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ITFC to support energy and food security in Comoros

Minister of finance and banking sector, Comoros, Kamalidini Souef & CEO of ITFC, Hani Salem Sonbol. (Image source: International Islamic Trade Finanace Corporation)

The International Islamic Trade Finance Corporation (ITFC), has approved two new financing facilities for US$37mn in favor of the Union of Comoros, with US$mn dedicated to support the import of energy commodities such as petroleum products and LPG

The financing lines will facilitate the import of rice and petroleum products, therefore powering intra-OIC trade as well as providing direct benefits to the Comorian people. The Union of Comoros will equally leverage the financing facilities to import other food products such as cooking oil, flour, and wheat.

Since 2008, ITFC has approved more than US$500mn in cumulative financing in favor of the Union of Comoros to ensure the country’s energy and food security.

Hani Salem Sonbol, CEO of ITFC, stated, “ITFC is working with OIC member countries and partners to provide solutions that directly impact the lives of communities, including increasing access to energy and improving food security. We are pleased to see that these impacts are central to the new financing for Comoros.  Equally important is that the agreements also enhance intra-OIC trade and are aligned with the United Nations Sustainable Development Goals (UN SDGs). At ITFC, we are committed to increasing the impact of trade and we shall keep working together with our partners to achieve our collective goals.”

Kamalidini Souef, minister of finance, budget and banking Sector of the Union of Comoros, added, “We are pleased to sign the financing agreement with ITFC, a key development partner of the Union of Comoros since 2008.  This support to increase the supply in key sectors of our economy such as energy and food commodities has positively impacted the living conditions of the people of Comoros. We look forward to further cooperation between Comoros and ITFC.”   

To build on this partnership, ITFC will look to formulate strategic cooperation with the Union of Comoros to support the countrys sustainable tourism development plan and provide the necessary financing and capacity building to achieve its economic development goals.