State Trading Organization (STO) has received a USD 75 million trade financing facility from the International Islamic Trade Financing Corporation (ITFC).
Following talks at a session of their annual general meeting on Thursday, ITFC, a branch of Islamic Development Bank (IsDB), agreed to this funding. The meeting, which began last Wednesday in Uzbekistan’s capital Tashkent, will finish tomorrow.
The agreement for the financial facility was signed on behalf of ITFC by CEO Hani Salem Sonbol, and on behalf of STO by Managing Director Hussain Amru.
ITFC stated that the STO facility is critical to the revival of the Maldivian economy, which has been ravaged by the COVID-19 pandemic. According to STO, the Murabaha facility will be used to finance strategic commodities such as fuel and staple foods.
