State Trading Organisation (STO) has signed a USD 75 million trade financial facility with the International Islamic Trade Financing Corporation (ITFC).

ITFC said that the agreement was signed on the sidelines of the annual Islamic Development Bank (IsDB) conference currently ongoing in Thaoshkent, Uzbekistan.

The agreement was signed by the Managing Director of STO, Hussain Amru and the CEO of ITFC, Hani Salem Sonbol.

ITFC said that the financing facility is aimed to support the efforts to rejuvenate the Maldivian economy.

STO is set to use the facility to buy oil and staple foods.