Jeddah, February 13, 2024, In a significant development aimed at enhancing energy security and stimulating economic growth, Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), and Djiboutian Minister of Economy, Finance, and Planning responsible for industry, Ilyas Moussa Dawaleh, convened to sign a Murabaha Agreement worth $90 million in favor of the Republic of Djibouti.
The primary objective of this agreement is to facilitate the importation of essential petroleum products for electricity generation, thereby bolstering energy security and fostering economic activity across various sectors. Notably, the agreement underscores a commitment to promoting trade among member states of the Organization of Islamic Cooperation (OIC), as petroleum products will primarily originate from other OIC member states.
ITFC's support extends beyond the energy sector, encompassing Djibouti's economy as a whole, including key sectors such as services, manufacturing, and agriculture. Eng. Hani Salem Sonbol emphasized that the agreement will strengthen strategic cooperation between ITFC and Djibouti in the energy sector, with significant positive impacts on both human and economic resources.
It is noteworthy that this Murabaha Agreement is part of a larger framework, totaling $600 million, established through an agreement signed between ITFC and Djibouti in May 2023. This ongoing collaboration underscores the commitment of both parties to advancing Djibouti's economic development and prosperity through mutually beneficial partnerships and initiatives.
