to improve the overall food security for the 26 least developed member countries of the IDB Group.”
He went on to say; "The ITFC is proud to be one of the first members of the IDB Group to respond to the calls of the IDB Governors in member countries to come up with immediate solutions to mitigate the effects of the crisis caused by global price rises.
