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The International Islamic Trade Finance Corporation (ITFC) Signs EUR 40 Million Trade Finance Agreement to Strengthen Comoros’ Energy Security
The agreement underscores ITFC’s commitment to ensuring a reliable energy supply and fostering economic stability in Comoros
This financing reaffirms ITFC’s long-standing commitment to Comoros
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, signed a EUR 40 million trade finance agreement with the Union of Comoros to support the country’s energy sector. In line with the US$330 million three-year Framework Agreement signed in September 2024, this facility will enable Société Comorienne d’Hydrocarbures (SCH), as the executing agency, to import refined petroleum products and liquefied petroleum gas (LPG), ensuring a steady and reliable energy supply for businesses and households.
This financing is a crucial step in maintaining energy security, economic resilience, and social stability in the country by providing up to 100 percent of the country’s estimated 100,000 cubic meters of annual petroleum imports requirement.
The agreement was signed by H.E. Ibrahim Mohamed Abdourazak, Minister of Finance, Budget, and Banking Sector of the Union of Comoros, and Abdihamid Abu, General Manager, Trade Finance, ITFC.
Commenting on the signing, Abdihamid Abu, stated: “This financing reaffirms ITFC’s long-standing commitment to Comoros. By ensuring a stable energy supply, we are not only safeguarding essential services and industries but also driving broader economic growth, fostering resilience, and supporting the nation’s long-term development agenda.”
Since 2008, ITFC has extended a total of US$657 million in financing to the Union of Comoros, with SCH serving as the executing agency in 26 trade finance operations. This latest agreement builds on that strong track record, further reinforcing ITFC’s strategic partnership with Comoros while supporting energy security (SDG 7), industrial growth (SDG 9), and economic stability (SDG 8).
As part of its broader mission, ITFC remains dedicated to enhancing trade finance accessibility and strengthening economic resilience, in its member countries. By securing critical imports such as petroleum products, ITFC ensures that Comoros can sustain its economic momentum, protect jobs, and enhance the quality of life for its citizens.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
The International Islamic Trade Finance Corporation (ITFC) Signs EUR 40 Million Trade Finance Agreement to Strengthen Comoros’ Energy Security
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.