ITFC signs agreement with Maldives to support procurement of essential commodities

view original post

Sharm El Sheikh: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has renewed a Murabaha Trade Financing agreement for US$ 175 million to support the import of essential commodities with the State Trading Organization (STO), Maldives.

The financing facility will support the procurement of essential commodities, including petroleum products, staple food and medicine and medical equipment.

The facility agreement was signed by Eng. Hani Salem Sonbol, CEO, ITFC and Husen Amru Mohamed Rashed, CEO and MD, State Trading Organization, Maldives on the sidelines of IsDB 2022 Annual Meeting.