https://sputnikglobe.com/20230304/tunisia-gets-280-mln-from-international-islamic-trade-finance-corporation-for-energy-imports-1108015908.html
Tunisia Gets $280 Mln From International Islamic Trade Finance Corporation for Energy Imports
Tunisia Gets $280 Mln From International Islamic Trade Finance Corporation for Energy Imports
Sputnik International
Tunisia and International Islamic Trade Finance Corporation (ITFC) have signed financing agreements totaling $280 million to enhance the country's energy sector and industry, Tunisian Ministry of Economy and Planning has stated.
2023-03-04T12:37+0000
2023-03-04T12:37+0000
2023-03-04T12:37+0000
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islamic development bank group
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Tunisia and the ITFC have signed financing agreements totaling $280 million to enhance the country's energy sector and industry, the Tunisian Ministry of Economy and Planning has stated. This week, the ITFC's delegation, led by the organization's CEO, Hani Salem Sonbol, visited Tunisia. They met with the country's minister of economy and planning, Samir Saied, and the minister of industry, energy, and mines, Neila Nouira Gongi. During the meeting, the parties discussed cooperation in trade, energy, and investment. Apart from that, they signed three trade financing agreements aimed at supporting Tunisia's energy security and revitalizing the industrial sector. The first agreement lays out the financing of imports of natural gas, while the second stipulates the allocation of $100 million to finance imports of crude oil and petroleum products. The third financing agreement, which is estimated at $50 million, will finance imports of raw materials for the Tunisian Chemical Complex.It was noted that the parties also signed another agreement, focused on accelerating trade and experience exchange between Tunisia and other African states "in cooperation with the technological field of the pharmaceutical sector in Tunisia."During the meeting, Samir Saied praised the high level of cooperation between Tunisia and the ITFC, which represents a strong partner for the country in the financial and technical fields, given the funds it provides to support the activities of a number of national institutions. He stated that the government is willing to further enhance and diversify this cooperation. For his part, Hani Salem Sonbol highlighted the corporation's readiness to continue providing the necessary assistance to Tunisia and secure its needs for raw and strategic materials. According to the Ministry of Economy and Planning, since its inception, the ITFC has provided a total of $2 billion to support the country's strategic energy sector. Last year, Tunisia endorsed the Arab-Africa Trade Bridges (AATB) Program, a multi-country and multi-organization program that aims at promoting and increasing trade and investment flows between the two regions. The program's partner institutions, among others, include the ITFC, IsDB, and the African Import and Export Bank. The agreement, which was signed under the AATB, laid out a dedicated country program for Tunisia that includes implementing projects in four main spheres: trade, insurance, investment, and infrastructure.Tunisia has been going through a political and economic crisis since its 2011 revolution. The situation in the country has been exacerbated by recent socio-economic shocks caused by the COVID-19 pandemic and global turbulence in general. Currently, Tunisia is facing increasing food prices and shortages of fuel and basic foodstuffs. In this regard, the country is reportedly seeking financial support from global and regional actors, considering it as a way to solve economic constraints, ensure stability, and improve people's lives.
https://sputnikglobe.com/20221120/tunisia-encourages-foreign-investors-to-take-part-in-projects-worth-32-billion--1104455899.html
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tunisia, international islamic trade finance corporation (itfc), energy imports, energy crisis, economic crisis, cooperation
tunisia, international islamic trade finance corporation (itfc), energy imports, energy crisis, economic crisis, cooperation
Tunisia Gets $280 Mln From International Islamic Trade Finance Corporation for Energy Imports
The International Islamic Trade Finance Corporation (ITFC) is one of the five entities of the Islamic Development Bank Group (IsDB). The corporation's activities are aimed at developing and expanding trade among members of the Organization of Islamic Cooperation.
Tunisia and the ITFC have signed financing agreements totaling $280 million to enhance the country's energy sector and industry, the
Tunisian Ministry of Economy and Planning has stated. This week, the ITFC's delegation, led by the organization's CEO, Hani Salem Sonbol, visited Tunisia. They met with the country's minister of economy and planning, Samir Saied, and the minister of industry, energy, and mines, Neila Nouira Gongi.
During the meeting, the parties discussed cooperation in trade, energy, and investment. Apart from that, they signed three trade financing agreements aimed at supporting Tunisia's energy security and revitalizing the industrial sector.
The first agreement lays out the financing of imports of natural gas, while the second stipulates the allocation of $100 million to finance imports of crude oil and petroleum products. The third financing agreement, which is estimated at $50 million, will finance imports of raw materials for the Tunisian Chemical Complex.
It was noted that the parties also signed another agreement, focused
on accelerating trade and experience exchange between Tunisia and other African states "in cooperation with the technological field of the pharmaceutical sector in Tunisia."
During the meeting, Samir Saied praised the high level of cooperation between Tunisia and the ITFC, which represents a strong partner for the country in the financial and technical fields, given the funds it provides to support the activities of a number of national institutions. He stated that the government is willing to further enhance and diversify this cooperation.
For his part, Hani Salem Sonbol highlighted the corporation's readiness to continue providing the necessary assistance to Tunisia and secure its needs for raw and strategic materials.
According to the Ministry of Economy and Planning, since its inception, the
ITFC has provided a total of $2 billion to support the country's strategic energy sector.
20 November 2022, 10:33 GMT
Last year, Tunisia
endorsed the Arab-Africa Trade Bridges (AATB) Program, a multi-country and multi-organization program that aims at promoting and increasing trade and investment flows between the two regions. The program's partner institutions, among others, include the ITFC, IsDB, and the African Import and Export Bank. The agreement, which was signed under the AATB, laid out a dedicated country program for Tunisia that includes implementing projects in four main spheres: trade, insurance, investment, and infrastructure.
Tunisia has been going through a
political and economic crisis since its 2011 revolution. The situation in the country has been exacerbated by recent socio-economic shocks caused by the COVID-19 pandemic and global turbulence in general. Currently,
Tunisia is facing increasing food prices and shortages of fuel and basic foodstuffs. In this regard, the country is reportedly seeking financial support from global and regional actors, considering it as a way to solve economic constraints, ensure stability, and improve people's lives.
