- Sep 27, 2024
- 2 min read
The International Islamic Trade Finance Corporation (ITFC) has signed a €330 million framework agreement with the Union of Comoros to support agriculture, energy and small and medium enterprises (SMEs), while enhancing the country's food security.
The agreement was finalised at ITFC’s headquarters in Jeddah by ITFC’s CEO, Hani Salem Sonbol, and Comoros’ Minister of Finance, Mohamed Ibrahim Abdourazak.
Th three-year agreement builds on a previous €330 million initiative that achieved 83% of its target. It will focus on key sectors such as agriculture, energy and SMEs to mobilise trade financing and enhance economic development in the country.
Sonbol said: “We are proud to strengthen our partnership with the Union of Comoros through this new framework agreement, which reflects our shared commitment to fostering sustainable economic development. By focusing on key sectors such as agriculture, energy and SME development, we aim to support the country in achieving its long-term goals under the Emerging Comoros Plan."
"Our efforts, including the newly signed Food Security Facility, demonstrate our dedication to addressing critical needs such as food security while empowering key industries to drive growth.”
Abdourazak commented: “I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the International Islamic Trade Finance Corporation (ITFC). This agreement marks a key milestone for the development of vital sectors such as agriculture, energy and SMEs, the driving forces of our economy."
"In addition, ITFC signed a €20 Million food security facility in favour of the Union of Comoros and with two local banks, BDC and AFG Bank, as executing agencies, to support the continuous supply of essential foodstuffs at affordable prices to address food security challenges in the country. The Government of Comoros remains firmly committed to the priority programs and projects of the 'Plan Comores Émergents'".
