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Maldives signs USD1.5 billion agreement with ITFC

Mariyam Malsa
09 October 2019, MVT 15:40
Maldives and the International Islamic Trade Finance Corporation (ITFC) signed a USD1.5 billion Framework Agreement on Wednesday. PHOTO: PRESIDENT'S OFFICE
Mariyam Malsa
09 October 2019, MVT 15:40

Maldives and the International Islamic Trade Finance Corporation (ITFC), on Wednesday, signed a USD1.5 billion Framework Agreement to facilitate collaboration within the sectors of trade and economic development.

The agreement was signed at Kurumba Maldives on behalf of Maldives by Minister of Finance Ibrahim Ameer and ITFC Chief Executive Officer Hani Salem Sonbol. President Ibrahim Mohamed Solih attended the signing ceremony as well.

Minister Ameer stated that the agreement was expected to assist Maldivian efforts to manage foreign exchange needs and provide Small and Medium Enterprises (SMEs) with a considerable opportunity for growth.

Furthermore, the agreement will facilitate the establishment of a stronger value chain within Maldives and between its partners in the Organisation of Islamic Cooperation (OIC) through trade financing programmes.

CEO Hani Salem Sonbol also delivered remarks at the ceremony, extending an official invitation for Maldives to join ITFC.

Established in 2008, ITFC is an autonomous entity within the Islamic Development Bank Group (IsDB) and has served as a major financier to Maldives by covering approximately 80 percent of the State Trading Organisation (STO)'s energy imports.

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