Search SaudiArabiaPR.com

Home >> Energy and Industry

ITFC Supports Cameroon Energy With Eur 68 Million Murabaha Agreement

ITFC Supports Cameroon Energy With Eur 68 Million Murabaha Agreement

Thursday, April 5, 2018/ Editor -  

Share

Home >> Energy and Industry

Saudi Arabia,  April 5, 2018:  The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a EUR 68 million Syndicated Murabaha agreement with the Government of Republic Cameroon.

The Facility will be used for the purchase of crude oil and the sale thereof to the republic of Cameroon through the national refinery company (SONARA), state-owned enterprise.

The agreement was signed by Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Minister of the Economy Planning and Regional Development – Alamine Ousmane Mey, which took place in Tunisia during the 43rd Meeting of the Board of Governors of the IsDB.

Speaking at the signing ceremony held in Tunisia, Eng. Hani Salem Sonbol, ITFC CEO, stated: “In line with the ITFC’s overall strategy to diversify sources of funding of our member countries, and thus contributing towards the development of the energy industry in Cameroon which will lead to making energy available to the Cameroonian population at affordable prices.”

From his part, the Cameroonian Minister of the Economy Planning and Regional Development expressed his delight with the closure of the transaction with ITFC, he said that through the murabaha syndicated loan, they will mainly support the energy sector.

He added: “We will make use of this syndication Murabaha  for importing crude oil which is refined  and sold both in the local market 70% and on the international market 30%.”

 


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Cerruti 1881 MOLVENO timepiece and cufflinks

Dell EMC and Princess Nourah bint Abdulrahman University collaborate to develop ...

GACA Selects Sita for Tech Transformation at Saudi Airports in Line With Saudi V ...

Joyalukkas adds a new destination for jewellery lovers in Al-Balad, Jeddah, KSA

Huawei Consumer Business Group Announces 2018 H1 Business Results

Gulf Centre for Aviation Studies Hosts Royal Saudi Air Force

Thomson Reuters Hosts 10th Annual Compliance and Anti-Money Laundering Seminar i ...

Three Dar Al Hekma students receive Qimam Award for High-Potential Leaders

Leafminer: New Espionage Campaigns Targeting Middle Eastern Regions

Your search for the best gifts just got easier with SOUQ's Interesting Finds

Official Sponsor of the 2018 FIFA World Cup Russiaâ„¢, Hisense, gets the game on t ...

Sharjah continues to become more affordable, with rents and sales prices falling ...

Makkah Millennium Hotel & Towers is all set to welcome 15,000 Haj pilgrims this ...

Introducing Salvatore Ferragamo's Men's Sun and Optical Capsule

6-Day SCTDA Tour Guide Training Program Conducted by SUC

One Day Course in Dealing with and Managing Difficult Stakeholders

Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Self ...

Affordable housing driving Riyadh's real estate market, says JLL

Bank Al Bilad invests in leaders through Ashridge flagship program

Oh, Sweetie Lipcolour!