State Trading Organisation (STO) and International Islamic Trade Finance Corporation (ITFC) have singed a USD 189 million Murabaha Trade Financing agreement.

The agreement was signed on behalf of STO by Managing Director and CEO, Hussain Amr, and CEO Hani Salem Sonbol on behalf of ITFC during a ceremony held at Hotel Jen on Sunday. Finance Minister Ibrahim Ameer was also present for the signing ceremony.

Under the agreement with ITFC, STO will receive a credit facility for the import of basic goods such as oil, medicines, and staple food. ITFC will purchase the goods from the supplier and sell to STO with little added profit.

A Memorandum of Understanding (MoU) was also signed between ITFC and MIFCO on Sunday to provide technical support to the latter.