The International Islamic Trade Finance Corporation (ITFC), an Islamic Development Bank (IsDB) Group member, has signed three trade financing agreements worth nearly $280 million with Tunisia to support energy security and revitalise the industrial sector.

The first financing agreement worth $127.77 million will be allocated to financing the import of natural gas for the benefit of the Tunisian Electricity and Gas Company,  ITFC said in a statement.

The second agreement, estimated at $100 million, will fund the import of crude oil and petroleum products for Tunisian Company for Refining Industries.

The third financing agreement, amounting to $50 million, will be allocated to finance the import of raw materials for the Groupe Chimique Tunisien.

ITFC Chief Executive Officer Hani Salem Sonbol said the three agreements are aligned with ITFC’s strategy to provide trade solutions, with trade financing accompanied by technical assistance and trade development support.

Since its inception in 2008, ITFC has provided total financing of $2 billion to cover the strategic energy sector and other strategic commodities. 

(Writing by P Deol; Editing by Anoop Menon)