State Trading Organization STO has today signed a USD 189 million trade financing facility with the International Islamic Trade Finance Corporation ITFC.
In a ceremony held today, Chief Executive Officer and Managing Director of STO Husen Amru Mohamed signed the financing agreement on behalf of the company while CEO of ITFC Engineer Hani Salem Sombol signed on behalf of the Corporation.
ITFC said that this financing which is a renewal and increase of an existing Murabaha trade facility will provide support for the procurement of petroleum products, staple food, medicine, and medical equipment to aid in the country’s economic recovery from the COVID-19 pandemic.
Speaking at the ceremony today, STO CEO & MD Amr reiterated the successful long-standing partnership and cooperation between Maldives and ITFC, considering the support it provides to the procurement of essential commodities.
He thanked ITFC for its continued support, highlighting that the renewal of the enhanced facility comes at a critical time as global commodity prices are at their highest due to the ongoing war in Russia-Ukraine and the country facing the economic recovery from the pandemic
. The facility will enable to ensure energy, food, and medicine security in the country while supporting economic stability and growth in key sectors.
