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The International Islamic Trade Finance Corporation (ITFC) signs its largest ever Murabaha syndicated trade finance agreement with State Trading Organization plc (STO), Maldives and a memorandum of understanding with Maldives Industrial Fisheries Company Ltd. ( MIFCO)

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  The International Islamic Trade Finance Corporation ITFC www ITFC idb org a member of the Islamic Development Bank IsDB Group signed two landmark agreements to support the essential commodity sector in the Republic of Maldives witnessed by HE Ibrahim Ameer Finance Minister and IsDB Governor Maldives during an official visit by Eng Hani Salem Sonbol Executive Director ITFC Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc STO Republic of Maldives and Eng Hani Salem Sonbol Executive Director ITFC This financing which is a renovation and augmentation of an existing Murabaha business facility will provide support for the procurement of petroleum products staple foods medicines and medical equipment to assist in the country s economic recovery from the COVID 19 pandemic The second agreement is a Memorandum of Understanding MOU and signed by Mr Husen Amru Mohamed Rashad President of Maldives Industrial Fisheries Company Ltd MIFCO and Eng Hani Salem Sonbol ITFC CEO to support MIFCO with the relevant trade related technical assistance This MOU is intended to improve MIFCO s competitiveness and its access to global markets The fishing industry in the Maldives is the second largest industry in the country after tourism employing half of the country s workforce and providing a livelihood for the population Speaking during the ceremony ITFC CEO Ing Sonbol commented ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the importation of strategic commodities to support the recovery of the economy from the pandemic In addition to the support provided on the commercial financing front the MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector for the economy The capacity building and technical assistance initiatives offered to MIFCO are expected to boost the competitiveness of the fisheries sector Therefore we look forward to continuing our trade finance and development support for the Maldives Mr Husen Amru Mohamed Rashad Executive Director and Managing Director State Trading Organization plc Republic of Maldives also reiterated the long standing successful partnership and cooperation between Maldives and the ITFC noting the support it provides to commodity procurement essential He also highlighted that the MOU signed to support MIFCO s capacity building was an important step which will directly benefit the growth of the fisheries sector The STO CEO thanked the ITFC for their continued support noting that the renovation of the upgraded facility comes at a critical time as global commodity prices are at an all time high due to the ongoing war in Russia Ukraine and the country faces economic recovery from the pandemic The facility will ensure energy food and drug security in the country while supporting economic stability and growth in key sectors
The International Islamic Trade Finance Corporation (ITFC) signs its largest ever Murabaha syndicated trade finance agreement with State Trading Organization plc (STO), Maldives and a memorandum of understanding with Maldives Industrial Fisheries Company Ltd. ( MIFCO)

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Islamic Trade Finance Corporation

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed two landmark agreements to support the essential commodity sector in the Republic of Maldives , witnessed by HE Ibrahim Ameer, Finance Minister and IsDB Governor, Maldives, during an official visit by Eng. Hani Salem Sonbol, Executive Director, ITFC.

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Mr. Husen Amru Mohamed Rashad, Executive Director and Managing Director, State Trading Organization plc (STO), Republic of Maldives and Eng. Hani Salem Sonbol, Executive Director, ITFC.

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This financing, which is a renovation and augmentation of an existing Murabaha business facility, will provide support for the procurement of petroleum products, staple foods, medicines, and medical equipment to assist in the country’s economic recovery from the COVID-19 pandemic.

The second agreement is a Memorandum of Understanding (MOU) and signed by Mr. Husen Amru Mohamed Rashad, President of Maldives Industrial Fisheries Company Ltd. (MIFCO) and Eng. Hani Salem Sonbol, ITFC CEO, to support MIFCO with the relevant trade-related technical assistance.

This MOU is intended to improve MIFCO’s competitiveness and its access to global markets.

The fishing industry in the Maldives is the second largest industry in the country after tourism, employing half of the country’s workforce and providing a livelihood for the population.

Speaking during the ceremony, ITFC CEO Ing. Sonbol commented: “ITFC is extremely pleased to sign its largest syndicated trade finance agreement with STO to finance the importation of strategic commodities to support the recovery of the economy from the pandemic.

In addition to the support provided on the commercial financing front, the MoU with MIFCO is also an important milestone given the strategic importance of the fisheries sector for the economy.

The capacity building and technical assistance initiatives offered to MIFCO are expected to boost the competitiveness of the fisheries sector.

Therefore, we look forward to continuing our trade finance and development support for the Maldives.” Mr. Husen Amru Mohamed Rashad, Executive Director and Managing Director, State Trading Organization plc, Republic of Maldives, also reiterated the long-standing successful partnership and cooperation between Maldives and the ITFC, noting the support it provides to commodity procurement essential.

He also highlighted that the MOU signed to support MIFCO’s capacity building was an important step, which will directly benefit the growth of the fisheries sector.

The STO CEO thanked the ITFC for their continued support, noting that the renovation of the upgraded facility comes at a critical time as global commodity prices are at an all-time high due to the ongoing war in RussiaUkraine and the country faces economic recovery from the pandemic.

The facility will ensure energy, food and drug security in the country, while supporting economic stability and growth in key sectors.

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