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 2167 times
PR Category : Energy and Industry
Posted on : Thursday, April 5, 2018  11:11:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of SaudiArabiaPR.com.
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
Cerruti 1881 Infinite Love [35063-Views]
Oh, Sweetie Lipcolour! [30131-Views]
Express Your Signature Style [26720-Views]
The Memovox Adventure [23477-Views]
Sacoor Brothers launches FIRST ever Fragrance “GENTLEMAN” [22538-Views]
Bath-time Essentials from Corine de Farme [20926-Views]
Jaeger-Lecoultre Main Sponsor of the 75th International Film Festival of La Biennale Di Venezia [20726-Views]
Rasasi Introduces Exquisite Musk Collection [20693-Views]
Sharjah continues to become more affordable, with rents and sales prices falling – Bayut H1 report [20496-Views]
Celebrate the Moment with Mouawad Jewelry [14953-Views]
Introducing Salvatore Ferragamo's Men's Sun and Optical Capsule [13407-Views]
Marchon Eyewear and G-III Apparel Group Sign Exclusive Global Licensing Agreement For DKNY and Donna... [11632-Views]
Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Selfie Game [11168-Views]
The #1 trick to capturing the best photo at night? The trick is the AI camera in HUAWEI P20 Pro [11066-Views]
Your search for the best gifts just got easier with SOUQ's Interesting Finds [10414-Views]
Skyline Suhoor Night 2018 [9336-Views]
Cerruti 1881 MOLVENO timepiece and cufflinks [8930-Views]
LG launches new AI-powered premium LG G7 ThinQ+ flagship for GCC consumers [8278-Views]
The Annual Skyline Iftar at Skyline University College [6904-Views]
Historic Day Marked by Female Racing Driver as Saudi Women Gain the Right to Drive [6695-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories