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ITFC PROVIDES US$300 MILLION TO SECURE SUPPLY OF PETROLEUM PRODUCTS IN TUNISIA

meetThe International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, signed a Guarantee Agreement with the Ministry of Economy and Finance, represented by H.E the State Secretary for Development and International Cooperation and a US$300 million Murabaha Agreement with the Tunisian Refining Industries Company(STIR). This agreement is the result of a Framework Agreement signed between ITFC and the Government of Tunisia with the aim of financingTunisia’s strategic sectorsthrough an agreed list of public entities acting on behalf of the Government.

The signing took place at ITFC’s Headquarters in Jeddah, where the GuaranteeAgreement was signed by Mr. Noureddine Zekri, State Secretary for Development and International Cooperationand Eng. Hani Salem Sonbol, Acting CEO ITFC. In addition, the Murabaha Agreement was signed by Mr. Mohamed CHAARI, CEO STIR and Eng. Hani Salem Sonbol.

STIR is among the main employers in the Energy Sector in Tunisia with more than 450 employees. This agreement aims at financing theimports of petroleum productshence support the Tunisian economic sectors, including transport, industry and agriculture.

Commenting on the signing, Mr. Noureddine Zekri said, “This signing is a reflection of the successful partnership with ITFC and IDB Group in general. This operation is also a revival of Business in Tunisia, where it will help secure supply of petroleum products, therefore support the economic growth in the whole country”

The signing ceremony was attended byMr. Habib Haoula, Director, Development and International Cooperation, Ministry of Economy and Finance, Mrs. Karima Rezk, Director, Direction of Debt, Ministry of Economy and Finance, Mr.Mabrouk Ezzidi, Department Head, Ministry of Industry and Mr. Noureddine Khanchouche, CFO, STIR; along with a number of representatives from both parties.

From his end, Eng. Hani Sonbol conveyed “this agreement is in line with ITFC’s mandate of contributing to the development of trade finance in ourmember countries.” He went on to add “By sustaining the economic role of STIR, ITFC is indirectly contributing to the social welfare of its employees and their families and, on a larger scale, contributing in reducing the unemployment rate in the country.”

It is worth noting that ITFC provided total trade approvals of US$1,5 Billion to the Republic of Tunisia.

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