ITFC Boosts Tunisia’s Economy through Signing US$310 Million Agreements

Thursday, May 18, 2017

Jeddah – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed two Murabaha Agreements with the total amount of US$ 310 million. The first agreements is in favour of the Govt. of Tunisia represented by the Tunisian Electricity and Gas Company as the executing agency for financing the sourcing of natural gas for an amount of US$160 million and the Tunisian Company of the Refining Industries to finance the imports of crude oil and petroleum products for an amount of US$150 million. The agreements were signed by Mr. Mohamed Fadhel Abdelkefi, Minister of Development, Investment and International Cooperation of Tunisia, and the Governor of the Islamic Development Bank with Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC. The signing ceremony was on the sidelines of the IDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia.

This financing aims at contributing to secure the supply of petroleum products fueling vehicles and powerplants in the country, and support the economic growth in the whole country. This financing also indirectly contributes to the social welfare of its employees, and their families and contributing in reducing unemployment.

From his side, Eng. Hani Sonbol, CEO of ITFC said, “ITFC financing will contribute to secure the supply of petroleum products fueling vehicles and power plants in the country, and therefore support the economic growth. Moreover, imported petroleum products are essential to serve all economic sectors.”

From his end, Mr. Mohamed Fadhel Abdelkefi commented, “The two financing agreements that we have signed today with ITFC for the financing of imports of petroleum products is extremely important that enables Tunisia to have sufficient supply of such strategic products.”

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