Jeddah – The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, has convened a US$ 45 million Murabaha financing agreement with the Islamic Republic of Mauritania represented by the Ministry of Economic and Finance and the Mauritanian Electricity Company (SOMELEC), as an executing agency. The purpose of the agreement comes within the Financing Plan of Mauritania’s electricity needs for supplying hospitals, medical centers and industrial units.
The agreement has been signed in ITFC’s headquarters in Jeddah by Eng. Hani Salem Sonbol, CEO ITFC and Mr. Abass Silla, Public Investments and Economic Cooperation, in the Ministry of Economy and Finance, Mauritania, in the presence of Mr. Mohammed Salem Ahmed, General Manager, SOMELEC and representatives from both entities.
On the signing ceremony, Mr. Abbas has said:” The International Islamic Trade Finance Corporation (ITFC) contributed to the sustainability of the general electricity services in Mauritania and the continuity of this financing will enable the electricity company to enhance its investment program which targets exporting the electricity energy throughout the counry”.
© Press Release 2016
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