ITFC Renews US$ 175 Million Murabaha Trade Financing Agreement with the Republic of Maldives

01-06-2022

In the presence of His Excellency Ibrahim Amir, Minister of Finance of the Republic of Maldives

ITFC Renews a US$ 175 Million Murabaha Trade Financing Agreement with the State Trading Organization (STO), Republic of Maldives
 
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has renewed a Murabaha Trade Financing agreement for US$ 175 million to support the import of essential commodities with the State Trading Organization (STO), Maldives. 
 
The financing facility will support the procurement of essential commodities, including petroleum products, staple food and medicine and medical equipment. This original Murabaha Trade Facility was signed between ITFC and the Republic of Maldives in October 2019.  
 
The facility agreement was signed by Eng. Hani Salem Sonbol, CEO, ITFC and Mr. Husen Amru Mohamed Rashed, CEO and MD, State Trading Organization, Maldives during theon the sidelines of  IsDB 2022 Annual Meeting.