International Islamic Trade Financing Corporation has extended an MVR one billion trade facility to State Trading Organization (STO).
The value of the trade facility is MVR 1.1 billion. The facility agreement was signed by Managing Director of STO Hussain Amr Mohamed, and CEO of IITFC, Hani Salem Sonbol.
STO said the trade facility will be utilized to purcase oil and staple foods. ITFC said the facility is an important contribution to efforts to revive the country's economy in the fallout following the COVID-19 pandemic.
ITFC is a branch of the Islamic Development Bank (IDB).
