ITFC Embarks on US$35 Million Agreement to Support Suriname's Strategic Sectors

Friday, May 19, 2017

Jeddah, Saudi Arabia - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed US$35 million agreement for supporting Suriname's economic development through financing strategic imports. The signing ceremony was on the sidelines of the IDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia between  H.E. Gillmore Hoefdraad, Minister of Finance of Suriname & IDB Governor and Eng. Hani Salem Sonbol, CEO ITFC.

The US$35 million operation, in favor of Suriname is for financing the agricultural, medical and industrial sectors.  Supplies that will be purchased under this transaction includes basic goods, raw material for production of the basic goods, inputs for the agriculture sector in addition to medicine and medical supplies.

This signing is in line with Suriname Government priorities to face the global economic crisis and the fall of commodity prices. Commenting on the signing, Eng. Hani Salem Sonbol said, “ITFC is focusing on strategic energy imports and securing various goods import for the productive economy and social welfare. This is part of a plan to strengthen the country external position.” Moreover, ITFC is indirectly contributing to the social welfare of Surinamese and contributing to reducing unemployment.

From his side, H.E Gillmore Hoefdraad commended the role of the IDB Group in Suriname’s socio-economic development. He also added that Suriname relies heavily on imports for consumption; this operation will benefit all economic sectors. “Sustaining these imports is of strategic importance to the economic development of the country.”

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