Petroleum Africa
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Wednesday, May 25, 2016
The International Islamic Trade Finance Corp. (ITFC) signed two Murabaha Agreements totaling $55 million.
The first agreement is with the government of Djibouti represented by the Ministry of Economy and Finance and Societe Internationale des Hydrocarbures de Djibouti (SIHD) as the executing agency for the purchase of goods and services and the second agreement is a syndication for the purchase of petroleum products respectively.
The agreements were signed by Simon Mibrathu, Secretary General of the Ministry of Budget Djibouti, and Hani Salem Sonbol, CEO 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 financing is aimed at contributing to secure the supply of petroleum products fueling vehicles and power plants in the country, and support economic growth in addition to supplying households with cooking fuel.
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