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ITFC supports Cameroon energy with €68m murabaha agreement

Saudi Arabia, April 9, 2018

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a €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 IDB.

Speaking at the signing ceremony held in Tunisia, Sonbol said: “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.”

The Cameroonian Minister of the Economy Planning and Regional Development expressed his delight with the closure of the transaction with ITFC, and the murabaha syndicated loan 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%.”