DJIBOUTI – The International Islamic Trade Finance Corporation (ITFC) a member of the Islamic Development Bank (IsDB) Group, signed a US$90 Million Master Murabaha Agreement in favor of the Republic of Djibouti, with the International Hydrocarbons Company of Djibouti (SIHD) as the executing agency.
The signing took place between HE. Ilyas Moussa Dawaleh, Minister of Economy & Finance, in charge of Industry, and Eng. Hani Salem Sonbol, CEO of ITFC.
The facility aims to support SIHD’s mandate of securing energy supply through the importation of petroleum products which is essential for electricity generation to boost all the sectors of the economy.
This initiative fosters intra-OIC trade, as the petroleum products will be sourced mainly from other OIC member countries.
The ITFC interventions in Djibouti reflect the commitment to supporting Djibouti’s economy, starting with the energy sector and extending its positive impact to vital areas like services, manufacturing, and agriculture.
“This financing will promote a positive impact on the level of human and economic development and is expected to further strengthen the strategic cooperation between ITFC and Djibouti in the energy sector,” Eng. Hani Salem Sonbol, CEO of ITFC stated.
Over the years, ITFC and the Republic of Djibouti have enjoyed a good and longstanding relationship with a total of US$1.6 billion approved by the Corporation in favor of the country, with 33 operations targeting the energy and health sectors.
The Master Murabaha Agreement signing also aligns with the US$600 million 3-year Framework Agreement signed in May 2023 between ITFC and Djibouti.
Nigeria secures US$7b investment
The Nigeria Federal Government has secured a US$7 billion investment deal from India as part of the government’s effort to attract foreign investment into the country.
Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, revealed the signing during the 75th Republic Day celebrations.
Recall that the South Asia country pledged US$14 billion investment during the G20 Summit last year.
President Tinubu participated in the G20 September 2023 Summit hosted by India, during which the Indian Government pledged the investment.
Speaking at the event, the Indian High Commissioner said not less than 150 Indian companies are operating in Nigeria. He also mentioned that the companies have a combined investment of US$27 billion.
Furthermore, speaking on the historical ties between India and Nigeria, Balasubramanian said his government is working to ensure a deepened business relationship between India and Nigeria.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the trade volume between both countries was in the region of US$20 billion in the last two years.
According to him, the trade volume consists of US$14.95 billion in the formal sector and about US$5 billion in the informal sector.
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