ITFC provides STO with a USD100 million financial facility

International Islamic Trade Finance Corporation (ITFC) has provided State Trading Organization (STO) with a 100 million U.S. dollar financial facility. The agreement of the venture was signed by the CEO of ITFC Nazeem Noordaah and Managing Director of STO Ahmed Shaheer.

Under the agreement, import of goods will be eased, while ITFC will finance oil imports for a period of one year, according to STO,

ITFC is a subsidiary of the Islamic Development Fund (IDB) ITFC is an autonomous entity within the Islamic Development Bank Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world.