On September 2, During the second day of the 46th Annual Meeting of the IsDB Group in Tashkent, the Director-General of Islamic Organisation for Food Security (IOFS) H.E. Mr. Yerlan A. Baidaulet signed Strategic Partnership Agreements to establish a framework of cooperation between IsDB subsidiaries and International Islamic Food Processing Association (IFPA - the B2B arm and full subsidiary of IOFS) for boosting agri-food trade and investments between SMEs of OIC member states.
Herewith, the Master Partner Agreement was signed by H.E. Eng. Hani Salem Sonbol, CEO of ITFC and H.E. Mr. Yerlan A. Baidaulet, Director General of IOFS and Chairman of the Board of IFPA.
In line with this Agreement, the parties jointly will provide access to finance SMEs. Financing will be extended through local banks and will aid private sector companies in agri-food chain in selected OIC MCs, to recover from the effects of the COVID-19 pandemic.
Furthermore, the Memorandum of Understanding (MoU) was signed by Mr. Ayman Amin Sejiny, CEO of ICD, and Mr. Yerlan A. Baidaulet, Director General of IOFS and Chairman of the Board of IFPA.
Under the MoU both parties intend to cooperate and work closely together in identifying and promoting agri-food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest.
Moreover, the Partnership Agreement was signed by H.E. Mr. Oussama Abdel Rahman Kaissi, CEO of ICIEC, and H.E. Mr. Yerlan A. Baidaulet, Director General of IOFS and Chairman of the Board of IFPA.
Through this Agreement, parties will greatly enhance the development of agri-food trade and investment via joint efforts. Consequently, IFPA would make advisory services to promoting export credit insurance on wheat and food export from Central Asia to OIC member countries.
Mr. Yerlan A. Baidaulet commented: “intra-OIC markets have a huge demand for value-added Halal agri-food products and in this regard IFPA would work closely with ICD, ITFC and ICIEC to explore the prospects for financing current and future related projects, enhancing trade finance and export insurance thus contribute to economic growth and sustainable development of our member states in order to alleviate food insecurity and the relevant challenges with the food system within OIC region”.
For information: International Islamic Food Processing Association (IFPA) is a 100% full subsidiary of IOFS, which is registered in the Astana International Financial Centre (“AIFC”) as a non-profit organization. IFPA’s aim is to enable the growth of food exports of companies in Organization of Islamic Cooperation/ Islamic Organization for Food Security (“OIC/IOFS”) member states through membership-related services via strategic service partners, providing market intelligence, training/education, and events, and advocating for the private sector food industry in OIC/IOFS member states. IFPA’s mission is to facilitate the private-sector-led trade and investment through service partners between all agri-food ecosystem players across the value chain in member states through Halal and Shariah-compliant tools.
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Strategic Partnership Agreements signed with ITFC, ICD and ICIEC during the 46th Annual Meeting of the IsDB Group in Tashkent, Uzbekistan
03 September 2021