The ITFC (International Islamic Trade Finance Corporation) member of the Islamic Development Bank (IsDB) Group, has signed a US$90 million syndicated facility in favour of the Republic of Djibouti, with the Société Internationale des Hydrocarbures de Djibouti (SIHD), as the executing agency.
The Agreement was signed between Mr. Nazeem Noordali, Chief Operating Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy & Finance. The facility will strengthen Djibouti’s energy security by enabling SIHD to fulfil its mandate of securing the procurement of refined petroleum products.
These products are vital for electricity generation and driving growth across all sectors of the economy. In addition, the initiative supports intra-OIC trade by sourcing petroleum products primarily from OIC member countries and underscores ITFC’s contribution to advancing UN SDG 7, Affordable Energy for All.
Commenting on the signing of the Agreement, Mr. Nazeem Noordali, COO of ITFC, stated: “Djibouti’s economic potential is closely tied to the strength of its energy sector, and substantial investment is essential to unlocking that potential.
“ITFC reinforces its commitment to supporting Djibouti’s energy security and sustainable growth through this new facility. We are pleased to strengthen our long-standing partnership with Djibouti and help bolster SIHD’s ability to successfully deliver on its mandate of securing the country’s supply of oil products.
“We remain dedicated to advancing Djibouti’s economic development and will continue channelling funding where it creates the greatest impact.” Since its inception in 2008, ITFC has provided a total of US$1.7 billion to Djibouti, with a focus on supporting SIHD and strengthening the country’s energy sector.
The signing of the agreement is also aligned with the US$600 million three-year Framework Agreement concluded between ITFC and the Government of Djibouti in May 2023. These interventions reflect ITFC’s long-term commitment to reinforcing Djibouti’s economic and social development.
