The Union of the Comoros and the International Islamic Trade Finance Corporation (ITFC) have signed a new €330 million framework agreement to support key sectors such as energy, agriculture and SMEs, while strengthening the country’s food security.
The Union of the Comoros and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, have reached a new milestone in their partnership with the signing of a new €330 million framework agreement.
The agreement, signed by ITFC CEO Engineer Hani Salem Sonbol and Comorian Finance Minister Mohamed Ibrahim Abdourazak, marks the strengthening of economic ties between the two parties, according to a press release sent to APA on Thursday.
The new three-year agreement builds on the success of the previous cooperation for the same amount, which achieved “83 percent” of its objectives. This ambitious commitment will target several strategic sectors for Comoros’ economic development, including energy, agriculture and support for small and medium-sized enterprises (SMEs).
Since 2008, ITFC says it has approved more than $712 million in financing for Comoros, reaffirming its commitment to contribute to the country’s economic growth. This new partnership aims to mobilize further financial resources to support the long-term vision of the Comoros Emerging Plan.
“We are proud to strengthen our partnership with the Union of the Comoros through this new Framework Agreement, which reflects our shared commitment to sustainable economic development,” said Mr. Sonbol at the signing ceremony. He emphasised the importance of the energy and agriculture sectors, as well as support for SMEs, in stimulating economic growth in the Comoros.
It also focuses on food security, a critical issue for the country. As part of this agreement, a €20 million Food Security Facility has been established with the support of two local banks, Comoros Development Bank (BDC) and Banque AFG.
This initiative aims to ensure a continuous supply of basic foodstuffs at affordable prices, a critical need for the Comoros, particularly in the current global context.
The Comorian Minister of Finance, Budget and Banking, Mr. Mohamed Ibrahim Abdourazak, hailed the agreement as “an important milestone for the development of vital sectors such as energy, agriculture and SMEs, the engines of our economy.” He also reaffirmed the Comorian government’s commitment to the objectives of the Plan Comores Emergentes and thanked ITFC for its continued support.
Beyond this agreement, ITFC is multiplying its sustainable development initiatives in the Comoros. These include capacity-building projects such as the Reverse Linkage Project with Morocco in the sustainable tourism sector, and support for the equipment of the Central Vanilla Purchasing and Marketing Center as part of AfTIAS 2.0, an Aid for Trade program for Arab countries.
ARD/te/lb/as/APA