JEDDAH, 4th June, 2025 (WAM) -- The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, released its 2024 Annual Report, titled “Reaching New Frontiers.” The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries.
In 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritising trade finance, facilitation, and trade development to support member countries’ national development agendas.
According to the 2024 Annual Report, the ITFC approved in 2024 a total of US$ 7.3 billion in trade finance across 110 operations in 26 countries. Of this amount, US$ 6.7 billion was successfully disbursed. Notably, 38% of the approved financing was directed toward Least Developed Member Countries (LDMCs), underscoring ITFC’s commitment to inclusive development . Furthermore, 41% of the total portfolio, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services. ITFC successfully mobilised US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals.
For intra-OIC trade, a total of US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023. These intra-OIC trade approvals accounted for 67% of ITFC’s total trade finance operations, reinforcing the Corporation’s role in fostering regional economic integration and cooperation.
To address food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries. Since the launch of the IsDB Group’s Food Security Response Programme (FSRP) in 2022, ITFC has mobilised US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. ITFC financing has helped Member Countries secure stable supplies of essential food commodities, reduce price volatility, and support agricultural resilience.