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ITFC signs the first agreement with the Union of the Comoros for financing imports petroleum products

picJeddah, KSA – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, signed a financing agreement with the Government of The Comoros, represented by the Ministry of Finance, Economy, Budget, Investment and Trade, in charge of Privatization and Comor Hydrocarbures as executing Agency. The Agreement is a revolving USD20 million facility to secure strategic supplies of petroleum products in the country.

H.E. Mohamed Ali Soilihi, IDB Governor and The Comoros Vice-President and Eng. Hani Salem Sonbol, Deputy CEO ITFC signed the agreement which took place at the ITFC Headquarters in Jeddah. The signing ceremony was witnessed by Mr. Aboubacar Mze Cheikh, CEO Comor Hydrocarbures and Mr. Nazeem Noordali, GM Corporate & Structured Finance ITFC, Mr. Nasser Al-Thekair, Assistant GM CSF MENA, Mr. Anisse Terai, CSF Manager, along with representatives from ITFC and IDB.

Comor Hydrocabures is a state-owned petroleum supply company; by sustaining the economic role of the company, ITFC is indirectly contributing to the social welfare of the country and contributing towards unemployment reduction. In addition, it will secure supplies of cooking gas for households.

Commenting on the event, Eng. Hani Sonbol said, “This signing yet marks another major milestone in achieving ITFC’s mandate of advancing trade to improve the livelihoods of our member countries. He went on to add “Comoros faces energy constraints; with this agreement, oil products imports will be facilitated to the country, to help meet its needs.”

From his end, H.E. 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 cooperation in trade financing field, specifically in other strategic sectors”.

It is worth to mention that this facility is the first ever extended by ITFC to Comoros, it will open new opportunities for a long and sustainable partnership for the benefit of the people of Comoros.

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