JEDDAH, 8 May 2008 -- The International Islamic Trade Finance Corporation (ITFC) -- established by the Islamic Development Bank as an autonomous entity -- has signed agreements totaling approximately $129 million to finance three major deals in Morocco and Tunisia. The signings of the Murabaha agreements took place at ITFC headquarters in Jeddah recently.
The first agreement, worth $100 million, was signed by the ITFC and the OPEC Trade Finance Fund to facilitate the purchase of crude oil for the Moroccan oil refining company, SAMER, from ITFC's member and non-member countries. The signatories were Dr. Waleed Al-Wohaib, ITFC CEO, and Sulaiman Jaser Al-Harbash, OPEC Trade Finance Fund general manager. Under the sponsorship of the Tunisian Ministry of Industry, Energy & Small and Medium Enterprises, represented by Salwa Al-Sagheir, the second agreement was signed by Dr. Al-Wohaib and Ammar Al-Shayeb, president and general manager of El-Fouladh Company, to finance the purchase of raw materials from member and non-member countries.
The third agreement, signed by Dr. Al-Wohaib for ITFC and Al-Monji Jaleel, president & general manager of the Societe Nationale de Cellulose et de Papier Alfa (SNCPA), is to finance the purchase of paper pulp, chemical products and spare parts from member and non-member countries.
The total value of the two Tunisian agreements is $29 million, co-financed by the ITFC which contributed $16 million and the Saudi-Tunisian Joint Commission which contributed $13 million.
© Arab News 2008
