ITFC grants USD 175 million facility to STO to import essential products

The International Islamic Trade and Finance Corporation (ITFC) has extended a USD 175 million trade finance facility to State Trading Organization (STO) to import essential products.

The agreement for the trade finance facility was signed by STO’s Managing Director Hussain Amr Mohamed Rashad and ITFC’s CEO Hani Salem Sonbol at the Islamic Development Bank (IDB)’s AGM in Egypt on Wednesday evening.

The signing was witnesses by Finance Minister Ibrahim Ameer.

STO states the facility will be utilized to import essential products such as fuel, staples and medical supplies.

The trade finance facility extended by ITFC this year is USD 100 million higher than the one granted last year.