The International Finance Corporation ITFC has today declared the Maldives as one of its members.
This comes after ITFC and the Maldives signed two landmark agreements to support the essential commodities sector of the country.
One of the agreements is a renewal and increase of an existing Murabaha trade facility that 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.
The new facility is for USD 189 million.
The second agreement is a Memorandum of Understanding (MOU) between ITFC and Maldives Industrial Fisheries Company MIFCO to support the Maldivian company with the relevant Trade-Related Technical Assistance.
ITFC said that this MOU is aimed at enhancing the competitiveness of Mifco and its access to global markets.
The fishing industry in the Maldives is the nation’s second-biggest industry after tourism, employing half of the country’s workforce and providing a livelihood for the population.
Meanwhile, earlier today President Ibrahim Mohamed Solih met with the CEO of ITFC Engineer Hani Salem Sambol at his office.
Finance Minister Ibrahim Ameer as well as CEO and MD of STO Husen Amr was also present at the meeting.
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group.
It was established with the primary objective of advancing trade among OIC member countries, which contributes to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$66 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs
