The International Islamic Trade Finance Corporation (ITFC) has signed a Dh73 million ($19.8 million) trade finance agreement with Fujairah Cement Industries (FCI) in line with its plan to become the preferred trade solutions partner for the UAE.

ITFC, an autonomous entity within the Islamic Development Bank (IDB) Group, said the pact is part of its trade finance mandate to advance the expansion of the private sector through a sustained commitment to improving access to value-added and competitive financing.

Sheikh Mohamed Bin Hamad Bin Saif Al Sharqi, FCI vice chairman and Dr Waleed Al Wohaib, CEO of ITFC signed the agreement at the FCI headquarters in Fujairah.

Commenting on the deal, Sheikh Mohamed said; 'We are looking to establish a strategic partnership with the ITFC in order to help solidify our leadership position and take advantage of the ongoing construction boom in the UAE in particular and the GCC in general in this vital sector.'

'We are encouraged with this financing agreement which will help us with the purchase of raw materials that are critical input components in our cement manufacturing process, while at the same time it frees up our capital in order to help us move forward on our various technology upgrade initiatives, which are being undertaken in order to allow for greater quality control, resource optimization and allocation'.

Dr Waleed Al Wohaib said the agreement represented one main element of its plans to support the private sector in the UAE in order to enhance trade in the Islamic world, in addition to offering integrated trade finance solutions for both the private and public sectors

'Our medium to long-term objective is to support the development of the UAE's business sector through multiple programs and initiatives that includes trade finance and trade development in order enhance the country's overall competitiveness and trading capacity,' he added.-TradeArabia News Service