The International Islamic Trade Finance Corporation (ITFC) has signed a €40 million trade finance agreement with the Union of Comoros to strengthen the country’s energy sector.
This was disclosed in a statement by ITFC’s General Manager of Trade Finance, Abdihamid Abu, on Monday.
Abu stated that the funding aligns with a three year $330 million framework agreement signed in September 2024 between ITFC and Comoros.
He added that the new financing facility will empower Société Comorienne d’Hydrocarbures (SCH), the executing agency, to import refined petroleum products and liquefied petroleum gas (LPG).
According to him, this will ensure a stable and reliable energy supply for businesses and households across the country.
Comoros, an island nation off the southeastern coast of Africa, heavily depends on petroleum imports to power its economy. The country imports an estimated 100,000 cubic meters of petroleum annually, and ITFC’s financing will provide up to 100% of this requirement.
Speaking at the signing ceremony, Abu highlighted the importance of the agreement in safeguarding Comoros’ energy security and economic stability.
“This financing reaffirms ITFC’s long standing commitment to Comoros. By ensuring a stable energy supply, we are not only safeguarding essential services and industries but also driving broader economic growth, fostering resilience, and supporting the nation’s long term development agenda,” Abu said.
Also speaking at the event, H.E. Ibrahim Mohamed Abdourazak, Comoros’ Minister of Finance, Budget, and Banking Sector, emphasized the significance of the agreement, stating that energy security is a critical pillar for economic development.
He noted that ITFC’s continuous support has played a key role in ensuring stable energy access for Comoros and expressed optimism about the broader economic benefits of the trade finance agreement.
Since 2008, ITFC has been a major trade finance partner for Comoros, having provided $657 million in funding to the country.
This latest agreement builds on that existing relationship, further reinforcing ITFC’s strategic partnership with Comoros. It also aligns with key Sustainable Development Goals (SDGs), particularly:
• SDG 7 (Affordable and Clean Energy) – ensuring energy security for the nation.
• SDG 8 (Decent Work and Economic Growth) – promoting economic resilience.
• SDG 9 (Industry, Innovation, and Infrastructure) – supporting industrial development.
