UZBEKISTAN – The International Islamic Food Processing Association (“IFPA”) is partnering with the Islamic Development Bank (IsDB) to promote food security in the Islamic world.
During the private sector forum held at the 46th IsDB Group Annual Meetings in Tashkent, Uzbekistan, the IFPA formalized the agreement with the IsDB by signing bilateral agreements with the three of the bank’s entities: ICIEC, ICD, and ITFC.
According to a statement from IsDB, the agreements are aimed at promoting mutually beneficial cooperation to establish frameworks of partnership and understanding between IFPA and all the three IsDB Group bodies.
The first agreement was with the Insurance of Investment and Export Credit (“ICIEC”). It aims to enhance cooperation and coordination in providing investment and export credit insurance solutions for intra-OIC agri-food trade compliant with Shariah principles through IFPA’s multilateral private sector platform.
Under the agreement, ICIEC will seek to establish a framework for cooperation for promoting best practices relating to the exchange of knowledge in food and agriculture security among IsDB Member States.
On the other hand, IFPA will help in enabling the penetration of ICIEC trade and investment insurance solutions in the agri-food sector within the OIC Member States.
With the ICD, IFPA signed a Memorandum of Understanding to explore beneficial cooperation between the two organizations and to encourage the establishment, expansion, and modernization of agri-food private enterprises under the IFPA portfolio.
In addition, ICD and IFPA intend to promote agri-food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest.
Finally, IFPA entered into a partnership agreement with the International Islamic Trade Finance Corporation (“ITFC”), reaffirming the trust the parties have in their partnership and defining the framework for future cooperation between the entities.
H.E. Sheikh Bilal Khan, the Director-General and CEO of IFPA appreciated these great partnerships with all IsDB Group private sector entities.
He committed to work closely with IsDB Group bodies to attract necessary financial tools needed to develop inward investments and outward export potential of small and medium businesses as well as the mega projects of the OIC agri-food industry.
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