News in brief: US$1.5bn deal signed with Islamic finance corporation
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09 Oct 2019, 9:00 AM
A US$1.5 billion framework agreement aimed at financing fuel imports was signed on Wednesday between the Maldives government and the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank Group.
The agreement was signed by Finance Minister Ibrahim Ameer and ITFC CEO Hani Salem Sonbol. President Ibrahim Mohamed Solih attended the signing ceremony at the Kurumba Maldives Resort.
The framework agreement would help grow small businesses and “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,” according to the president’s office.
In his remarks, ITFC CEO Sonbol invited the Maldives to formally become a member of the corporation.
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