ITFC signs agreement for aid of USD 1.5 billion to Maldives

International Islamic Trade and Finance Corporation (ITFC) has signed a framework agreement for a proposed aid of USD 1.5 billion to the Maldives.

The agreement was signed at a special ceremony in Kurumba Maldives today by Finance Minister Ibrahim Ameer and the CEO of ITFC Eng. Hani Salem Sonbol. The Finance Minister highlighted that Maldives has received a lot of assistance from the ITFC since 2008, while speaking at the signing ceremony

“80 percent of the fuel used for electricity in the Maldives is purchased with the aid of ITFC. The aid by ITFC for the imported fuel into the country plays an integral part in the development of the country.” Said the Minister.

The Minister also stated that the agreement signed with ITFC was invaluable and will help to raise the living standards of the people. 

“The aid received under this agreement will be used to assist and fund farming and agriculture and for small and medium-sized businesses to explore their capabilities.” Said Minister Ameer.

ITFC CEO Hani Salem noted that one of the countries that receive the highest amount of aid by the Corporation was Maldives and also stated that 80 percent of the energy created in the Maldives is made with the aid of ITFC. He also stated that the Corporation wanted to increase the areas in which it assisted the Maldives in the future.

“We will be discussing ways on how to create people with the necessary technical skills to develop the fishing industry as well as discussions to increase the capacity of MIFCO.” Said Hani Salem.

Salem also invited Maldives to become a member of the ITFC which is a trade finance corporation run under the Islamic Development Bank.