STO Secures USD 75 Million Trade Financing Facility

Chief Operating Officer and Managing Director of State Trading Organization, Husen Amr has signed with CEO of International Islamic Trade Finance Corporation, Eng. Hani Salem Sonbol in an agreement securing USD 75 million in Murabaha trade financing facility to STO.  
 
ITFC is a long-standing partner of STO over the years. The agreement was signed in the 46th ISDB Annual Meeting in Tashkent, Uzbekistan. The funding is aimed to finance the strategic commodities of petroleum products and staple food, has been signed between ITFC and STO. 
 
The event took place in the presence of Mr. Shimad Ibrahim, Board of Director Mohamed Nizam, Chief Financial Officer, Ms. Aiminath Shamrath, Manager Finance. H.E Mr. Fayyaz Ismail, Minister of Economic Development also graced the event. 
 
The generous aid is a helping hand in the efforts of recovery of the Maldivian economy, says ITFC. It will play a crucial role in reinstating the livelihood of the population amid the recovery from the adverse effects of Covid19 on a country heavily reliant on imports for basic staples and necessities.