THE International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has concluded a $45 million Murabaha financing agreement with the Islamic Republic of Mauritania.
The agreement, which was signed by Mauritania’s Ministry of Economic and Finance and the Mauritanian Electricity Company (SOMELEC), as an executing agency, comes within the financing plan of Mauritania’s electricity needs for supplying hospitals, medical centers and industrial units.
Hani Salem Sonbol, CEO of ITFC, and Abass Silla of the Ministry of Economy and Finance, Mauritania, signed the agreement at ITFC’s headquarters in Jeddah, in the presence of Mohammed Salem Ahmed, general manager of SOMELEC and representatives from both entities.
Sonbol appreciated the confidence of the Mauritanian government and SOMELEC in the corporation for choosing it as the main financier of electricity projects in the country.
On his part, Abbas said: “The International Islamic Trade Finance Corporation (ITFC) contributed to the sustainability of the general electricity services in Mauritania and the continuity of this financing will enable the electricity company to enhance its investment program, which targets supplying electricity throughout the country.”
The agreement will help SOMELEC improve its ability to provide petroleum derivatives necessary to run power plants that supply 44 Mauritanian cities with electricity, Abbas said.
With the current ITFC agreement, the approved total financing for SOMELEC reached $120 million. — SG