Funding to Support the Import of Petroleum products, LPG and Food Commodities
JEDDAH, Kingdom of Saudi Arabia: The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), approved two new financing facilities for EUR 35 million in favor of the Union of Comoros, with EUR 25 million dedicated to support the import of energy commodities such as petroleum products and LPG, while EUR 10 million will be allocated to the import of food commodities. Both agreements were signed during a ceremony held in ITFC headquarters in Jeddah, Saudi Arabia, between Eng. Hani Salem Sonbol, ITFC CEO, and HE. Kamalidini Souef, Minister of Finance, Budget and Banking Sector (Islamic Development Bank (IsDB) Governor) of the Union of Comoros.
The financing lines will facilitate the import of rice and petroleum products, therefore powering intra-OIC trade as well as providing direct benefits to the Comorian people. The Union of Comoros will equally leverage the financing facilities to import other food products such as cooking oil, flour, and wheat.
Since 2008, ITFC has approved more than US$ 500 million in cumulative financing in favor of the Union of Comoros to ensure the country’s energy and food security.
Commenting on the signing, Eng. Hani Salem Sonbol stated: “ITFC is working with OIC member countries and partners to provide solutions that directly impact the lives of communities, including increasing access to energy and improving food security. We are pleased to see that these impacts are central to the new financing for Comoros. Equally important is that the agreements also enhance intra-OIC trade and are aligned with the United Nations Sustainable Development Goals (UN SDGs). At ITFC, we are committed to increasing the impact of trade and we shall keep working together with our partners to achieve our collective goals.”
The Minister of Finance, Budget and Banking Sector of the Union of Comoros, H.E. Kamalidini Souef added: “We are pleased to sign the financing agreement with ITFC, a key development partner of the Union of Comoros since 2008. This support to increase the supply in key sectors of our economy such as energy and food commodities has positively impacted the living conditions of the people of Comoros. We look forward to further cooperation between Comoros and ITFC.”
To build on this partnership, ITFC will look to formulate strategic cooperation with the Union of Comoros to support the country’s sustainable tourism development plan and provide the necessary financing and capacity building to achieve its economic development goals.
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which contributes to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$61 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.