International Islamic Trade Financing Corporation (ITFC) signs with State Trading Organisation (STO) to assist Maldives in buying oil and other staple goods.

The trade financing facility signed between two parties costs USD 75 million.

The agreement was signed in one of the marginal meetings held in the Islamic Development Group's (IDB) annual meetings in Uzbekistan's capital Tashkent. Managing Director of STO Hussain Amr and CEO of ITFC Hani Salem Sonbol signed the agreement.

ITFC said this is an aid provided to help Maldives overcome the economic constraints it faced due to COVID-19.

ITFC is a branch of IDB that uses Islamic financing in their facilities. STO said the money provided under this facility will only be used to buy oil and staple food.

STO have signed financing facility agreements previously with ITFC as well.