The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a $300m Murabaha Agreement with the Tunisian Refining Industries Company (STIR). This was the result of a Framework Agreement signed between ITFC and the Government of Tunisia with the aim of financing Tunisia’s strategic sectors through an agreed list of public entities acting on behalf of the government.
STIR is among the main employers in the energy sector in Tunisia with more than 450 employees. The agreement is aimed at financing imports of petroleum products and, thereby, supporting a number of sectors, including transport, industry and agriculture.
In all, ITFC has provided total trade approvals of $1.5bn to Tunisia.