The International Islamic Trade Financing Corporation (ITFC) has signed with State Trading Organization (STO) to extend a credit facility worth MVR2.6 billion (USD175 million).
The agreement was signed at the sidelines of the ongoing annual meeting of Islamic Development Bank (ISDB), held at Egypt.
Mr. Hussain Amru, the Chief Executive Officer of STO signed on the agreement on behalf of the state-owned enterprise while Mr. Hani Halim, the Chief Executive of ITFC signed on behalf of the creditor.
Moreover, the signing ceremony was graced by the Minister of Finance Mr. Ibrahim Ameer as well.
The credit facility extended by ITFC, has been provided to STO once every year while the facility has continued to expand in each following year.
According to STO, the credit facility will be used to purchase general food items including staple foods, fuel and medical equipment and accessories.