The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IDB) Group, has signed two landmark agreements to support the critical commodities sector in the Republic of the Maldives, in the presence of HE Ibrahim Ameer, Minister of Finance and Governor of the IDB, Maldives, during an official visit of Eng. Hani Salem Sonbol, Managing Director, ITFC.
A financing of US$189 million was signed by Mr. Husen Amru Mohamed Rashad, Chief Executive Officer and Managing Director, State Trading Organization plc (STO), Republic of Maldives and Eng. Hani Salem Sonbol, Managing Director, ITFC. This funding, which is a renewal and augmentation of an existing Murabaha commercial facility, will provide support for the purchase of petroleum products, staple foods, medicines and medical equipment to help the country’s economic recovery. after the COVID-19 pandemic.
The second agreement is a Memorandum of Understanding (MOU) and signed by Mr. Husen Amru Mohamed Rashad, Chairman of Maldives Industrial Fisheries Company Ltd. (MIFCO) and Eng. Hani Salem Sonbol, CEO of ITFC, to support MIFCO with relevant trade-related technical assistance. This memorandum of understanding aims to improve MIFCO’s competitiveness and its access to world markets. The fishing industry in the Maldives is the country’s second largest industry after tourism, employing half of the country’s workforce and providing livelihoods for the people.
Speaking at the ceremony, CEO of ITFC, Eng. Sonbol commented, “ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to fund the import of strategic commodities to support the recovery of the economy from the pandemic. In addition to the support provided on the trade finance front, the MoU with MIFCO is also a major milestone given the strategic importance of the fisheries sector to the economy. The capacity building and technical assistance initiatives offered at MIFCO are expected to boost the competitiveness of the fisheries sector. We therefore look forward to continuing our trade finance and support for the development of the Maldives. »
Mr. Husen Amru Mohamed Rashad, Chief Executive Officer and Managing Director, State Trading Organization plc, Republic of Maldives, also reiterated the success of the longstanding partnership and cooperation between the Maldives and ITFC, given the support that it contributes to the purchase of essential products. He also pointed out that the MoU signed to support MIFCO’s capacity development was an important step, which will directly benefit the growth of the fisheries sector.
The CEO of STO thanked ITFC for its continued support, pointing out that the renewal of the upgraded facility comes at a critical time when global commodity prices are at an all-time high due to the ongoing war between the Russia and Ukraine and that the country is facing economic recovery from the pandemic. The facility will ensure energy, food and medical security in the country, while supporting economic stability and growth in key sectors.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which contributes to the overarching goal of improving the socio-economic conditions of people across the world. Commencing operations in January 2008, ITFC has provided $66 billion in financing to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation assists entities in member countries to gain better access to trade finance and provides them with the necessary capacity building tools. trade-related capabilities, which would enable them to successfully compete in the global marketplace.
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