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ITFC Signs US$60 million Structured Trade Finance Sugar Deal with Indonesia
The International Islamic Trade Finance Corporation(ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$60 million Syndicated Structured Finance with an Indonesian sugar refinery, PT Angels Products at IDB Headquarters in Jeddah.
The US$60 million structured trade financing for Indonesia’s PT Angels is for the purchase of raw sugar for the domestic demand. The agreement was signed by Mr Tony Wijaya Ng, Director, PT Pasifik Agro Sentosa, Indonesia and Eng. Hani Salem Sonbol, Deputy CEO of ITFC. Mr. Hasjim Oemar, President Director, PT Pasifik Agro Sentosa, and Mr. Teh Choon Bok, Independent Commissioner, PT Pasifik Agro Sentosa, attended the signing ceremony along with representatives from ITFC.
In welcoming the delegation, Eng. Hani Salem Sonbol, Deputy CEO, ITFC emphasized on the long standing relationship between ITFC and Indonesia; he said “This signing reflects the successful partnership between ITFC and PT Angels.” Then he added, “This deal really augments ITFC’s mandate, which is to support member countries’ strategic sectors and in this case sugar in Indonesia”
From his part, Mr Tony Wijaya Ng, Director, said “ITFC's Financing not only helps our company's working capital requirement but it also aids Indonesia to fulfil its sugar demand annually.”
Indirectly, this operation provides support to Indonesia’s agricultural sector, considered a vital-driven industry employing thousands’ jobs. It is worth mentioning that ITFC and PT Angels Sugar Deal won the Best Deal of the Year from the Trade Finance Magazine, and the Best Murabaha Deal from Global Trade Review Magazine in 2010.
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About the International Islamic Trade Finance Corporation - ITFC:
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, inherited the pioneering mantle of its islamic trade finance expertise developed over a period of more than 30 years to develop markets and trading capacities to help member countries of the Organization of the Islamic Conference (OIC) do business more effectively amongst themselves and with the rest of the world.
This savoir-faire, positions ITFC in a leadership position in fostering socio-economic development, setting new benchmarks in ethical trade financing and developing innovative Shariah-compliant solutions.
Operating to world-class standards, the ITFC’s mission is clear from its mandate to promote the IDB Group's developmental objectives by being a catalyst for the development of trade among OIC Member Countries and with the rest of the world and aspires to be a recognized provider of trade solutions for the OIC Member Countries’ needs; in order to fulfill its brand promise of 'Advancing Trade & Improving Lives.' (www.itfc-idb.org)