The Dubai Export Development Corporation (DEDC), the Dubai government body charged with promoting exports from the emirate, organised vital meetings with the delegations from the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank Group to discuss the Import Trade Finance Operations (ITFO) scheme.
ITFC promotes and finances intra-trade among member countries including purchasing goods and resale to the member countries against a reasonable mark-up with deferred payment arrangements.
DEDC and ITFC aim to promote the ITFO scheme to the UAE’s manufacturers and exporters by informing potential users on the procedures, guidelines and how to benefit from this scheme. ‘Since our establishment two years ago, one of our main objectives is to undertake an advocacy role for export ers in their relations with various governments and other relevant agencies through the formation of mutually beneficial partnerships.
‘Our alliance with ITFC helps us provide finances to the country’s manufacturers by assisting them with operational facilities to import goods which are essential for our economic development. The ITFO scheme will strengthen and expand the export industry of the UAE,’ said Farid Karmostaji, Director for Export Market Development, DEDC.