The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. 

 

The agreement brings together ITFC, the Trade Development Fund (TDFD -Managed by ITFC), the Oil Sustainability Program (OSP), and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. 

 

The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit comprises a gas cylinder, stove, and essential accessories, alongside training to ensure safe and sustainable use.

 

The signing ceremony was held in the presence of Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by Eng Adeeb Y Al-Aama, CEO of ITFC and Chairman of the Executive Committee of TDFD, Eng. Mohammed bin Haitham Al-Tayyar, representative of the Forward7 initiative, and Lev Herrom, Chief Financial Officer of BURN Manufacturing.

 

Additionally, a separate commitment agreement was signed between Eng Abdulrahman Bin Sulaiman, CEO of GASCO, and Eng Adeeb Y Al-Aama in his capacity as Chairman of the Executive Committee of TDFD. Under this agreement, TDFD will be responsible for receiving and managing allocated funds from all partners and disbursing them to the executing entity.

 

This project is a direct translation of the kingdom’s commitment to the Middle East Green Initiative launched in 2021, and marks the first official project under the Forward7 umbrella, which seeks to expand access to clean cooking solutions across the Least Developed Countries.  – TradeArabia News Service