The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed a financing agreement with the government of The Comoros regarding a revolving $20m facility to secure strategic supplies of petroleum products in the country.
HE Mohamed Ali Soilihi, IDB governor and The Comoros vice-president, and Eng. Hani Salem Sonbol, deputy CEO ITFC, signed the agreement at ITFC headquarters in Jeddah.
Comor Hydrocabures is a state-owned petroleum supply company, and, by sustaining the economic role of the company, ITFC is indirectly contributing to the social welfare of the country and towards unemployment reduction. In addition, it will secure supplies of cooking gas for households.
Commenting on the event, Eng. Hani Sonbol said, “This signing marks yet another major milestone in achieving ITFC’s mandate of advancing trade to improve the livelihoods of our member countries.” He added, “Comoros faces energy constraints; with this agreement, oil products imports will be facilitated to the country to help meet its needs.”
From his end, HE Mohamed Ali Soilihi said, “This signing marks a major milestone towards the development of our country. This agreement will contribute to secure supply of petroleum products that are essential for power generation and transport sector benefiting all the economic sectors. Moreover, we expect that it will open up new opportunities for our co-operation in the trade financing field, specifically in other strategic sectors”.
The facility was the first ever extended by ITFC to Comoros.