Supporting access to energy and food security programs through importing fuel, cereals, and other food stuffs which are vital to fighting malnutrition and foster poverty alleviation, while enhancing the overall social wellbeing and stability of Mali.
Jakarta - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a USD 180 million Framework Agreement with the Government of Mali, which was signed by Dr. Boubou Cisse, Minister of Economy and Finance Mali and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC. The signing ceremony was on the sidelines of the IDB Group's 41st Annual Meeting that took place at Jakarta Convention Center (JCC), Jakarta, Indonesia.
This agreement aims at financing the two most strategic sectors in Mali: energy and agriculture. Where it includes the imports of energy commodities such as crude oil and refined petroleum products; the import of agricultural inputs and foodstuff; export of agricultural commodities; and extension of lines of financing to local banks with the objective to support the SMEs.
Mali is a non-oil producing Member Country which is also land-locked, where the import of petroleum products is vital and is a necessity for its economic growth in addition, it supports other key industries such as manufacturing, agriculture and services. Moreover, supporting food security program through importing cereals and other food stuffs are vital to fight malnutrition and foster poverty alleviation, while enhancing the overall social wellbeing and stability of Mali.
From his side, Eng. Hani Sonbol, CEO of ITFC said, " The primary objective of ITFC is to promote trade and trade cooperation between OIC member countries. The imports of electricity, petroleum products and foodstuff will be from neighboring member countries, ITFC facilitates the trade financing and hence contributes to intra-OIC trade. "
From his end, Dr. Boubou Cisse commented that "ITFC financing will contribute to Government efforts to secure electricity for the country, a critical energy component for social and economic development."
It is worth mentioning that ITFC had provided USD106 million of financing since inception in 2008, mainly petroleum products and food stuff.
© Press Release 2016
