An agreement has been signed with the International Islamic Trade Financing Corporation (ITFC) to receive USD 1.5 billion to the Maldives as aid.
Speaking at the signing ceremony today, Minister of Finance and Treasury, Ibrahim Ameer said that the Trade and Economic Development agreement is going to be helpful in the country’s foreign exchange needs, thus having a positive impact on trade and the economy.
Minister Ameer said that the agreement is going to help develop a number of small and mid-level businesses; an important goal of the Finance Ministry.
The agreements were signed by the Finance Minister, Ameer and the CEO of IITFC, Hani Salem Sonbol at a special cereony at Kurumba Maldives today.
Finance Ministry said that the ITFC has been providing numerous financial assistances to the Maldives since 2008.
In his address today at the signing ceremony, Minister Ameer said that ITFC is one of the organizations that has made the highest number of donations to the Maldives and also financed 80 percent of the electricity provided across the country.
President Ibrahim Mohamed Solih also took part in the signing ceremony.