Business
THE International Islamic Trade Finance Corporation, ITFC, a member of the Islamic Development Bank, IsDB, Group, and the Union of Comoros have signed a new EUR 330 Million Framework Agreement, reinforcing their strong partnership.
The agreement was signed by ITFC’s CEO, Eng. Hani Salem Sonbol, Comoros’ Minister of Finance, Budget, and Banking Sector, and IsDB Governor, H.E. Mohamed Ibrahim Abdourazak, during his visit to ITFC’s headquarters in Jeddah.
The new 3-year Framework Agreement builds on the success of the previous EUR 330 million agreement, which achieved 83% of its target. It will focus on key sectors such as energy, agriculture, and SME support, aiming to mobilize trade financing and enhance economic development in Comoros. Since 2008, ITFC has approved over US$ 712 million in financing for Comoros, demonstrating a long-standing commitment to the country’s growth.
Commenting on the signing, Eng. Hani Salem Sonbol, CEO of ITFC said, “We are proud to strengthen our partnership with the Union of Comoros through this new framework agreement, which reflects our shared commitment to fostering sustainable economic development. By focusing on key sectors such as energy, agriculture, and SME development, we aim to support the country in achieving its long-term goals under the Emerging Comoros Plan. Our efforts, including the newly signed Food Security Facility, demonstrate our dedication to addressing critical needs such as food security while empowering key industries to drive growth.”
The Minister of Finance, Budget and Banking of the Union of Comoros, Mr. Mohamed Ibrahim Abdourazak, also commented: “I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the International Islamic Trade Finance Corporation, ITFC. This agreement marks a key milestone for the development of vital sectors such as energy, agriculture, and SMEs, the driving forces of our economy. In addition, ITFC signed a EUR 20 Million Food Security Facility in favor of the Union of Comoros and with two local banks, BDC and AFG Bank, as Executing Agencies, to support the continuous supply of essential foodstuffs at affordable prices to address food security challenges in the country. The Government of Comoros remains firmly committed to the priority programs and projects of the “Plan Comores Émergents”. Finally, on behalf of the Comorian Government and on my behalf, I would like to warmly thank ITFC for its ongoing support and look forward to strengthening our collaboration.”
ITFC’s broader support for Comoros includes capacity-building initiatives, such as the Reverse Linkage Project with Morocco for the sustainable tourism sector, and the equipment of the Central Vanilla Buying and Marketing Center under the Aid for Trade Initiative for the Arab States, AfTIAS 2.0, programme. These efforts underline ITFC’s commitment to fostering sustainable development through integrated trade solutions.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
A.I
Sept. 27, 2024
Tags: Eng. Hani Salem Sonbol H.E. Mohamed Ibrahim Abdourazak Mr. Mohamed Ibrahim Abdourazak
