State Trading Organisation (STO) has signed an agreement for a USD 75 million trade financing facility with International Islamic Trade Financing Corporation (ITFC).
The agreement for the facility was signed by Managing Director of STO Hussain Amr and CEO of ITFC Hani Salem. The agreement was signed during the visit of the STO Managing Director to Taskhent, Uzebekistan to take part in the annual meeting of the Islamic Development Bank (IsDB).
STO revealed the trade financing facility will be used for the purchase of oil and staple food. STO said the facility is a Murabaha financing facility, which is an Islamic financing structure.
Following the signing of the agreement for the facility, Managing Director Amr thanked ITFC for its generous assistance to the Maldives at this difficult time amid the COVID-19 pandemic. He expressed hope of maintaining a good relationship with ITFC in the coming years as well.