SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Oil & Gas(Energy and Industry)
Filter PR by
  
ITFC Supports Cameroon Energy With Eur 68 Million Murabaha Agreement
ITFC Supports Cameroon Energy With Eur 68 Million Murabaha Agreement

Saudi Arabia,  April 5, 2018:  The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a EUR 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 IsDB.

Speaking at the signing ceremony held in Tunisia, Eng. Hani Salem Sonbol, ITFC CEO, stated: “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.”

From his part, the Cameroonian Minister of the Economy Planning and Regional Development expressed his delight with the closure of the transaction with ITFC, he said that through the murabaha syndicated loan, they 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%.”

 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 4244 times
PR Category : Energy and Industry
Posted on : Thursday, April 5, 2018  11:11:00 AM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
An Amazing Collection for Ladies From Police [20582-Views]
212 VIP Extra Limited Edition [17368-Views]
Cole Haan Delivers True Performance Footwear With the Release of the Zerøgrand All-day Trainer [16457-Views]
A City by the Sea and the Desert: Diana Arno SS19 Collection [16437-Views]
Get closer- your makeup is invisible with Make Up For Ever's New Ultra HD Concealer [16408-Views]
Ralph Lauren offers the spring 2019 collection [13063-Views]
Nissan Energy demonstration hits the spot [12542-Views]
The RL50 Handbag: Introducing a New Icon [12431-Views]
SPRING 2019: MEET ‘CECE' [11673-Views]
Detox your scalp, detox your mind with new Head & Shoulders Charcoal [11439-Views]
Huawei Launches 5G Multi-mode Chipset and 5G CPE Pro [11136-Views]
Roberto Cavalli launches new Florence Amber [10188-Views]
Lenovo Offers Security Solutions in Global Smart City Race at Intersec 2019 [8487-Views]
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, before moving its monum... [8348-Views]
Honor 10 Lite Packs Stylish Looks and Flagship Performances Into New Device [8344-Views]
The Fall 2019 Michael Kors Collection Runway Show [7974-Views]
Implementation Date Announced for Long-Term Residence Permits [7462-Views]
Record Number of Innovations at the ISH: GROHE is Shaping the Future of Water [7212-Views]
Saudi Plastic and Petrochemical Exhibition 2019 set to launch with government and private sector bac... [6257-Views]
IHG signs world's largest Crowne Plaza® in Makkah [5974-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories