The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank Group (IsDB), has signed two landmark agreements to support the essentials sector in the Republic of Maldives. , attended by His Excellency Ibrahim. His Ameer, Maldives Finance Minister and IsDB Governor, is on an official visit to Eng. ITFC CEO Hani Salem Sombor said:
The US$189 million funding was signed by Husen Amru Mohamed Rashad, CEO and Managing Director of State Trading Organization plc (STO), Republic of Maldives. ITFC CEO Hani Salem Sombor said: A renewal and expansion of the existing Murabaja trading facility, the funding will help procure petroleum products, staple foods, pharmaceuticals and medical equipment to support the country’s economic recovery from the COVID-19 pandemic.
The second agreement is a memorandum of understanding (MOU) signed by Mr. Husen Amru Mohamed Rashad, Chairman and Eng, Maldives Industrial Fisheries Company (MIFCO). ITFC CEO Hani Salem Sonbol will support his MIFCO with relevant trade-related technical assistance. This MOU of his aims to strengthen MIFCO’s competitiveness and access to global markets. Fishing in the Maldives is her second largest industry in the country after tourism, employing half the country’s workforce and providing the population’s livelihood.
Eng, ITFC CEO, speaking at the ceremony. Sonbol commented: Apart from supporting trade finance, his MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector to the economy. Capacity building and technical assistance initiatives provided to MIFCO are expected to enhance the competitiveness of the fisheries sector. We therefore look forward to continuing our trade finance and development assistance for the Maldives. ”
Hussen Amr Mohamed Rashad, Chief Executive Officer and Managing Director of the State Trading Organization plc of the Republic of Maldives, also said that the successful long-term partnership and cooperation between the Maldives and the ITFC will benefit from the support provided for the procurement of essential goods. Considered and reiterated. He also stressed that his MOU signed to support MIFCO’s capacity building is an important step and will directly benefit the growth of the fisheries sector.
The STO’s CEO thanked the ITFC for its continued support and said the upgrade of the hardened facility was a sign that the ongoing wars in Russia and Ukraine had pushed global commodity prices to new highs and the country He stressed that it would take place at a critical time as we face an economic recovery from the pandemic. allows you to secure
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
Email: [email protected]
Phone: +966 12 646 8337
Fax: +966 12 637 1064
LinkedIn: International Islamic Trade Finance Corporation (ITFC) (https://bit.ly/3ShgJOb)
About the International Trade Finance Corporation (ITFC):
International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) group. It was established with the primary objective of facilitating trade between OIC member countries contributing to the overarching goal of improving the socio-economic conditions of people around the world. The ITFC, which began operations in January 2008, has contributed US$66 billion to OIC member countries, making it a leading provider of trade solutions to meet the needs of these member countries. With a mission to be a catalyst for trade development in OIC member countries and beyond, the Corporation helps member country companies gain better access to trade finance and provides the necessary trade-related capacity-building tools. increase. Compete in the global market.
This press release was issued by APO. The content has not been overseen by the African Business editorial team and has not been checked or verified by an editorial team, proofreader or fact checker. The publisher is solely responsible for the content of this announcement.