USD 175 Million Trade Financing Facility Secured to STO By ITFC

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has renewed a US$ 175 million Maruhaba Trade Financing agreement with State Trading Organization (STO) with hopes to support the import of essential commodities.
 
The facility agreement was signed at a special ceremony by Mr. Hani Salem Sonbol, CEO of ITFC and Mr. Husen Amru Mohamed Rashed, CEO and MD of State Trading Organization. The signing was also witnessed by the Minister of Finance, Maldives, Mr. Ibrahim Ameer during the IsDB 2022 Annual Meeting.
 

ITFC is a long-standing partner of STO over the years. The financing facility will certainly assist with the acquisition of essential goods such as petroleum, staple foods, medicine, and medical equipment. This original Maruhaba Trade Facility was signed between ITFC and the Republic of Maldives in October 2019.
 
Commenting on the course, the Minister of Finance highlighted that this agreement will for sure aid STO in addressing the market demands in the future. Furthermore, STO also expressed their gratitude towards the continued support of their long-lasting partner.