The Government of Maldives and International Islamic Trade Finance Corporation (ITFC) have signed a Framework Agreement, valued at 1.5 billion US dollars, to facilitate collaboration in trade and economic development.
President Ibrahim Mohamed Solih attended the signing ceremony held at Kurumba Maldives and witnessed the signing of the agreement. The agreement was signed on behalf of the Maldives by Minister of Finance Ibrahim Ameer and Chief Executive Officer of ITFC Hani Salem Sonbol.
Speaking at the ceremony, Minister Ameer stated the Framework Agreement is expected to greatly assist the Maldives to manage its foreign exchange needs and enable the establishment of a stronger value chain within the country and between its partners in the Organisation of Islamic Cooperation (OIC) through trade financing programmes targeting the main sectors. It would also provide a substantial avenue for growth for Small and Medium Enterprises (SMEs).
CEO Hani Salem Sonbol also made remarks at the ceremony, extending an official invitation for Maldives to formally become a member of the corporation.
ITFC is an autonomous entity within the Islamic Development Bank Group (IsDB). Since its establishment in 2008, ITFC has been a major financier for Maldives, financing approximately 80 percent of its energy imports through the State Trading Organisation (STO).