The Maldives has become a member of the International Islamic Trade Finance Corporation (ITFC), which provides Islamic trade financing to businesses.
The Maldives joined ITFC, an independent entity of the Islamic Development Bank (IsDB), at its 46th annual general meeting in Uzbekistan. The application for membership in the ITFC was officially accepted during yesterday’s plenary session of Governors.
Economic Minister Fayyaz Ismail attended the meeting as the Maldives’ acting Governor to the IsDB.
During the roundtable discussion, Minister Fayyaz advocated for climate investments in small island developing states (SIDS) to expand renewable energy infrastructure and create more fiscal space.
He also urged the provision of “blue/green” guarantees for SIDs nations such as the Maldives to back sovereign issues in order to secure low-cost borrowing and to facilitate access to global ESG investors in light of ambitious climate and social reform commitments.
ITFC is an organization that promotes trade and economic development among IsDB members. Joining the ITFC will pave the way for the Maldives to obtain additional business financing.
Prior to membership, ITFC provided the Maldives with financial assistance, including a USD 75 million credit facility to State Trading Organization (STO).