Search SaudiArabiaPR.com

Home >> Banking & Investments

ITFC Fuels Mali's Energy Sector With € 40 Million Agreement

ITFC Fuels Mali's Energy Sector With € 40 Million Agreement

Sunday, May 21, 2017/ Editor -  

Share

Home >> Banking & Investments

Supporting access to energy through importing petroleum products and electricity are vital to economic growth and foster the socio-economic conditions in Mali.

Jeddah, May 21 2017:  The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a € 40 million 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 42nd Annual Meeting that took place in Jeddah, Saudi Arabia.

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. This agreement aims at financing energy, the most strategic sector in Mali. Where it includes the imports of energy commodities such as refined petroleum products and electricity. 

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 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. Dr. Cise also mentioned that ITFC’s overall support to Mali, in the key sectors of energy and agriculture, significantly contributed to the recent country's strong economic growth”.

It is worth mentioning that ITFC had provided USD231 million of financing since inception in 2008, mainly petroleum products and food stuff. 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Schneider Electric emerges as finalist in three categories at 2017 Daman Corpora ...

SOUQ.com – Your one stop shop for all back to school essentials with up to 60% o ...

100 New Ways to Transform Your Home With the New Ikea Catalogue

International SOS and Control Risks Advise Pilgrims Worldwide Ahead of Hajj 2017

Top Saudi Students Complete Huawei's ICT Program in China

GCC's premium home appliance market to thrive with LG SIGNATURE

LG V30 to Elevate Smartphone Camera to New Heights

SOUQ.com hosts two-day Samsung carnival with incredible offers on Mobiles, Weara ...

Next Major Smartphone From LG to Feature First-Ever OLED FullVision Display

Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperatio ...

Grand Optics Launches “Kids Right to Clear Sight” Initiative

Saudi Arabia's National Cyber Security Center Receives Globally Recognized Cyber ...

Calvin Klein Eyewear - 205 W39 NYC

LG Q6 Introduces Fullvision Experience To More Consumers in August

SAB Holding Selects IBM Cloud to Accelerate its Mission-Critical Business Proces ...

Let the senses be hypnotised by Oud Elite's Rose Noir

LG Airport Robots Take Over Korea's Largest Airport

Linda Farrow is proud to announce the launch of its debut N°21 by Linda Farrow e ...

Prince Mansour Bin Megren visits "Al- Jazeera Paints Children's corner &quo ...

LG Q8: New Q Style Multimedia Powerhouse in a Compact Package